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Denver home sales hit record high in July

The average single-family home price in Denver catapulted to over $600,000 in July.

DENVER — Metro Denver real estate posted a number of records in July. 

June’s record number of pending sales converted to an all-time high in the number of closings in any one month in Denver, according to the Denver Metro Association of REALTORS (DMAR).

Nearly seven percent more properties closed in July than Denver area’s previous high in June 2017, according to DMAR's August 2020 Denver Metro Real Estate Market Trends Report.

The average price of a single-family home sold in Denver rose to a record $601,863, which is 7.68 percent higher than June and 9.92 percent higher than July 2019, the report shows.

“We predicted the record home sales, but I don’t know anyone who predicted prices would jump up so much in one month,” said Jill Schafer, Chair of the DMAR Market Trends Committee and Metro Denver Realtor.

Pent-up demand from the COVID-19 home-showing shutdown and the continued lack of choices forced homebuyers to bid against each other. Many sellers collected multiple offers at or above asking price, said DMAR.

Homeownership nationwide jumped to an almost 12-year high and refinance activity exploded up 122 percent year over year in mid-July.

“While we are all wearing masks, social distancing and washing our hands to try and reduce the number of cases of COVID-19, none of those things appear to be slowing the Denver metro real estate market and it doesn’t look like you’ll see activity or prices coming down soon,” said Schafer. “It will be interesting to see if our usual fall slowdown happens this year, or at all. We will be watching.”

Credit: Feverpitched

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