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

November 2024 | Colorado Front Range Housing Market Update 🏡

21 Nov 2024 · 1 min

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1:10

In this November 2024 market briefing, the speaker reports that buyer demand rose 18% year‑over‑year while active listings grew by a similar margin, pushing the months‑supply of inventory to 3 months—a 15% increase from the prior year and the highest October level since 2013. Homes now spend an average of 43 days on market, and the sale‑to‑list price ratio remains steady at about 98.8%, though price reductions are becoming more frequent. A growing split is evident between attached and detached properties: condo and townhome prices fell 4.4% to $457,000, whereas detached single‑family home prices rose 1.8% to $776,000. The speaker closes with Thanksgiving wishes and notes a follow‑up update will be released in December.

Chapters

Last month we saw an 18% increase in demand compared to 2023, and interestingly, active listings also rose by about the same amount. Our month's supply of inventory is currently at 3 months, which is an increase of 15% from last year. In fact, this is the highest amount of inventory that we've seen in October since 2013. When it comes to days on market, we're now at an average of 43 days, and as for pricing, the percent of close price to list price is holding steady at about 98.8%, but we're not seeing significant overall drops in prices even though price reductions have become more common. We're also seeing increased differentiation in the market between attached and detached homes. The average price of condos and townhomes have decreased by 4.4% to $457,000, while detached single-family homes have actually increased by 1.8% to $776,000. I hope you all have a wonderful Thanksgiving, and I'll have another update for you in December before we close out the year.