Denverites might have been at home all of April, but that didn’t slow the price of homes.
According to the Denver Metro Association of Realtors, the median closing price of a home last month was $440,000, up 4.76 percent over April of last year though down slightly from March 2020.
April was the first full month of stay-at-home and social distancing orders in Colorado.
“We found ways to help buyers and sellers who needed to buy or sell homes,” Jill Schafer, who chairs the realtor industry group’s market trends committee and is a Kentwood agent, said in a statement accompanying the latest monthly housing report.
New listings were down 29.81 percent from March and 37.82 percent from April of 2019. At month’s end, 3,280 homes were under contract, down 29 percent from March and 45.79 percent from April of 2019. The number of homes sold was down 24.34 percent from March and 30.78 from April of 2019, dampening total sales to $1.8 billion, down 25.69 percent over March and 29.73 percent over April of 2019.
Though fewer homes came on the market, slowing sales meant the number of active listings at month’s end was up from 5,776 in March to 6,855. The number of active listings at the end of April last year was 7,012.
High inventory and low sales did not make it a buyer’s market — or perhaps home sellers just hit on the right price. Sellers got an average of 99.96 percent of their asking price in April and sold their homes in an average of 20 days compared to 30 days last month and 29 days in April of 2019.
Denver’s stay-at-home order is set to end May 8. Schafer said it wasn’t clear whether looser restrictions on movement will cause a flood of new listings.