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Metro Denver Real Estate Market Update – January 2024

Metro Denver Area Market Update

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

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!

AVERAGE DAYS ON MARKET JANUARY 2024 50 DAYS 2023: 49 DAYS UP 2.04% 46 DAYS 2023: 39 DAYS UP 17.95%

ACTIVE INVENTORY JANUARY 2024 3,336 2023: 2,893 UP 15.31% 1,535 2023: 1,227 UP 25.10%

ACTIVE LISTINGS
4,120  4,871
JANUARY 2023  JANUARY 2024
UP 18.23%  UP 18.23%

AVERAGE SOLD PRICE (YEAR OVER YEAR) +4.48% SINGLE FAMILY 1 YEAR
+4.13% CONDO 1 YEAR

SOLDS JANUARY 2024 1,478 2023: 1,524 DOWN 3.02% 573 2023: 664 DOWN 13.70%

TOTAL # SOLD (HOUSES & CONDOS – JANUARY 2024) 2,051 LAST YEAR: 2,188 DOWN 6.26%

AVERAGE SALES PRICE (HOUSES & CONDOS – JANUARY 2024) $660,127 LAST YEAR: $626,110 UP 5.43%

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.

AVERAGE DAYS ON MARKET JANUARY 2024 72 DAYS 2023: 55 DAYS UP 30.91% 49 DAYS 2023: 62 DAYS DOWN 20.97%

NEW LISTINGS JANUARY 2024 397 2023: 258 UP 53.88% 31 2023: 48 DOWN 35.42%

TOTAL # SOLD (HOUSES & CONDOS – JANUARY 2024) 207 LAST YEAR: 195 UP 6.15%

AVERAGE SALES PRICE (HOUSES & CONDOS – JANUARY 2024) $1,607,403 LAST YEAR: $1,570,956 UP 2.32%

AVERAGE SOLD YTD JANUARY 2024 -2.22% SINGLE FAMIlY 1 YEAR
+58.25% CONDO 1 YEAR

TOTAL SOLDS YTD JANUARY 2024 189 2023: 176 UP 7.39% 18 2023: 19 DOWN 5.26%

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