Here is the weekly snapshot of key market data across the Front Range to give you a better sense of what’s happening in our market, without prognostication or conjecture. Just the facts.
The following are critical market indicators for the Week of Monday, June 22nd to Sunday, June 28th.
Data compiled from each of the three major MLS providers on the Front Range
New Listings: 2,302 – Down 18% from prior week
Properties Under Contract: 3,602 – Down 2% from prior week
Properties Withdrawn: 348 – Up 9% from prior week
Properties Sold: 2,698 – Up 11% from prior week
Additionally, now that we are through the month I thought it would be helpful to look at some year over year date for June as well.
Year over Year Total Sales in June: 2019 – 9361 2020 – 8838 – Down 5.5% (May year over year was down 51%)
Year over Year Properties Under Contract in June: 2019 – 10,884 2020 – 13,537 – Up 24% (This is record-breaking. Read below.)
The good news: Although sales are slightly down in June 2020 compared to June 2019, the decrease is rather nominal and the local market is trending upward. Every week for the past 2 months, the number of properties going under-contract has surpassed the number of new listings in the week. A key indicator that there is more demand than supply.
More good news (and this is REALLY GOOD NEWS): Looking at the number of properties under contract is the leading indicator towards closed sales for the next 30-45 days. With 13,537 under contract properties in the last month, it looks like July 2020 will have the highest month of recorded sales ever recorded. How’s that for some Fireworks?!!
If you are in the market to buy or sell a home please reach out to me. At 8z Real Estate we have been following the market data and trends and have the knowledge and local market strategies to best assist you in your real estate goals.