Housing prices in Denver hit an all-time high in July to over $600,00
Housing prices in Denver reach an all-time high in July to over $601,863 for single-family homes, which is 7.68 percent higher than June and 9.92 percent higher than July 2019. The number of pending home sales in the entire residential market in July was down slightly from June’s record, but still 27.07% higher than July 2019. In July, a total of 7,122 homes were put under contract, compared to 7,381 in June. The average price for all segments, including single-family homes and condos, catapulted to $540,890, up 6.44% from June’s record and up 9.27% year-over-year.
The pandemic did not slow homebuyers in Metro Denver in July as June’s record number of pending sales converted to an all-time in the number of closings in any month on record, with 6,664 homes closed, up 7.85% and up 12.47% year-over-year.
Housing prices in Denver for the condo market also reached an all-time high in July to $383,174, up 3.52% compared to June’s $370,136, and up 6.21% year over year. The average days on the market dropped slightly to 24 days for all segments, down just one day from the prior month.
The pent-up demand from the COVID-19 home-showing shutdown and the continued lack of choices forced homebuyers to bid against each other. Many sellers collected multiple offers at or above asking price. The close-to-list price ratio was 99.93% for all segments, including single-family and condos. At months end, there was a total of 6,449 active homes, down slightly from June’s 6,383, however down 31.09% from a year ago.
The closed dollar volume for all segments year to date was $16.44 billion, down slightly from 2019’s year to date dollar volume of $16,66 billion.
From a historical perspective, in April, the number of pending homes for the entire residential market was 3,280, while May saw a substantial increase of pending homes to 6,603, followed by June’s record of 7,676 pending homes.
Looking at the housing prices in Denver for the luxury segment, a total of 388 homes sold and closed for $1 million or greater, up 46.97 percent month over month and 54.58 percent year over year. The closed dollar volume in the luxury segment in July was $610 million, up 57.64 percent month over month, and 62.79 percent year over year.