January 2024 Denver Real Estate Market Update
Here in the Denver Real Estate market, winter is over. Things are warming up and Spring is coming. Don’t worry about groundhogs and shadows. It’s time to get ready!
Active Listings
Active listings in the market hit 4,871 in January 2024. This was an increase of 18% over January 2023. This is an improvement for buyers, especially compared to the limited selection of the pandemic market.
Average Days on Market
There was a slight increase in the time listings were on the market, to 49 days on average. (7% increase from 46 days in January 2023).
Average Closed Price
The average closed price increased 5% from January 2023 ($626,110) to $660,17. This is yet another sign of strong buyer demand and a seller’s market.
Percent of Closed Price to List Price
Concessions are down – closing price as a percentage of list price increased a slight 0.3% from 98.2% to 98.4%.
Buyers are getting ahead of the rates and moving off of the sidelines.
According to the Denver Metro Association of Realtors, homebuyers on a $3,000 monthly budget gained nearly $40,000 in purchasing power after mortgage rates dropped to 6.7% from a high of 7.8% in October.
As a result, mortgage purchase applications data has surged, up 24% in January 2024. Though still historically low, demand has increased 39% from October’s bottom.
Just like the tulips and daffodils budding up, all signs point to Spring! If you have Denver Real Estate goals, reach out to your CJV Real Estate expert! It’s time!