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

May 2024 | Denver Housing Market Update 🏡

11 May 2024 · 2 min

Watch on YouTube

1:31

In this brief video, Michael Rush presents the April 2024 housing market statistics for the greater Denver area. He reports that the average price of single‑family homes rose to $815,000, a 7.3% year‑over‑year increase, while condos and townhouses reached $472,000, about a 2% YoY gain. Pending sales grew 5% month‑over‑month (1.4% YoY). New listings surged 18.9% MoM (23.5% YoY) and active listings rose 9.5% MoM (17% YoY). The close‑to‑list price ratio slipped slightly to 99.8%. Average days on market fell sharply by 23.7% MoM to 29 days, and the average number of showings needed to go under contract dropped about 9% to 14. Rush interprets these trends as evidence that buyers and sellers are adapting to current interest rates and high core inflation, keeping the market active. He ends with a personal call‑to‑action, offering his real‑estate services to anyone with questions or referrals.

Chapters

The market stats in the greater Denver area for the month of April are in. The average price of single-family homes increased to $815,000, which was an increase of 7.3% year over year. Condos and townhouses increased to $472,000, which was just about a 2% increase year over year. Pending sales increased 5% month over month and 1.4% year over year. New listings shot up 18.9% month over month and 23.5% year over year. Our supply of active listings increased by 9.5% month over month and 17% year over year. Our percent of close price to list price decreased slightly to 99.8%. Our average days on market decreased substantially month over month by 23.7% down to 29 days. Another interesting number and statistic is how many showings it takes to go under contract. That number decreased by about 9% to 14 showings. So that just goes to show that people are getting used to the interest rates and they still need to buy and sell real estate. So our market here in the greater Denver area is picking up despite interest rates staying where they're at and despite core inflation readings staying high as well. If you have any real estate questions or know anybody that needs a guide, my name is Michael Rush and I'd love to help you. See you next time.