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LUXURY MARKET ($1,000,000+): "Buyers feel no rush to make a move. Mortgage rates have less impact at this price point above $1 million than other sectors of the market, although the declining rates are still providing some relief. The fall months tend to be a slower part of the year historically, so we expect the market to remain sluggish through the end of the year, providing buyers willing to take the plunge favorable opportunities. Sellers in this price segment must be patient with the timeline and practical when pricing their homes." Amanda Snitker, DMAR Market Trends Committee Member & Denver REALTOR® -
SIGNATURE MARKET ($750,000 - $999,999): "This year, buyers have shown a stronger preference for single-family homes compared to 2023. Pending sales for detached homes were up 8.9 percent year to date, while pending attached were down 21.35 percent. Fortunately, detached inventory is 23.83 percent higher than last August. Sellers of attached homes should be patient, expecting an average of 49 days in MLS and a median of 15 days compared to the 12 median and 33 average days for detached sales. Single-family homes seem to hold their value more, with only a 0.72 percent drop in price per square foot compared to the 7.99 percent drop in attached homes." Heather O'Leary, DMAR Market Trends Committee Member & Denver REALTOR®. -
PREMIER MARKET ($500,000 - $749,999) "While there weren't many surprises with the detached single-family homes, attached homes continued to struggle. New listings were on the rise, while closed sales decreased by 26.11 percent compared to last month and 46.30 percent compared to last year a significant slowdown when contrasted with decreases of only nine and 27 percent, respectively, across all price ranges. With an average of 42 days in the MLS and a median of 27 days, along with 4.18 months of inventory, attached homes are feeling the impact of rising insurance costs, higher mortgage rates, HOA fees and property taxes. In contrast, the detached homes in this price range tell a very different story. There are currently only 2.49 months of inventory, meaning that if no new homes were listed, it would take about two and a half months to sell all of the current inventory. While attached homes had a median of 27 days in the MLS, detached homes were only at 19. Additionally, detached homes in August closed at an average of $268 per square foot, which is exactly the same as this time last year. However, attached homes dropped 4.96 percent to an average of $326 per square foot compared to $343 at the same time last year. Sellers of attached homes are having to decrease their asking prices in order to adjust for higher HOA fees." Susan Thayer, DMAR Market Trends Committee Member & Denver REALTOR®. *Remarks from Pages 14-15 of the August 2024 Market Trends Report from DMAR | | |
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