May 2020 Market Overview

Summary

REcolorado shows the coronavirus is continuing to impact the market but gradually less and less. The amount of closed listings is 13% lower than last year’s year-to-date figures and the average price of those listings is up 3% as demand continues to be strong while inventory is low. The amount of new listings that came on the market is down 11% year to date. On average, homes spent one day less on the market as they did at this point in 2019. High and growing demand with low supply makes for a healthy market that is already bouncing back.

Homes Closed

Homes Closed Year-Over-Year Change

May 2019 — 6,164
May 2020 — 3,437
-44%

Prices

Average Home Sale Price

May 2019 — $502,491
May 2020 — $502,441
+0%

New Listings

Throughout the month, sellers brought 7,337 new listings to the market, down 17% compared to last year, but up 52% from last month.New Listings Year-Over-Year Change

May 2019 — 8,789
May 2020 — 7,337
-17%

Days in MLS

In May, homes spent an average of 24 days on the market, the same number of days as this time last year, and 3 days more than last month.

Days on Market Year-Over-Year Change

April 2019 — 29
April 2020 — 20
– 9 days

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