Metro Denver Real Estate Market Update – September 2024

Our market update for the metro Denver area for August 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

We are happy to report that the sluggish Summer 2024 Real Estate Market is behind us, and now that the Labor Day Holiday is over and students are back in school, we all seem to get back to a more disciplined life again.

This includes buyers and sellers tipping their toes back into making a real estate move and the phones are ringing again and the inquiries have increased quickly in September! The realtor community has learned to be very adaptive to changes in our business in the last month, which has helped us to be much more aware of our responsibilities to represent Buyers and Sellers in your individual housing needs.

We truly appreciate your confidence and trust in our professional wisdom and experience to assist with your largest investment and real estate dreams!

September has begun with opportunities for Buyers and Sellers that we have not seen for many months, with 56% more inventory to choose from and the expected Federal Reserve Interest Rate reductions this month.

Affordability and choice are getting better by the day, so please take advantage of this fall market and call us today. We are honored to assist with your real estate needs!

Metro Denver Area Luxury Market Update

Opportunity knocks and buyers are buying single family homes in the luxury market! With listing inventory holding strong and prices holding steady buyers are out taking advantage of lower interest rates and sellers wanting to get their homes sold.

Total number of sales in the luxury market are up 16% for single family homes over last year. In the $1.5M to $2M market there is a slight under supply of available inventory, in the $2M to $3M market there is an even supply of available inventory, In the $3M to $4M market there is a 50% over supply of homes, making the sweet spot in the luxury market the $1.5M to $3M price point.

Those homes selling in the first week are selling at approximately 100% of list price and if a home is on the market for 90 days, the average selling price is 89.8% of the original list price. Approximately 35% of sellers are offering incentives with an average incentive in the 1% range.

All of this pointing out for sellers the critical nature of pricing appropriately from day 1 on the market.

And, for buyers, this is a great time to be in the market with prices holding steady and interest rates decreasing.

Of course all of this is neighborhood specific so make sure you are talking to your trusted real estate advisor.