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LUXURY MARKET ($1,000,000+): "Studies indicate that, when given a choice, most people prefer to hear bad news before good news. So let's start with the bad: all recent statistical indicators show that the $1 million+ real estate market is sluggish and struggling. (But wait! There is good news!) What's the good news, you ask? Buyers! This summer, buyers have the greatest number of homes to choose from and the least amount of competition in years. With many sellers offering concessions to help with rate buy-downs or closing costs, buyers can find great deals, even with higher interest rates. This buyer opportunity may vanish this fall when the widely expected Federal Reserve rate cut occurs." Colleen Covell, DMAR Market Trends Committee Member & Denver REALTOR® -
SIGNATURE MARKET ($750,000 - $999,999): "While not apparent when comparing July to June, there is a growing discrepancy year-to-date between detached and attached homes. Detached home sales in this segment outperformed three of the past four years (with 2022 as the unsurprising outlier). In comparison, attached home sales have significantly lagged behind each of the past four years. This trend, along with other variations within specific "micro-markets" such as different price points and zip codes, highlights the importance of understanding local market nuances. There is no "one size fits all" market, and a knowledgable REALTOR® can navigate these complexities, helping sellers and buyer align their perceptions with the reality of the market." Nick DiPasquale, DMAR Market Trends Committee Member & Denver REALTOR®. -
PREMIER MARKET ($500,000 - $749,999) "Serious buyers in search of homes (and bargains) this summer should be prepared for the reality that finding them in this price range is challenging. The segment faces enormous competition - from first-time homebuyers, down-sizers and retirees, and more than its fair share of investors. When the right home presents itself, be prepared, act fast, stay serious and avoid too much unnecessary swagger to negotiate your best deals. Sellers tempted to list late in an effort to capitalize on potential summer rate cut (and the anticipated wave of additional buyers expected to follow) should be aware that showing activity can be unpredictable, especially this time of year as school starts. With a slowing market and increasing inventory, sellers pricing an August home based on April's market conditions may face appraisal challenges late in the game." Michelle Schwinghammer, DMAR Market Trends Committee Member & Denver REALTOR®. *Remarks from Pages 14-15 of the July 2024 Market Trends Report from DMAR | | |
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