Metro Denver Real Estate Market Update – November 2024

Our market update for the metro Denver area for October 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 Election is over, and the Holiday Season has begun!
This sounds like a win/win message, as we are all very happy to have the Election process behind us, but very grateful to live in a Country that allows us as citizens to have a voice.

The Denver Real Estate Market is almost identical to last month’s Market with Inventory at almost 11,000 Active Listings, and still a sluggish pace of activity from Buyers as they have been concerned with higher interest rates, affordability, and the uncertainty of the Election.

This may change very soon, with some new excitement and confidence in making decisions now that we have a gauge on the next four years. Here are some ideas that we have seen over the last few years, and are experiencing now, with expectations of a similar market as we enter 2025!

After years of fiery bidding wars and homes going for six figures over the listing price, this market is all about having realistic expectations. Prepare for a longer sales process and fewer instances of offers over the asking price. While this shift might seem challenging, it also creates opportunities. Buyers today are more thoughtful, less rushed, and looking for value, which can lead to more serious offers. Pricing your home correctly from the start has never been more critical. A well-priced home can still attract multiple offers, but overpricing may cause your listing to sit on the market longer, costing you both time and money.

This recalibration isn’t just good news for buyers—it suggests a healthier, more balanced market that can ultimately work in your favor when you partner with the right strategy. We know that seller expectations are high, but it’s crucial to align your expectations with the market realities. We also know that Buyer expectations are high for finding good value, and will also need to align with the market realities!

Most importantly, at this time of year we express our sincere gratitude for your trust and confidence in allowing us to assist with your Real Estate needs! Happy Thanksgiving!

Metro Denver Area Luxury Market Update

Wow! The luxury market is booming right now with sales up in October by over 28%.

Buyers are clearly seizing the opportunities that the market is presenting, with more selection and more stabilized prices. Average sales prices decreased by 3% in October from a year ago, a slight correction, and inventory is up by over 20% from September. This is making sellers who truly want to sell their homes have to sharpen their pencils.

There is probably no more important time for sellers to be realistic with their pricing when they list their property. Properties that are priced correctly are still selling in our market quickly and in some cases with multiple offers and over asking price. Sellers who do not take this approach and have to start making price reductions are feeling the consequences of a very particular buyer market.

As is always the case each neighborhood presents specific dynamics so please consult your real estate professional for knowledge on what his happening in your neighborhood!