Wednesday, May 6, 2020 / by Erin Posey
Denver Real Estate Market Report for April 2020
Fewer Homes Under Contract, Sold
The real estate industry pivoted in many unprecedented ways in April 2020: homes went under contract without buyers ever seeing the place in person, realtors assisted clients entirely in a virtual manner, and videos and virtual tours became more important than ever before. However, even with all that flexibility and agility of buyers, sellers, and industry professionals, the sheer number of sold and newly under contract homes took a deep dive.
Showings of for sale homes were not allowed in Denver from April 8 - April 27, so it makes sense that we had a huge drop in under contract and sold listings during that time frame. According to ShowingTime, 3,500 showings were scheduled on April 27, the most we have had yet for a Monday in 2020 so it is clear there was some pent up demand and buyers were ready to get back out there (DMAR).
When compared to April 2019, the number of homes that went under contract was down 45.79 percent, new listings dropped 29.81 percent, and the number of homes sold dropped 30.78 percent (DMAR). Days on market dropped to 20, from 28 in April 2019 and 29 in March 2020, meaning that homes are selling much faster.
