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Denver Real Estate Market Insights
Oct 3, 2024
Denver Real Estate Market Update
Overview
Dynamic market with significant inventory changes
Steady prices despite increased inventory
Market Data for June
Homes Under Contract:
3,900 (down 2% MoM, 1% YoY)
Closings:
3,600 (down 14% MoM, 12% YoY)
New Listings:
5,300 (down 19% MoM, up 5% YoY)
Inventory:
Increased to 2.7 months
Highest inventory level since 2014
Days on Market:
Average: 28 days (up by 2 days)
Median: 13 days (up by 4 days)
Home Prices
Average Close Price:
$714,000 (up $5,000 MoM)
Up 1-1.5% YoY
Single Family Homes:
$793,000 (up $1,000 MoM)
Prices steady compared to last year
Condos and Townhomes:
$467,000 (up $7,000 MoM)
Down 2.5% YoY
Median Prices
Overall Median Price:
$600,000 (up $5,000 MoM)
1% increase MoM and YoY
Single Family Homes Median:
$659,000 (up $9,000 MoM)
Condos and Townhomes Median:
$48,000 (up $1,000 MoM)
Down 25% YoY
List Price to Sales Price Ratio
Slight decrease to 98.1% from 98.6%
Market Outlook
Increased inventory with 4,000 more homes hitting the market in 2024 compared to 2023
Despite increased supply, prices remain stable due to:
National supply-demand issues
Depressed demand due to rates
Buyer and Seller Advice
Buyers:
Potential deals available, but limited "move-in ready" homes in desired range
Sellers:
Consider waiting for potential rate drops for a better selling market
Price ahead of the downward curve
Additional Insights
Discrepancy between inventory perception and actual market conditions
Summer slowdown typical, with potential fall uptick
Sellers advised to wait until next spring for improved conditions
Closing Remarks
Denver market remains unpredictable
Contact for more detailed consultation or planning a move in Denver
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