Real estate sales in metro Denver broke records in 2020 even as the pandemic sent shockwaves through the economy.
The average price for a home jumped to $525,185 in 2020, up from $486,550 in 2019, according to a new report from the Denver Metro Association of Realtors. That equates to more than $33 billion of sales, the report found.
Home prices are setting records around the state — and the country — as low interest rates and a lack of available homes for sale push buyers to pay more.
Just 2,541 homes were available for sale at the end of December in the Denver area, about half of what was on the market at the same time last year, according to the report.
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Real estate deals came to a standstill during stay-at-home orders in March and April, sparking concern that the pandemic would drag down a booming housing market. But pent-up demand drove a surge in sales when restrictions eased.
“Buyers who were unwilling or unable to buy during the lockdown just waited a few months,” Steve Danyliw, a Denver realtor, wrote in the report.
Sales have slowed somewhat in recent months relative to the pace set in summer and early fall. The number of closed sales was 4,807 in December, a 10.25 percent decline from the previous month, according to the report. That’s still 4.91 percent above the same time last year.
Home prices, while up substantially from a year ago, were roughly flat compared to November.