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

June 2024 | Denver Housing Market Update 🏡

19 Jun 2024 · 2 min

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1:39

In this market update for the greater Denver area, the presenter reports that the average price of single‑family homes rose 1.7% to $794,000, while condo and townhouse prices fell 4.1% year‑over‑year to $461,000. Inventory is expanding sharply, with active listings up 20.6% month‑over‑month and 39.7% year‑over‑year, and new listings increasing 16.5% MoM and 34.1% YoY. Despite the higher supply and a pause in Fed rate cuts, buyer demand is still rising, up 1.6% MoM and 3.8% YoY. The close‑price‑to‑list‑price ratio remains near 99.8%, days on market fell to 26 (down three days), and showings per contract dropped 13.2% to about 13. The presenter emphasizes that, in this environment, sellers need high‑quality photography, professional staging, and accurate pricing to attract multiple offers and sell quickly.

Chapters

The average price of single-family homes in the greater Denver area increased to $794,000. This was an increase of 1.7%. The price of condos and townhouses actually decreased to $461,000, and that was a decrease of 4.1% year over year. Inventory is continuing to increase with active listings up 20.6% month over month and 39.7% year over year. Sellers are continuing to put their houses on the market, with new listings increasing by 16.5% month over month and 34.1% year over year. Despite the increase of inventory and the Fed continuing to pause on reducing the Fed funds rate, demand is continuing to increase, with an increase of 1.6% month over month and 3.8% year over year. We're seeing the percent of close price to list price sit right around 99.8%, and we also saw days on market decrease again from the previous month by about 3 days to 26 days on market. Our amount of showings to go under contract decreased by 13.2%, down to about 13 showings. So despite the increases in inventory, we're still seeing increases in demand. But now more than ever, it's very important that you have excellent photography, you stage your home, and you price your house at the right price so that you can move quickly and get multiple offers on your home.