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LUXURY MARKET ($1,000,000+): "Despite this overall slowdown, November's sales activity was robust compared to this time last year. Listings were up 5.69 percent and pendings, closings, and overall sales volume each increased more than 23 percent from November 2023. While many sellers decide to "hibernate" their properties until next year, those who remain on the market will face much less competition. Buyers who stay active can find supremely motivated sellers and opportunities for great deals that may not be available once the market thaws in the spring." Colleen Covell, DMAR Market Trends Committee Member & Denver REALTOR® -
SIGNATURE MARKET ($750,000 - $999,999): "The $750,000 to $999,999 price segment remains steady, with price per square foot up 2.16 percent year-over-year and unchanged compared to October. However, this market has become more relaxed, with 16.64 percent more properties for sale year-to-date compared to last year and a 19.23 percent increase in median days in MLS. In contrast, single-family homes are selling faster, with a median of 31 days in MLS. They are also maintaining value, with price per square foot up 1.48 percent since last month and 3.38 percent since last year. This may be an indication that sellers of attached homes in this price point are attempting to price their properties similarly to single-family homes without accounting for factors like association dues or other buyer concerns. Listing agents and sellers who are prepared with all documentation, pre-inspections, staging and appropriate pricing strategy will appeal to more buyers and sell more quickly." Heather O'Leary, DMAR Market Trends Committee Member & Denver REALTOR®. -
PREMIER MARKET ($500,000 - $749,999) "While there was a flurry of activity in the fall due to a brief drop in interest rates, November brought the expected seasonal slowdown across Denver Metro. In the $500,000 to $749,999 market segment, new listings fell by 41.22 percent, sales volume dropped 14.03 percent and median days in MLS ticked up from 26 to 28 days. While buyers may choose to pause their search until the spring, many are taking advantage of more options and reduced competition. Expect this trend to continue. With lots of homes withdrawn over the past month, sellers with homes still on the market are motivated and likely to offer concessions on price, inspection or rate buy-downs. 'Tis the season for deals and there are deals to be had for desirable homes." Nick DiPasquale, DMAR Market Trends Committee Member, and Denver REALTOR®. *Remarks from Pages 14-15 of the November 2024 Market Trends Report from DMAR | | |
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