2020 was record breaking for the Denver Metro housing market. Brokers wrote more contracts on listings and more homes sold than any other year on record. The number of New Listings sellers brought to the market could not keep pace with demand, which pushed down inventory levels. Prices reached all-time highs and half of all homes spent a week or less in the MLS.
Steamboat Springs & Routt County
The Routt County housing market saw an active December. As compared to December 2019 we saw a 32% year-over-year increase in the number of homes closed and prices were up 9%. Buyers continued to bring New listings to the market. The count of New Listings was 18% higher than last year at this time. Throughout the month, 85 listings moved to Pending status. Those listings moved off the market quickly, spending a median of just 9 days in the MLS.
The Routt County housing market was hot in 2020 with arrows pointing up for all metrics with the exception of Median Days In MLS, which decreased as half of all homes sold moved to Pending status in 24 days or less. Home sales were up more than 20% as compared to 2019 and the Number of New Listings that hit the market was up 7%. Home prices were up 19%.
Central Colorado & Chaffee County
Throughout December, the Chaffee County housing market saw 59 homes Close and another 60 move to the Pending status indicating buyer demand remains strong. Median Closed Prices reached the half million dollar point, 33% higher than last December. Sellers brought 48 New Listings to the market in December, which was a whopping 92% more than we saw last December.
Year-end figures show the Chafee County housing market had a record-breaking 2020. Both the number of Pending and Closed listings were 22% higher than 2019. The number of New listings was 4% higher than we saw last year. Homes closed at a median price that was 9% more than we saw in 2019. Both Buena Vista and Salida saw sizeable increases in Pending and Closed Listings. The number of New Listings hitting these markets was up, but not enough to meet buyer demand, which kept inventory levels in check.