Each week I have been checking the MLS to see how many homes are being listed and how many are going under contract as the Covid-19 stay-at-home order remains in place.
For the weeks of March 22nd and March 29th, the market showed surprising resilience, with statistics comparable to prior years. Now let’s look at the statistics for last week.
During the 7-day period from Sunday April 5th to Saturday April 11th, a total of 819 homes were entered on Denver’s MLS, REcolorado, within 25 miles of downtown Denver. Of those, 22 had already been sold privately, so there were only 797 new active listings. Of those, 133 were already under contract by Saturday. A total of 25 were immediately withdrawn or expired, many of them likely because of the no-showings rule, which was issued that Monday.
This is a huge drop from the same 7-day period in 2019, when there were 1,631 new active listings, 227 of which had gone under contract by the end of the same 7-day period.
In 2018, the numbers were similar, with 1,588 new active listings, 579 of which went under contract within the same 7-day period.
In 2017, the numbers were also similar, with 1,633 new active listings, 663 of which were under contract by the end of the same 7-day period.
The numbers were equally impressive in 2016.
Bottom line? We are finally seeing about a 50% decline in new listings, but many of them are still selling quickly. Sellers who do list their homes may benefit from the lack of competition.