March started out strong for the Denver real estate market, but the impact of coronavirus caused activity to slow down toward the end of the month, particularly as shelter-in-place orders went into effect on March 24. While real estate has been designated as an essential service, social distancing guidelines are strongly being implemented.
New listings in March. While the total number of homes put on the market grew 21% compared to March 2019, new listings in the last week of March were down over 80% due to COVID-19.
The median percentage of a home’s original list price that it ended up selling for. This suggests that sellers haven’t had to make big price cuts in order to get their home sold. In the Denver area, this typically ranges from 97-99%, so this is on the high end.
Decrease in homes that went under contract this March vs. last year. While many buyers and sellers have decided to hold off right now, there were still nearly 4,000 homes that received an offer last month.
“While many in Denver have opted to wait until the COVID-19 crisis subsides, some buyers are capitalizing on this rare opportunity to purchase without the intense competition that has driven the Denver market for the past 7 years. It’s refreshing to show highly desirable homes to my clients and not have to compete against 5 other offers while the price is driven up as the result of a bidding war.”
— Peter Winscott, Orchard Home Advisor
Received an offer in 14 days at 98% of list price
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