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