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Properties of a pandemic

Sos Illo Covid House 001
Illustration by Drew Thurston

Despite the COVID-19 pandemic – and in some ways because of it – the 2020 metro Denver real estate market through September continued to establish new highs (for home prices) and lows (for inventory).

The 5,301 active listings at the end of September represented the lowest active housing inventory on record for any month of September by a whopping 2,215 properties. This has made for the toughest market to buy a home in metro Denver’s history, according to Andrew Abrams, chair of the Denver Metro Association of Realtors Trends Committee.

Meanwhile, median home prices for both single-family homes and condos hit record-breaking highs at $510,000 and $334,752 respectively.

“Home sellers are hesitant to sell as the thought of moving and logistics of that process may feel daunting during a pandemic,” Abrams explained. “The majority of sellers have enough equity to not feel pressured about what will happen with the market if there is a shift in the near future. Home buyers, on the other hand, may be spending a great deal more time at home and realizing they want more space, while also looking to take advantage of the low interest rates.”

Source: Denver Metro Association of Realtors October 2020 Trends Report