December has arrived, and with it not much change in the real estate market from the previous months. COVID has created a sustained market through the year, despite low inventory. Record sales and record prices continue to dominate the market reports in all areas, even Boulder county where the luxury market took a decent hit early on. We’re now entering the slowest time of the year for home sales, and with our continued low inventory starting out the month, and definitely starting the market in 2021, we should start seeing some noticeable changes in these trends.
It’s still a seller’s market. With low inventory and high demand we’ve continued to see high sales in both quantity and price. Denver Metro Area sales volume is up over 14% year-to-date. The average closing price in November was $549,756, and though this was down ever so slightly from the beginning of November, it’s almost 8% over last year at this time. Our economy may be heaving from lockdowns and struggling to find its new footing as we change the structure of business but Denver real-estate tells a different story. If only there was more inventory available to further boost morale!
Boulder county took a nosedive on inventory – down about 160 listings from the previous month, and nearly 300 from the previous year (a roughly 70% decrease)! Even as we head into the slow season, these are unexpected numbers. Just like the rest of the Denver Metro Area despite near record low inventory sales indicators are showing positivity and growth! The number of sales for single family homes is up 20% over last year, with average home prices increasing 2.1% and total sales revenue up around 22% from last year.
Longmont isn’t telling a different story. Low inventory and increased sales numbers, housing prices, and overall revenue. Though Boulder County at large took a nosedive, Longmont did not suffer so badly in overall active inventory, only down around 35%. Regardless of this seemingly standard decrease, sales were up in Longmont around 58% from last year. That’s in large part due to the 50% increase in total number of sales this past month. This just shows us how easy it is to sell your home these days. Not just in Longmont, but anywhere in the Denver Metro Area.
If you’re in the market to buy a home this winter, make sure you have everything in order and are ready to make your offers. Real estate is moving fast, just as fast as it comes on the market. Finding your dream home is still possible and when you find what you’re looking for expect to compete for it. The Denver area population is still increasing at around 1.3% year-over-year, and low inventory means much higher competition with our continued influx of population.
Meanwhile, selling your property is an easy task this year. What you want to do is capitalize on your equity gains when you go to sell. Make sure everything is in order and staged to sell, and hope for a bidding war! Although you’ll probably truly have a choice of offers soon after listing. During the winter you want to have living plants inside and the warm smells of cinnamon or cookies from well placed candles building the essence of home for walk throughs and showings.
When you’re ready to enter the real estate market, whether to buy or sell your home, get in touch with The Wise Team. We’ll help you navigate this competitive market to find the best deal for you. Get in touch today: