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April 2024 | Denver Metro Market Stats

"The increase in inventory is a very welcome turn of events for buyers who have been dealing with historically low inventory for years. Additionally, it's a nice surprise as many sellers have been hesitant to list their homes in favor of maintaining their low two to five percent interest rates. The increase of active listings to 19.51 percent represents a healthy increase as the historical average increase in listings from March to April is 10.32 percent.
As inventory increased, buyers eagerly purchased new properties as days in the MLS dropped 27.27 percent to eight days. The median price rose 1.27 percent to $602,550 while the average price hit a new record of $727,700"
Libby Levinson-Katz
Chair of the DMAR Market Trends Committee and Denver REALTOR®
  • LUXURY MARKET ($1,000,000+): "Everywhere I went in the Front Range this past week, I was treated to beautiful, blooming trees. And what's the fragrance in the air? It's the scent of the $1+ million real estate market blossoming into springtime! While some price segments are still feeling the weight of higher mortgage rates, election-year anxiety and economic uneasiness, $1+ million homes seemed to thrive. Across all price ranges, there was a 21.22 percent increase in new listings in April 2024, when compared to March 2024 - yet new listings over $1 million increased 33.34 percent. And even more impressive was a sales volume increase of 17.38 percent over last month, compared to only 5.48 percent for all price ranges combined. Even pending sales were up nearly 10 percent over March for the $1+ million segment. All price segments combined saw an increase of only 8.32 percent." Susan Thayer, DMAR Market Trends Committee Member & Denver REALTOR®
  • SIGNATURE MARKET ($750,000 - $999,999): "Just as the blooms around Denver Metro signal the arrival of spring, a continued influx of inventory ushered in the spring selling season in Denver Metro. The segment between $750,000 and $999,999, making up about one-sixth of the local market, saw healthy gains in all categories. Building off the momentum from March, sellers showed up in even greater number in April as new listings were up 34.37 percent, after being up 15.96 percent the month prior. For buyers who were recently starved for options, they are finding much more to choose from. Sellers who can invest the time and capital into those value-added updates or repairs before listings will stand out in this market. Buyers who can be patient and thorough in their search will find a great home for them out there. " Nick DiPasquale, DMAR Market Trends Committee Member & Denver REALTOR®.
  • PREMIER MARKET ($500,000 - $749,999) "The May housing marketing and the spring season share striking similarities as nature awakens from its slumber, plants bloom, birds become active and temperatures rise. Similarly, market demands predictably emerges. Buyers hit the street to see the fresh batch of inventory and come home with finds from the local farmer's market, kicking off the season-all while navigating the unpredictable gauntlet of Colorado spring weather. The $500,000 to $749,999 market popped out of the ground this month with nearly 21.31 percent more listings than last year, and a healthy 16.26 percent increase over last month. Inventory is great, so long as it is being absorbed by the market, and this month didn't disappoint. Pending transactions were up 7.22 percent over last month. Spring is often associated with optimism, and this segment of the market is showing us plenty of reasons to stay positive." Greg Cox, DMAR Market Trends Committee Member & Denver REALTOR®.
*Remarks from Pages 14-15 of the April 2024 Market Trends Report from DMAR

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