Spring in Summer

Typically the busiest months for real estate along the Front Range are April, May and June.

This year, because showing activity was restricted in the Spring months, we are seeing robust activity this Summer.

Here’s an indicator.  Sales through July 2020 versus July 2019 are up:

  • 12.6% in Metro Denver
  • 17% in Northern Colorado

To see double-digit increases in sales despite was is occurring in the National economy, is nothing short of remarkable.

At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously.  Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed.

 

Posted on July 31, 2020 at 6:49 pm
Rondi duPont | Category: Blog, Fun Facts | Tagged , , , , ,

Caught Up

Back in April, real estate activity was significantly limited and the showing of property was restricted which caused the number of closed properties in May and early June to be much lower than last year.

Bottom line, fewer properties going under contract in April caused fewer closings 30 to 45 days later.

Closed properties in May were down compared to 2019 by 44% in Northern Colorado and 43% in Metro Denver.

Then activity jumped significantly in May.  The number of properties going under contract was way up compared to last year.

We’ve been wondering when we would see this sales activity reflected in the number of closed properties.

Well, it finally happened (almost).

The number of closings so far in June compared to the same time period through June of 2019 is only down 1.8% in Northern Colorado and 1.6% in Metro Denver.

In both markets, there are only a handful of closings separating activity in June 2020 versus June 2019.

By the end of the month, when all the transactions are tallied up, we expect that June of this year will out pace June of last year in terms of number of transactions.

This is significant not only because of COVID-19, but also because of the reduced inventory compared to last year.  Quite simply, there are fewer homes to buy.

All of this speaks to the health and resiliency of the Front Range market.

At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously.  Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed

 

Posted on June 26, 2020 at 5:36 pm
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Pent Up Demand

There was clearly a pent-up real estate demand created during the recent time when in-person showings were not allowed.  The numbers back it up.

First, a little background.  During a portion of “Shelter in Place,” all in-person viewing of properties ceased.  Instead, buyers spent time online viewing virtual tours and 3-D photography.

Even though clients could view homes virtually, purchase activity did slow down.

Today, showings are allowed again as long as clear protocols are followed.  We’ve implemented a Safe Showings program to keep our clients protected.

Now, to the numbers.

Through the first two weeks of May 2020, the number of closed properties is down compared to the same time period in 2019.

In most cases these closed properties are a result of purchase agreements that were written in April- a time when in-person showings were restricted.

So, a decrease in closings was expected.

However, the number of new written contracts so far this month is up considerably compared to the same time frame last year.

Specifically,

  • Metro Denver closed properties down 47%
  • Metro Denver new contracts up 6%
  • Northern Colorado closed properties down 41%
  • Northern Colorado new contracts up 19%

So, buyer activity is up compared to last year, even in our current environment.

This speaks to the resiliency of our market and the effect of low interest rates.

At Windermere Real Estate we are taking Safer at Home and Social Distancing very seriously.  Our people are following our Safe Showings protocol, staying connected to their clients, and providing help wherever needed.

Posted on May 15, 2020 at 5:42 pm
Rondi duPont | Category: Fun Facts, Market News | Tagged , , , , , , , ,