Metro Denver Real Estate Market Update – February 2024

Our market update for the metro Denver area for February 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
• Metro Denver Area Residential Luxury Market Update
• Metro Denver Area Residential Market Update Detailed Stats

Metro Denver Area Residential Market Update

The month of March brings many signs of a changing Real Estate Market! First we welcome Daylight Savings, and next we celebrate the luck of the Irish on St. Patrick’s Day, then the Official first day of Spring with the end of the month celebrating the Easter Holiday!

These are all signs of Buyers and Sellers rolling up their sleeves and finding their trusted Realtor to assist in finding and selling their next home! We truly appreciate your trust and confidence in allowing us to share our experience and wisdom in a complicated Real Estate Market!

Buyers are finding that some homes are attracting multiple offers, while others are sitting on the market.

Sellers are finding that their preparation to show their homes in the best condition and a fair price will bring multiple offers, while lack of preparation will leave their home to linger on the market longer than expected and sell for a lower price.

Active Inventory on the market is up 45% while homes that closed were slightly down. The biggest data is the average price of a Single Family Home is up 3.4% while the average price of Condos and Townhomes was down 1.9%. Condos and Townhomes are experiencing a Buyer’s Market with the increase of HOA fees this year! Some great opportunities for Buyers!

This month is the time to begin in earnest your home search and getting your home on the market! Please call us today to discuss the market near you! Let’s March forward with your Real Estate Success!

Metro Denver Area Luxury Market Update

The Luxury Market is a little bit in flux this month. Sales are off the charts with a 12% increase in February compared to this same month last year. New listings for both condos and single family homes have increased with an astounding 52% increase for single family homes, giving buyers far more choices than they have previously had.

Overall prices have declined in February by just over 5% which is a sign that the increased inventory is tempering prices. This being said, many homes that are new or updated like new and in neighborhoods that are in demand are still selling at list price and in some cases over list price, if the market perceives them to be priced properly.

For Sellers pricing has never been more critical, especially if their house is not updated
to perfection.

For buyers there is great opportunity with the increased inventory to find a home without having to go crazy in multiple offer situations.

As always, every neighborhood has it’s own intricacies so consult your favorite RE/MAX Professionals broker for guidance.