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October 2024 | Denver Metro Market Stats

"The October market data showcases a tale of two markets. In the first half of the month, buyers were lured back into the market by a brief break in interest rates. Leading up to the highly anticipated Fed rate cut, mortgage rates hit a 19-month low in September at 6.1 percent bolstering sales into October. However, with stronger-than-expected economic data throughout October, rates continued their upward climb, crossing the seven percent threshold by the end of the month. The swift rise in rates created a "pause" effect, amplifying the anticipated election-related paralysis among buyer in the later half of the month."
 
Libby Levinson-Katz
Chair of the DMAR Market Trends Committee & Denver REALTOR®
  • LUXURY MARKET ($1,000,000+): "While media outlets spent the month anticipating the historical political "October Surprise," the Denver $1 million-plus market found its own surprise in the form of an unanticipated buying spree in the attached market. If Charles Dickens were writing this report, he might call it "A Tale of Two Cities" because the detached and attached markets performed so differently that they almost seemed to belong to separate geographical locations. Overall, sellers pulled back from putting their homes on the market, with a 20.45 percent reduction in new listings month-over-month. Nonetheless, we are still seeing the highest inventory levels in years, giving buyers a lot of choices." Colleen Covell, DMAR Market Trends Committee Member & Denver REALTOR®
 
  • SIGNATURE MARKET ($750,000 - $999,999): "My advice to sellers is to make updates and improvements that today's buyers prefer not to handle, price your home competitively to account for rising costs to buyers and hire a Realtor® who provides professional photos, aerials, floor plans and markets your home effectively. And for buyers, with inventory up, take the time to make thoughtful decisions. Work with a Realtor® who can guide you through the process, negotiate on your behalf and help you take advantage of this "slower feeling" market to make a satisfying purchase." Susan Thayer, DMAR Market Trends Committee Member & Denver REALTOR®.
 
  • PREMIER MARKET ($500,000 - $749,999) "A shift in the Denver market has led to significant increases in new listings between $500,000 and $749,999, causing properties to linger on the market for much longer - 26 median days and an average of 42 days in October. Compared to previous years, when the year-to-date averages were between four and 12 days, this seems unusually long and has both buyers and sellers concerned. Interestingly, while new listings are up a notable 29.36 percent compared to last October, we actually have 7.73 less new inventory than last month. Additionally, year-to-date new listings are up only 12.54 percent compared to October 2023, suggesting that a large portion of this increased inventory may be from sellers who had been waiting to make a move." Heather O'Leary, DMAR Market Trends Committee Member & Denver REALTOR®.
Remarks from Pages 14-15 of DMAR's October 2024 Market Trends Report
 

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