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Denver housing market tightest in its history

by | Nov 2, 2020 | Blog, Denver Real Estate Market | 0 comments

As the pandemic chased people away from offices and into remote work situations, some employees have found that they’re able to work from anywhere. And many, according to CNBC, are moving to Denver, exacerbating an already tight real estate market.

“The new work-from-anywhere culture of the coronavirus pandemic is one of the top reasons Denver is experiencing its most competitive housing market in history,” reports CNBC, which also notes that “it’s a destination for tech workers fleeing the pricey Bay Area and for metropolitan East Coasters looking for more expansive outdoor space.”

Using numbers from the Denver Metro Association of Realtors (DMAR) market study from September, CNBC reports that homes flew off the market in an average of six days, a record low. There were a record-number of closed and pending sales as well.

“Homebuyers…may be spending a great deal more time at home and realizing they want more space, while also looking to take advantage of the low interest rates,” noted Andrew Abrams, chair of the DMAR Market Trends Committee, in its monthly report.

Time—and perhaps the pandemic—will tell if more record-breaking months are to come.

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