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Cissy's Year-End Market Update!
Dated: January 15 2021
Hello Friends, Family, Clients, and soon-to-be Friends and Clients (I'm full on Family, for now!)
Wow! What a year. There are so many things I could say about 2020 (how about %!##@!!&!!)!! BUT, the truth is, I sell homes, so I'm going to talk about what the Real Estate market looks like, now that we have wrapped up a crazy year!
I can't stress enough how INTERESTING it IS that in an election year, no doubt, when real estate usually chills out a bit, AND during an unprecedented pandemic (how many of us have lived through a pandemic? How about zero?), Real Estate managed to accelerate. And it accelerated in every way possible. At the bottom of this blog is an infographic with summary data, but it's much more fun to watch my video, and read on!
OR, Here's more info:
For the year ending 2020, the average sales price of a residential property in the Denver Metro area topped out at just over $540,000. Home prices in the Denver Metro area appreciated approximately 7.5% in 2020, but if we annualize the 2020 Q3 appreciation rate, prices are actually appreciating at around 12%!
For the year ending 2020, Inventory cratered at just 2 weeks. That means if we sold every property available on the market, it would only take two weeks before we RAN OUT OF HOMES. The chart below tells the tale. You can see that at the end of December, the number listings is roughly 1/3rd of our normal inventory in December. Inventory could triple before we see a balanced market again!
Low Interest rates, and low inventory continues to fuel prices. If you own a home, that's great news! If you are buying, this presents a real challenge. A great lender and hard working Realtor are key! If you are interested in moving, but are not sure how to swing buying and selling, please reach out to me. There are very good solutions for this, and I can help!
As always, if you know anyone who is in the market to buy or sell, please send them my way.
Thanks for reading!
For the last 20 years, I have worked and raised my family in the Denver southern metro area. I am lucky to have enjoyed all that Colorado has to offer families, outdoor enthusiasts, and career-minded ....
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