Some information can be misleading. Take this post shared Thursday, June 4th by a very credible organization, the Denver Board of Real Estate Agents. They call this information the “June 2020 Market Overview” but it is important to understand that the data is based on homes closed in May 2020. You may or may not know that once you find a home you love and put in an offer, you are typically “under contract” on that property for at least 30 days giving you a due diligence period before you close. So the homes that closed in May 2020 were put under contract in April 2020. On March 23rd Coloradoan’s were ordered to “stay at home” and by April 8th, all in-person showings were shut down. Real Estate agents adopted virtual showing strategies, but showings did not resume until the beginning of May. So now you know that June 2020 stats should really be labeled April 2020 stats. Now that you understand that our stats are a lagging indicator, you can understand how the graphic actually shows what happened to the Denver real estate market during the “Stay at Home” order in Denver.
I have better sources for my data and I’m on the front lines and I can tell you our real estate market has come back really strong since “Stay at Home”. The graph below shows data from the beginning of the year. Covid19 really started to impact our market mid-March and the worst of it was mid-April. As you can see, by the first week in May we got back on track and closing just started bouncing back last week. That makes sense right? Homes close 30 days after the showing is completed and the contract is signed. Showings started at the beginning of May, so we would expect closing to follow 30 days later at the beginning of June. Understanding that our data is always lagging by 30 days will really help you navigate real estate stats or you are welcome to JUST ASK ME!