As you’ve surely heard by now, the statewide “Stay at home” order restrictions are starting to be eased. If you’re like us you’re probably happy with the news, but still feeling uncertain about the coming weeks. Let’s all stay safe and be sure to look out for one another! As a little distraction for you, we’ve put together a this update on the current real estate market in Denver.

April data showed that there was a significant decrease in home sales by month’s end. However the market proved to be resilient as there were still a large number of closings. Sure enough, as a result of easing of the restrictions, there has been an increase in the number of contracts and listings accepted over the past week.

The most substantial impact of COVID-19 on the Denver real estate market, so far, is the dip in showings. This is not surprising as in person showings were banned for a few weeks. On a side note, this didn’t stop us from serving our clients. We would like the opportunity to show you the same level of service when you are ready to sell or buy.  We are always there for our clients, and this situation proved to be no exception as we provided detailed and thorough virtual tours of our propertys for sale. Currently, in person showings are allowed again and as a result the number of showings is going back up.

Even though in-person showings were banned temporarily, this didn’t stop many from buying homes during that time. By setting up an extensive virtual video platform that was just as if a buyer was walking through the home, we actually had 9 offers on a home that we listed right in the middle of the no showings ban. It was a huge success and we are always thinking outside of the box, going the extra mile for our clients.  

While virtual showing are not ideal, they proved sufficient for many buyers to follow through with their purchasing plans. Surely the fact that this coincided with the typical spring time rise in the market, it helped push many sales through. 

With sales decreasing for the month, home values were resilient. This should come as no surprise as the Denver housing market is very strong and is currently reacting slowly to COVID-19 compared to other markets.

With the good news of eased restrictions, listings are once again coming onto the market in abundance, especially since we had a few weeks of restrictions where some people wanted to wait to list their home. Based on data trends, we are going to have a very consistent summer of real estate, when normally summers drop in late June to early August.  Analysts are saying this will be due to the “Safer at Home” guidelines and vacations will be at a minimum. Colorado residents love their mountains, camping, and the outdoors, but sadly this year that will be greatly suppressed, leaving them “Safer at Home” with more time to buy and sell.

Home values are likely to stay stable for the foreseeable future which is good for sellers as the housing market hasn’t reflected the red we’ve seen in stock market (click here for more info on how the real estate market has responded so far). For buyers, there is good news in the fact that there is less demand than last year at this time, which means less competition for those highly sought after homes. Whether you are looking to buy or sell we will assist you every step of the way with our in-depth knowledge of the city and its markets. Call or email us today! (720) 352-7704 or [email protected].