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June 2024 Market Stats

"As we enter the year's halfway point, the once predictable Denver Metro real estate market feels topsy-turvy as we navigate the new landscape.
 
A once reliable market with a peak selling season in June has taken a detour. The main culprit of higher interest rates is easy to identify. However contrasting perspectives on the market have been summed up well by memes circulating the internet: buyers fear a repeat of 2008, sellers hope for a return to 2021 conditions and renters expect interest rates to drop back to three percent. While none of these views are true, the increasing inventory is moving our market towards a balanced market with the current months of inventory sitting at 2.78."
 
Libby Levinson-Katz
Chair of the DMAR Market Trends Committee and Denver REALTOR®
 
 
  • LUXURY MARKET ($1,000,000+): "June usually symbolizes the kick-off to summer fun in the Denver Metro area: pools open, camping spots fill up and crowded planes depart DIA for favorite vacation destinations. But for home sellers in the $1+ million real estate market, June was anything but fun. Breaking with the historical trend of high-priced sales in June, last month featured some of the most sluggish activity the $1+ million market has seen in years. The $1+ millions segment is now a full-blown buyer's market. Sellers in this market will be left out of the summer fun unless they update their home before listing, price conservatively and expect to pay a closing concession. Otherwise, they will be sitting idle throughout the long dog days of summer." Colleen Covell, DMAR Market Trends Committee Member & Denver REALTOR®
 
  • SIGNATURE MARKET ($750,000 - $999,999): "Traditionally, the 4th of July represents more than just fireworks and fun; it also marks the end of the summer buying season. This timing makes sense as most buyers want to settle into their new homes before the end of summer and the start of the school year. This year, however, the fireworks went off early, leaving June uncharacteristically slow. The gap between sellers and buyers continues to widen, as does the preference for detached over attached properties. June provided proof that this market continues to evolve and test the resilience of both buyers and sellers. As Realtors® advising our clients, using market indicators, setting expectations and relying on our intuition have never been more important." Andrew Abrams, DMAR Market Trends Committee Member & Denver REALTOR®.
 
  • PREMIER MARKET ($500,000 - $749,999) "For buyer who have been looking for the past few months and missing out on homes that were selling too quickly, June brought a much slower pace. Last year, buyers in this price range had to move quickly, with homes spending a median of only seven days on the market. This year, however, that time has increased over 71.43 percent, with home staying in the MLS a median of 12 days - providing those buyers a much calmer and more controlled "Ferris wheel" type experience. Even though the largest number of transactions took place in this price category, they experienced the highest number of median days intthe MLS. What I've learned from the past months is that the market has become very unpredictable. It feels like nothing is making sense - like we are at the amusement park, but we're in the fun house." Susan Thayer, DMAR Market Trends Committee Member & Denver REALTOR®.
*Remarks from Pages 14-15 of the June 2024 Market Trends Report from DMAR
 

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