Metro Denver Real Estate Market Update – June 2024

Our market update for the metro Denver area for June 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 last several years, we have battled the problem of low and extremely low inventory with active inventory in the 2,500 to 5,000 range. We have mentioned many times that a healthy and balanced housing market in the Denver Metro Area would be somewhere between 8,000 to 12,000 active listings on the market!

Welcome to the start of a balanced market, with almost 3 months supply of inventory! We just climbed over 10,000 active listings at the end of June, and that is a 68% increase from June of 2023! The sold homes are actually keeping pace with 2023 numbers, but that is not saying much as 2023 was not a record year!

We typically rely on the spring/summer peak sales season going through June, with some late summer lulls in July and August, however the buyers in the market have taken an early pause, with the biggest reason being affordability with prices and higher interest rates. Many fear that an election year will slow sales of existing homes for the remainder of the year, however we have a more bullish attitude as inflation numbers continue to decline and the labor market weakens, and general purchases have decreased. This will bring us much closer to an interest rate reduction soon, and bring buyers back to the market very quickly!

Sellers please follow the advice of your Realtor, and price your home correctly following more closely to current pending sales than many of the sold comps that may be already outdated!

Buyers, please dust off your showing shoes, and start looking again as values are improving daily with many price reductions in this more balanced market! Most importantly, please know that we are so grateful for your trust and confidence and we have experienced this type of market before! We look forward to guiding you in your real estate needs very soon!

Metro Denver Area Luxury Market Update

Buyers are definitely out seizing the opportunities in the luxury market evidenced by a 15% increase in the number of sales this year. The more “normalized” market at the higher end is fueling sales.

Buyers are recognizing that there are values to be had as inventory is increasing which is stabilizing increases in pricing. This doesn’t mean that properties are being given away, it is quite the contrary in most neighborhoods. As is always the case, good properties priced right are typically selling within the first two weekends on the market at or near list prices and in some cases over list so it is still a great opportunity for sellers to have their homes on the market.

Opportunities are coming with the properties that have design or pricing challenges and this is where buyers are finding opportunities to pay less than list price. As you have probably heard in the news recently it is projected that interest rates may be coming down in September. If this happens it is projected that this could cause another buying frenzy in the real estate market so now is the time to buy to potentially get the best value, you can always re-finance down the road!