Michael RushReal Estate Broker, Keller Williams Realty DTC · Real Estate Broker at Keller Williams Realty DTC

April 2024 | Denver Housing Market Update 🏡

16 Apr 2024 · 1 min

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In this brief market update, the speaker outlines the early spring dynamics of the greater Denver housing market. New listings rose 16.2% month‑over‑month, while pending sales jumped 28% compared to the prior month, indicating heightened buyer interest. Days on market fell 17.4%, showing faster transaction speed. The average single‑family home price reached $780,000, a 6% year‑over‑year increase, and the close‑to‑list price ratio held steady at 99.8%. Showings per pending sale slipped 4.8% to 16 showings, suggesting fewer viewings are needed to secure a contract. The speaker notes that the market is heating up despite still‑elevated interest rates and points to the upcoming Federal Reserve decision at the end of May as a key factor to watch.

Chapters

The spring market is officially underway with an increase to new listings of 16.2% month over month. Demand with pending sales also increased 28% when compared to last month, and days on market actually started to decrease 17.4%. Average price of single-family homes in the greater Denver area has increased to $780,000. That's up 6% when compared to last year. Percent of close price to list price stayed flat at 99.8%. The amount of showings to pending went down 4.8% compared to last month to 16 showings. So it just goes to show that the spring market is starting to heat things up despite interest rates not going down yet, but we'll see what the Fed does at the end of May.