Here is the latest 7-county RE Stats report for the month of April courtesy of Jennifer Costello at REColorado and SMDRA
· 4,867 properties sold and closed last month, down 6.3% from last April and up 32% from April 2020; but remember 2nd quarter numbers from 2020 were skewed down because of Covid.
· April closings were the 3rd best in the last 5 Aprils.
· Closings year to date are the 2nd best in the last 5 years only beat out by last year.
· 501 homes sold last month from $1 million to $2 million. This was 10.3% of all sales. WOW!
· 3,397 detached homes sold and closed last month, down 6.5% from 2021 and up 28% from 2 years ago.
· 1,470 attached homes sold in April, down 5.6% from last April and up 42% from 2 years ago.
· 5,463 properties went pending or under contract last month, up 3.4% from last April and up 44% from 2 years ago.
· Pendings are the SECOND HIGHEST IN THE LAST 5 APRILS.
· But, pendings year to date are the second lowest in the last 5 years.
· 87.75% of all pendings are closing and normally this percentage is closer to 80%.
· 6,469 homeowners newly listed their homes for sale in April, up 3.4% from last year and up 44% from 2 years ago.
· New listings in April were the 2nd highest in the last 5 years.
· However new listings year to date are the LOWEST IN THE LAST 5 YEARS!
· 4,690 detached homes were newly listed in April, up 8.5% from last year and up 49% from 2 years ago.
· 1,779 attached homes were listed last month, down 8% from April 2021 and up 33% from April 2020.
· The average closed sales price in April was $719,230, up 17.6% from last April and up 45% from 2 years ago.
· The average closed sales price on a detached home was $818,237, up 18.7% from last April and up 49.2% from April 2020.
· The average closed sales price for an attached home was $490,435, up 13.8% from 2021 and up 30% from 2020.
· The median closed sales price in April was $616,700, up 18.6% from last April and up 41.4% from April 2020.
· The median closed sales price on detached homes was $680k, up 18.1% from last year and up 44.2% from April 2020.
· The median closed sales price on attached homes was $436,500, up 18% from 12 months ago and up 36.4% from 2 years ago.
· The average closed to original list price ratio was 106.8% up from 104.5% last year and 99.5% from 2020.
· Austin-based RE tech company OJO Labs reported that in April Denver’s RE market was the SECOND HOTTEST IN THE COUNTRY as measured by the percentage of homes selling for over list price at 70%. This is up from 66% in March and up from 59% in April 2021.
· Average price per square foot on a detached home was $371.
· Average price per square foot on an attached home was $352.
· We ended April with 2,663 active listings up 43.4% from last year. Wohoo! But, down 55% from 2 years ago during Covid when we thought no one wanted to sell their home.
· Active listings increased by 85% from March. WOW!!!
· I wonder if the number of listings increased so much because we pulled this data on Thursday the 5th as I am told most homes are now listed on Thursday. Whereas, in March we pulled the data on Wednesday when the number of listings is often the lowest during the week.
· Last year active listings only increased by 17.4% from March to April.
· This puts months of inventory at 0.547 or about 16 days.
· Average days in market was 8 down from 13 days last year and down from 20 days 2 years ago. This was the shortest average days in market EVER!
· Average days in market for homes priced from $1-$2 million was only 10 days and for homes priced from $2-$3 million average DIM was only 19 days.
· Median days in market was 4 days matching last year and down from 5 days in 2020.
· For perspective nationally median days in market in April were 34 days or 30 DAYS MORE THAN DENVER according to Realtor.com.
· All 12 cities we track showed median days in market of 4 days.
· The lowest median sales price was in Aurora at $514,500.
· The only other 2 < $600k was Thornton at $555k and Westminster at $560k. · The highest median sales price was Lone Tree at $1.12 million. · Second highest median sales price was Highlands Ranch at $773k. First Alliance Title reported that homes received on average only 13.9 showings before going under contract in April, which is down from nearly 22 showings in March. Last April homes received 22.7 showings before going under contract. In 2021 the number of showings didn’t drop to about 14 until June. So, the market slowdown appears to have started 2 months early. In April 2019 homes received 7.5 showings before going under contract. Thus, there is probably twice as many homebuyers today than there were 3 years ago.