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February 2024 | Denver Metro Market Stats

"For years, I've compared the process of buying a home to online dating. The person, or house in this case, can look like your dream match online; however, until you physically tour the house - or meet your date in person - ­you really don't know if your online "crush" has the potential to be something more.
 
As we kick off the new year, buyers appear to be wearing rose-colored glasses, ready to put themselves back in the real estate market as they finally have more choices.
 
This month's big news is that the Fed did not adjust interest rates. As a result, we likely won't see an adjustment until spring at the earliest. When rates do start declining again, this will be much-needed relief and will also help to assuage some uncertainty with the presidential election this year."
 
Libby Levinson-Katz
Chair of the DMAR Market Trends Committee | Denver REALTOR®
  • LUXURY MARKET ($1,000,000+): "We are entering our busier time of year in Denver Metro and can expect buyer and seller activity to ramp up further after the Super Bowl. February is also the season of love, and I find that navigating the market is akin to dating. It requires proper expectations and the right mindset. You sort through many options and even get catfished from time to time! There will be competition and the fear of rejection that comes with it. There may even be heartache. Through it all, when you find the one that is meant to be, you simple know and it all works out." Nick DiPasquale, DMAR Market Trends Committee Member & Denver REALTOR®
 
  • SIGNATURE MARKET ($750,000 - $999,999): "They say a house becomes a home when you fall in love with it. January 2024 brought out the romantic vibes as more people fell in love with and purchased homes. December 2023 felt like buyers put the brakes on their home searches, and sellers seemed to be strongly attached to their low interest rates. But in January, buyers shifted into high gear as sellers started to break their bonds with those low interest rates. The spring buying and selling season seems to be ramping up early in 2024 - and we are here for it!" Susan Thayer, DMAR Market Trends Committee Member & Denver REALTOR®.
 
  • PREMIER MARKET ($500,000 - $749,999) "In the real estate landscape for properties priced between $500,000 and $749,999, new listings surged by 15.99% year-over-year, signaling that hesitant sellers from last year took the time to enhance their properties with modern touches and are now ready to enter the real estate dating pool. Pending sales rose by 6.7%, indicating successful matches for some buyers while others played the field. For those exploring this price point, keeping an open mind is crucial. Heading out from Denver, especially along the 470 corridor, pro­vides better value and condition options. Unlike the dating world, falling in love with a fixer-upper is possible and offers opportunities for improvement." Keri Duffy, DMAR Market Trends Committee Member & Denver REALTOR®.
*Remarks from Pages 14-15 of the January 2024 Market Trends Report from DMAR
 

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