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May 2024 | Denver Metro Market Stats

"It was widely projected that inventory would remain flat throughout 2024, as long as there wasn't a huge drop in mortgage rates. It was forecasted that homeowners would favor their low mortgage payments due to sub-four percent interest rates available during the pandemic years, then enter the market to sell their homes. However, that doesn't seem to be the case, as sellers have been not only stepping but jumping off the fence to enter the market for a variety of reasons.
 
This is why it's so important for sellers to take the time to prepare their homes for the market. Those who take their REALTOR®'s advice have found themselves moving to the closing table more quickly than their neighbors who have not put the time and energy into getting their homes ready to list."
 
Libby Levinson-Katz
Chair of the DMAR Market Trends Committee and Denver REALTOR®
  • LUXURY MARKET ($1,000,000+): "Pricing and preparation have never been more important in this new housing economy. If you are a buyer, being patient and understanding the ins and outs of different neighborhoods has never been more important. The speed at which properties sell, the condition of those properties and the terms sellers are expecting are important for a buyer to set expectations and make a quick decision when they find "the one". For a seller, the strategy is similar but with less margin for error. List within what the comps support, stage the property and market well to maximize the buyer experience. Patience and iterations of your marketing strategy can help prospective buyers get off the fence and into your home. Whether buying or selling, working with a professional REALTOR® to maximize your goal has never been more important." Andrew Abrams, DMAR Market Trends Committee Member & Denver REALTOR®
 
  • SIGNATURE MARKET ($750,000 - $999,999): "Patience is key for both buyers and sellers in this market. Buyers have been rewarded with a boost in inventory during the first half of 2024, but have yet to see the decrease in interest rates projected at the start of the year. Sellers are competing against many more listings, both in their near vicinity as well as across the city, as work from home is still common for many, opening up more location options." Amanda Snitker, DMAR Market Trends Committee Member & Denver REALTOR®.
 
  • PREMIER MARKET ($500,000 - $749,999) "While prices in this segment remain steady, (posting positive close-price-to-list-price ratios last month, month-over-month, and year-over-year) active listings are beginning to accumulate. For their part (and to their credit), buyers are shopping, but today's consumers are being more selective than ever. Sellers should be prepared for knowledgable buyers this summer and be patient with difficult economic conditions. Major repairs are dealbreakers and need to be taken care of proactively before listing or closing. If not, unwilling sellers should prepare for the majority of would-be buyers to pursue other homes or explore new home communities instead. While May's data displays a noticeable uptick in inventory, buyers shopping for homes between $500,000 and $749,999 are cautioned to be prepared, too. In this price range, homes move fast." Michelle Schwinghammer, DMAR Market Trends Committee Member & Denver REALTOR®.
*Remarks from Pages 14-15 of the May 2024 Market Trends Report from DMAR
 

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