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

March 2024 | Denver Housing Market Update 🏡

8 Mar 2024 · 2 min

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1:33

In this brief market update, Michael Rush explains the recent volatility in mortgage interest rates, attributing it to higher‑than‑expected inflation and uncertainty about the Federal Reserve’s upcoming rate‑cut decisions. He then presents key Denver‑area housing statistics for February: the average single‑family home price rose to $753,000 and condo/townhouse prices to $466,000. Pending sales increased 9.8% month‑over‑month but fell 2.1% year‑over‑year. New listings jumped 19.3% from the prior month and 14.9% year‑over‑year, while active inventory slipped about 3% compared with both periods. The median close‑to‑list price ratio climbed to 99.3%, average days on market fell to 46, and the number of showings needed to go under contract dropped to 17, indicating a more efficient market. Rush closes by thanking viewers and positioning himself as their real‑estate guide.

Chapters

Mortgage interest rates have been on a roller coaster ride since we ended February. This is due to higher than expected inflation readings, and now sentiment has decreased quite a bit that the Fed is going to do a rate reduction on their meeting on March 20th. It is still high, however, that they're going to do one at the end of April, beginning of May, or in the early summer. In the greater Denver area, the average price for single-family homes has has increased to $753,000 for the month of February, and for condos and townhouses, it's increased to $466,000. Demand and pending sales were up 9.8% when compared to the previous month, but they're down 2.1% from last year. New listings continue to increase. They're up 19.3% when compared to last month, and they're up 14.9% when compared to last year. Our supply of active inventory and active listings decreased slightly around 3% when compared to last month and when compared to last year. Denver's percent of close price to list price is continuing to increase, and it's increased to 99.3%. Our average days on the market is starting to go down now, and it just reached 46 days. Now our amount of showings per listing going on under contract is also decreasing, and that just reached 17. So that means it's taking less showings to go under contract. My name is Michael Rush. Thank you so much for your trust in me as your real estate guide. I'll see you next week.