July 2024 Denver Real Estate Market Update
Are we moving into a Denver Real Estate buyer’s market? At some price points and in some neighborhoods, there are lots of options for buyers – to wait for that perfectly priced property that checks all of their boxes. At the same time, the July 2024 Denver Real Estate market statistics show 2.86 months of inventory overall – aligned towards a balanced market. Buyers waiting on the sidelines for rates to fall may be rewarded for their patience. Sellers, now more than ever, need to know the market environment they are entering.
Active Listings
Similar to last month, on an annual basis, active listings are up significantly (68%) from last year. And, like last month, this is not due to a flood of new listings as new listings rose less than 8% from last year. Instead, sellers are slowly returning to the market, while buyers are facing pressure from both sustained prices and interest rates.
Average Price
The average price continues the steady growth, up 2% from last year to $708,937. There is a dispersion in the market between detached (single family) homes and attached (condos and townhomes). Detached homes remain more desirable in the Denver metro area and the continued pressure on prices reflects that, while attached homes are showing some price relief.
Days on Market
Buyers have significantly more time to find a property as listings are sitting on the market longer, up to 30 days on average this past July. Buyers are taking their time.
Closed Price to List Price
Closed prices are 99% of list price on average. There are some price adjustments and some bidding wars, but overall this reflects a balancing market.
Don’t be caught flat footed. If you are thinking of selling, work with a CJV expert to develop a listing strategy fit for this market. Buyers who have been waiting for rates to come down, may now be rewarded. At CJV Real Estate, we take time to educate our buyers and sellers on the real-time market data, to help you list competitively and bring your ideal home under contract. We are here to help – reach out today.