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Metro Denver Real Estate Market Update – May 2024
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Metro Denver Real Estate Market Update – May 2024

Our market update for the metro Denver area for May 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

Inventory! Inventory! Inventory!

As we assess the real estate activity from May and begin the hot summer selling season in June, there are a couple of factors and opportunities showing up for Buyers and Sellers! The year began with the feeling that most Sellers would only enter the market during a “need to move” category. However, the numbers are telling a different story as it seems that many Sellers have jumped into the market with both feet! In an historic move the Denver Real Estate Market has over 9,100 active listings, which is 31% higher than April and the highest jump we have ever seen from April to May and active listings are now 75% higher than this time last year! Homes going under contract and closed are holding a close pace to last year, so we have an active market with growing supply and good demand from Buyers.

The normalization of housing inventory is creating some excellent opportunities for Buyers, as we track the activity over the last 7 days with just over 2,100 new listings, but also over 2,100 price reductions by Sellers. This has created many more choices for Buyers and much better affordability.

Sellers this is a great time to plan and prepare your home for sale with correct pricing during a very active market. Buyers your patience and persistence will pay off as you have more to choose from, and great opportunities to negotiate a good price on a great home. Now, just like summer this season moves quickly so please call us today for the best and most experienced real estate advice!

AVERAGE DAYS ON MARKET MAY 2024 25 DAYS 2023: 21 DAYS UP 19.05% 31 DAYS 2023: 24 DAYS UP 29.17%

ACTIVE INVENTORY MAY 2024 6,352 2023: 3,720 UP 70.75% 2,807 2023: 1,508 UP 86.14%

5,228  9,159
MAY 2023  MAY 2024
UP 75.19%  UP 75.19%

-4.89% CONDO 1 YEAR

SOLDS MAY 2024 3,174 2023: 3,080 UP 3.05% 1,024 2023: 1,358 DOWN 24.59%

TOTAL # SOLD (HOUSES & CONDOS – MAY 2024) 4,198 LAST YEAR: 4,438 DOWN 5.41%

AVERAGE SALES PRICE (HOUSES & CONDOS – MAY 2024) $720,109 LAST YEAR: $697,040 UP 3.31%

Metro Denver Area Luxury Market Update

The luxury market seems to be heading toward a more normalized market with a significant increase in properties in new listings, increased days on the market and a slight decrease in pricing from this same time last year.

The strength of the luxury market is in the $1,000,000 to $2,000,000 price range right now with 51% of homes in this price range selling in the first 7 days on the market if priced correctly, and selling for just under list price to just over list price.

For price points above $2,000,000 the average days on the market increase to an average of 50 and above $4,000,000 the average days on the market is 100. For Sellers this simply points to the critical nature of pricing correctly in today’s market.

For Buyers there is great opportunity in the market with more selection and many properties experiencing price reductions allowing for some great buys in the luxury and super luxury markets right now.

AVERAGE DAYS ON MARKET MAY 2024 31 DAYS 2023: 22 DAYS UP 40.91% 46 DAYS 2023: 40 DAYS UP 15.00%

NEW LISTINGS MAY 2024 1,043 2023: 656 UP 58.99% 73 2023: 81 DOWN 9.88%

TOTAL # SOLD (HOUSES & CONDOS – MAY 2024) 590 LAST YEAR: 536 UP 10.07%

AVERAGE SALES PRICE (HOUSES & CONDOS – MAY 2024) $1,589,342 LAST YEAR: $1,611,257 DOWN 1.40%

+2.87% CONDO 1 YEAR

TOTAL SOLDS YTD MAY 2024 1,959 2023: 1,653 UP 18.51% 157 2023: 204 DOWN 23.04%