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

October 2024 | Denver Housing Market Update 🏠🎃

16 Oct 2024 · 1 min

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1:12

In this October 2024 market update for Denver real estate, the speaker links a stronger‑than‑expected jobs report—unemployment falling to 4.1%—to a modest rise in mortgage rates and discusses the likelihood of the Federal Reserve postponing any further rate cuts until after the November election. The update provides concrete market metrics: the average single‑family home price fell 2.8% year‑over‑year to $749,000, while condo and townhome prices dropped 7.5% to $439,000. Active listings slipped slightly month‑over‑month but remain higher than in 2023. Buyer demand rose 2.5% month‑over‑month and 24% year‑over‑year. The median sale‑to‑list price ratio sits at 99%, the average days on market is about 39, and the average number of showings before a contract increased 14% to 14.6. The speaker concludes by noting that market dynamics will be monitored after the election and following the November jobs report.

Chapters

The jobs report numbers came in much better than expected, and unemployment actually decreased to 4.1%. So the markets were trading based off those numbers, and we saw mortgage interest rates increase a little. We'll see if the Fed does another rate cut, but it's most likely going to be after the election. The average price of single-family homes decreased by 2.8% from the previous year to $749,000. And the average price of condos and townhomes dropped 7.5% to $439,000. Active listings declined slightly from the previous month, although they were still up from 2023. Demand increased by 2.5% from the previous month, and it's up 24% from 2023. Percent of close price to list price is right at 99%. And our average days on market is hovering right around 39 days. The average number of showings before going under contract is up 14%, and it's at 14.6 showings. We'll see how things play out after the election and once we get the jobs report numbers from November.