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