Very interesting data for June. Showings and pending contracts are up. Active listings are down which is putting pressure on buyers because they have fewer options. Closings are equal with 2019.
The Denver Metro residential real estate market saw some very interesting changes in May. Showings have rebounded well from the COVID-19 shutdown in March and April. The active listings are down from this time last year but not by much. The pending (under contract) properties are up 117.7% compared to last month. Closings are down 43.7% compared to this time last year. We expected a sharp decline in closings because showings and contracts were down in April. The typical real estate transaction takes 30 to 35 days from the initial contract to a closing. We fully expect a big jump in June closings. The volume could easily be between 5,500 and 6,500 properties. All in all, the resale markets are showing some good resilience!
Here is a look at the Denver Metro Commercial Real estate market. Specifically, focused on the retail segment for Q1 2020.
Here is an interesting look at the multi-family segment of commercial real estate in the Denver Metro market in Q1 of 2020.
Here is a look at the Denver Metro Commercial Real Estate Industrial Market for Q1 2020. This sector appears to be weathering Covid-19 better than other segments.
Here is a Denver Real Estate Market Update for March 2020 by Beacon Real Estate Services. It is interesting to see the affect of Covid-19 on the real estate market. We are very interested to see what happens in April!
Here is a quick video on the state of the Denver Metro Commercial Real Estate Market for the Office segment during Q1 2020.
Here is a quick video on the Denver Metro Residential Real Estate Market for April 2020. There is a major drop off in showing activity due to the government shutdown. This will lead to few contracts and fewer closings in the coming months because the typical real estate transaction is 30-40 days from contract to closing.