June 2024 Denver Real Estate Market Update
The June Denver Real Estate presents more options for buyers, yet price and rate pressures continue. While the buying frenzy of past years has died down, buyers still need to be prepared to act when conditions are right. It is also important for sellers to understand the market they are entering in order to have realistic expectations for their listing.
Active Listings
On an annual basis, active listings are up significantly (69%) from last year. This is not due to a flood of new listings. In fact, new listings rose only 3% from last year. Instead, sellers are slowly returning to the market with the mortgage rate lockdown, while closings are down 16% from last June.
Average Price
The average price continues the steady march higher, up 2% from last year to $723,497. Anecdotally, we are seeing some bidding wars on a select few properties in ideal condition, location, and layout, while overpriced listings from uneducated sellers see significant repeated adjustments. For the most part, the desire to own a home in the Denver metro area is slowly driving prices steadily higher.
Days on Market
Buyers have slightly more time to find a property, with a 17% increase (to 27 days) that listings sit on the market, on average. With more listings and the pressure of affordability, buyers are taking their time to find the right property at the right price.
Closed Price to List Price
Closed prices are 99.6% of list price on average. There are some price adjustments and some bidding wars, but overall this reflects a balancing market.
An informed understanding of market conditions can help buyers and sellers approach the Denver Real Estate Market with a successful strategy. At CJV Real Estate, we take time to educate our buyers and sellers on the real-time market data. A CJV expert can help you list competitively and bring your ideal home under contract. We are here to help!