Denver's housing market took an early hit from the pandemic, as concerns about the economy deepened, and home showings came to a halt. But a new report from the Denver Metro Association of Realtors (DMAR) shows some signs of a rebound.
“It might seem like searching for a new home isn’t important, but no matter what else is going on in our world, there are still people who need to sell and people who need to buy," said Jill Schafer, chair of the DMAR Market Trends Committee, in a news release.
May saw a surge in new listings hitting the market, up 56% from April, when Colorado's stay-at-home order was still in effect. However, only 3,152 homes sold in May, down nearly 20% from April and nearly 49% from May of 2019. The DMAR says the decline was expected, considering that for several weeks homes could only be shown virtually. In-person showings resumed as city-specific stay-at-home orders were lifted.
Home prices appear to be holding steady. The average sold price of a home in May was $495,925. That was down 1.24% from April, but an increase of 2.43% from May of 2019.