How has the Denver Housing Market Reacted Since Coronavirus?

Written by Posted On Tuesday, 08 September 2020 17:33
What has happened to Denver house prices? What has happened to Denver house prices?

We take a look at the numbers comparing February 2020 to July 2020 and gauge if the housing market reacted differently to previous years.

Did you know the stock market lost over 3 trillion dollars in value in a single week this year?

It was at this time the fear of the CoronaVirus really started to be felt in people's pockets. After the stock market lost trillions in value the conversations, and fear, then turned to the housing market. INvestors disappeared overnight, and home-owners were fearing a return to underwater status they had just come up from. 

This fear was reasonable in its founding however since this period, in Denver, Colorado anyway, it would seem that the housing market has survived the global pandemic and has continued on a trajectory that many consider normal. Shaun, a Denver Real Estate investor stated “Since late February and into the selling season prices in Denver have continued to increase. I must admit I was not sure this was going to be the case.” This sentiment was repeated when Tina, a Denver real estate agent said “It hasn’t been easier to sell a house than now. My only problem is getting more houses to sell.”

So it would seem reasonable on this anecdotal evidence to say the Denver housing market is continuing to be very strong. However to be sure we wanted to take a look at the numbers from February 2020 and compare them with July. This way we can see if prices went up or down. We can see what has happened to days on market and the number of homes closed. These numbers will give us more insight to how the Denver housing Market has truly reacted since the global pandemic.

A summary of the Denver Housing Market in February 2020.

The Denver housing market did well in February 2020 compared to the previous year. The number of houses that closed was 3,718 compared to 3,511 in 2019. 

The average price of a house sold in February also rose. Single Family homes sold for 6% more and multi-family/condos price increased by 5%.

The number of active listings in February 2020 in Denver was 5,116 - up 1% on the prior year, but roughly the same.

We saw the average days on market at 39 days.

A summary of the Denver Housing Market in July 2020.

The Denver housing market sets records in July, in a good way. Need I say more?

A record number of homes were sold, homes sold for 9% more than the previous year and days on market were at 25. 

The trajectory from February until July was reminiscent of some of the best years of house price appreciation we have ever seen in the Denver Market. “To see this continued appreciation has really been great for home-owners through a time when there is a lot of uncertainty. I am excited to see what happens next” said Tina. 

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Shaun Martin

My name is Shaun Martin. I have been investing in Real Estate since 2007 - part-time. My first deal was a single-family house in Denver, CO. It is in a neighborhood called Montbello.  I still own it in-fact. It has been a great property. I must admit, when my wife and I bought it, we were nervous as hell!

Since then, I have added a number of rental properties in Denver, CO, Port Richey, FL, and Indianapolis, IN.  

In 2018 I sold my Medical Equipment Company and became a full-time investor. Since 2018 I have continued to focus on the buy and hold strategy. I have also flipped a number of properties, become a private lender, and focused a lot more on sourcing my own deals.  That is how I came upon Privy. Finally, I have begun making investments in real estate, using my Self-directed and Roth IRA.  I see this as an awesome vehicle to grow a rainy day fund, you know, an extra security blanket. 

I am not a get rich quick guy. I am not an aggressive investor.  I believe in mutual benefit to all people involved in each deal I do. I am a believer in cycles. What goes up must go down - and then it will go right back up again. AND

Because of that, I believe that as long as you sell when you want to, in real estate, you will do great. 

Real Estate has given me the opportunity to create security for me, my family and friends, and more importantly, time to enjoy it.

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