In May 2021, the data demonstrated that while it is an extreme seller’s market in the Metro Denver area, closings are still happening, up 18.78 percent, despite active listings being down 4.11 percent year-to-date from 2020. At the same time, the report showed that closings are up 18.78 percent, an extreme statistic that reflects how the pandemic shutdown impacted the real estate industry last year and yet also supports the concept of increased buyer demand.
Throughout 2021, the Metro Denver area has seen cracks in the attached market while the detached continued to rise in urgency and price. In May, buyers saw those cracks and moved on a relative opportunity in the attached market, creating the lowest month-end active inventory on record, with only 739 properties available to sell. Those cracks are now gone, and it is a strong seller’s market for every property type and price point.
The Denver Metro’s 2021 real estate market has turned into an unpredictable year, lacking seasonal consistency with rainy weather in tow while prices continue to skyrocket. The area hit a new average sales price record of $700,559 for single-family detached properties.