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Metro Denver Real Estate Market Update – August 2024

Metro Denver Real Estate Market Update – August 2024

Our market update for the metro Denver area for August 2024 is broken down into All Residential, as well as Luxury Residential stats.

Below are links to download our update, as well as a breakdown of the stats in more detail:

Metro Denver Area Residential Market Update

BAD NEWS LEADS TO GOOD NEWS!

The late Summer Denver Real Estate Market has kept the tradition of Buyers taking a bit of a break while enjoying the end of Summer activities before school starts, and at the same time has been very unpredictable with some amazing homes for sale just sitting on the market and some homes unexpectedly selling very quickly!

This is all about to change soon, as we have just seen three major signals over the past couple of weeks that create the perfect time to buy again and to sell.

  1. The indications of inflation slowing down are pretty solid, with the CPI data showing a major slowdown, especially in the labor markets. The Federal Reserve has voiced some key words that indicate an interest rate cut in September is probable!
  2. The Active Listing Inventory has increased to 10,584 at the end of July, which is a 68% increase over July 2023. This increased Inventory has created a much better selection for Buyers to see, and a much better negotiating opportunity!
  3. Most importantly: Wall Street has already begun to adjust for a September Interest rate reduction of short term rates, which has caused our long term Mortgage rates to plummet over the past week! 30 year mortgage rates are now available in the high 5% to low 6% range, and affordability has improved tremendously!

Sellers, this is the best time to have your home show very well, and priced correctly!

Buyers, as we find ourselves transacting business in a new way in August and beyond, please let us show you the value we bring to your Real Estate Transaction. We have the knowledge, experience and just plain hard work to help you with your largest purchase.

AVERAGE DAYS ON MARKET JULY 2024 28 DAYS 2023: 22 DAYS UP 27.27% 35 DAYS 2023: 25 DAYS UP 40.00%

ACTIVE INVENTORY JULY 2024 7,370 2023: 4,594 UP 60.32% 3,214 2023: 1,702 UP 88.84%

ACTIVE LISTINGS
6,299  10,584
JULY 2023  JULY 2024
UP 68.03%  UP 68.03%

AVERAGE SOLD PRICE (YEAR OVER YEAR) +1.60% SINGLE FAMILY 1 YEAR
-5.96% CONDO 1 YEAR

SOLDS JULY 2024 2,768 2023: 2,718 UP 1.84% 940 2023: 1,172 DOWN 19.80%

TOTAL # SOLD (HOUSES & CONDOS – JULY 2024) 3,708 LAST YEAR: 3,890 DOWN 4.68%

AVERAGE SALES PRICE (HOUSES & CONDOS – JULY 2024) $708,937 LAST YEAR: $692,715 UP 2.34%

Metro Denver Area Luxury Market Update

The Luxury market is definitely hitting it’s stride.

The total number of sales of single family homes is 15% ahead of this time last year and condos, 30% ahead of this time last year. Prices are holding even with last year and days on the market are still very reasonable. The most active spot in the market is between $1.5M and $3M. For homes priced between $1.5M and $2M, 41.6% went under contract within the first 7 days on the market and for homes priced between $2M and $3M, 49.1% went under contract within the first 7 days on the market. Both categories exceeded list prices by an average of 2.8%. As you get above $3M and $4M these robust numbers shrink somewhat but don’t think that that the ultra wealthy are sitting on the side lines, a $17M property in Cherry Hills Village recently went on the market and went under contract in 5 days.

As is always the case in the metro Denver market each neighborhood has very specific conditions so pricing correctly for the perceived value is still critical. Buyers are willing to pay top dollar for what they perceive as the perfect property.

For Buyers who are willing to look at a property that may need some improvements there is great opportunity to get a strong value as many Sellers are having to make price reductions to get sold.

Sellers, now is a great time to get your house on the market with interest rates coming down and buyers out looking we are starting to see a little bit of an early fall heat up in the market.

AVERAGE DAYS ON MARKET JULY 2024 35 DAYS 2023: 27 DAYS UP 29.63% 34 DAYS 2023: 54 DAYS DOWN 37.04%

NEW LISTINGS JULY 2024 637 2023: 528 UP 20.64% 36 2023: 72 DOWN 50.00%

TOTAL # SOLD (HOUSES & CONDOS – JULY 2024) 482 LAST YEAR: 460 UP 4.78%

AVERAGE SALES PRICE (HOUSES & CONDOS – JULY 2024) $1,602,771 LAST YEAR: $1,605,851 DOWN 0.19%

AVERAGE SOLD YTD JULY 2024 -2.41% SINGLE FAMIlY 1 YEAR
+5.65% CONDO 1 YEAR

TOTAL SOLDS YTD JULY 2024 2,961 2023: 2,559 UP 15.71% 215 2023: 309 UP 30.42%

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