Metro Denver Real Estate Market Update – January 2024

Our market update for the metro Denver area for January 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 Denver Real Estate Market has just begun our Prime Time Season! The Buyers are back in the market after taking a short pause the end of 2023! They are motivated to find the right home for their needs, and take advantage of lower interest rates and an increase in listing inventory!

Active listings are over 4,800 which is 18% more than last year! New listings last month were over 3,300 and almost 15% ahead of last year at this time. Pending contracts are up 6.5%, and average residential prices are up 5.4% year over year.

The Buyer demand is solid, so please don’t wait for prices to come down. This is a great time to get in the market before it is in full swing with an abundance of competition.

Seller’s this is your early wake up call! We are seeing a slight seller’s market in this early activity, and if you need or want to sell this is truly the time to prepare your home for sale, and we can help you! Showings are strong, and homes that show well are getting a lot of attention and potential multiple offers!

Prime time in the Denver Metro market typically runs through July! Now is the time! Enjoy the possibilities of this market, and let us help you get to where you dream of living!

Metro Denver Area Luxury Market Update

The Luxury Market is starting off the year with a bang fueled by lower interest rates, low inventory and strong buyer demand.

Many buyers are out looking and buying now in anticipation of interest rates going even lower as the year progresses which could drive prices and competition for good properties even higher.

The average price of a luxury property has increased 2.32% in January and the total number of sales are up 6.15%. While days on the market for some homes is longer, primarily due to some sellers being to aggressive on pricing with properties that need updating, as always, good properties with updating completed in desirable neighborhoods are going under contract in only a few days.

As is always the case pricing is key for Sellers wanting to take advantage of what is seemingly a slight seller’s market.

For buyers, now is a great time to be out looking and purchasing before the spring/summer buying season ramps up. This seasonal surge in buying combined with possible lower interest rates could send the market into a much more competitive situation, so now is a good time to purchase and avoid some of the competition, and refinance down the road if the opportunity presents itself.