Despite inventory gains, demand appeared to soften in June. Demand saw a cooldown compared to last year, with a decline of nearly 5%. Traditionally, we see a rise in pending sales from January to May or June, followed by a gradual decline through the end of the year. In 2023 and 2024, the market peak for pending was earlier than we have seen historically, with April being the peak pending month (so far for 2024). 

We might expect the number of active listings to continue increasing over the next one to two months, with the peak of active listings in August or September possibly reaching 10,000. Ultimately, what we are likely seeing is a shift in the market toward a more balanced or buyer-friendly market—assuming mortgage rates remain at current…

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Inventory surged with boosts in both new listings and active listings. This influx of supply, coupled with steady demand from last year, has led to a rise in active listings. New listings soared by 34% compared to the previous year, matching levels seen in 2020. Meanwhile, pending listings, indicating demand, saw a modest uptick of 1.6% from last month, slightly surpassing figures from this time in 2023. Notably, the average days on market decreased by 10.3% compared to the previous month, now standing at 26 days.

Supply - Active Listings

Active listing inventory increased by 20.6% when compared to April 2024. This was an increase of 39.7% when compared to last year at this time.

New…

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Denver's real estate scene is buzzing with activity as spring unfolds.  Over the past year, home prices have surged by an impressive 7.3%, indicating robust demand and appreciation in property values. Days on the market have dwindled to under 30, underlining the swift pace at which properties are being snatched up. With low inventory levels, most new listings are moving quickly. For those thinking of selling, it's an opportune time.  Meanwhile, prospective buyers must be poised to act swiftly when new listings hit the market, as good properties often go quickly. In this dynamic setting, timing is crucial, and proactive engagement is essential for securing the perfect property.

Demand…

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Spring has sprung! New listings surged by 16.2% compared to last month, reaching a total of 4,707. Meanwhile, pending listings, a measure of demand, rose by an impressive 28% from the previous month and showed a 3.3% increase year-over-year. Additionally, the average days on the market decreased significantly by 17.4% to just 38 days. These robust metrics collectively signal a strong beginning to the spring real estate market.

Prices ticked up in March across Greater Metro Denver. The average price for single family properties increased 6.0% when compared to last year and were up 4.5% when viewed month-over-month. And, the average sales price for a condo was up 1.8% when compared to last month.

Demand - Pending Sales

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Demand in February continued to be suppressed due to higher mortgage rates with eager buyers and sellers looking ahead to the next Federal Reserve meeting. Pending listings in February closely mirrored those from the same period in 2023. In the Greater Metro Denver area, new listings surged by 19.3% compared to the previous month, representing a significant 14.9% increase over the previous year. The average price for single-family homes remained high, surpassing historical February data dating back to 2020.

Demand - Pending Sales

Demand, a snapshot of the new pending sales, increased by 9.8% when compared to last month. This data point is nearly identical to what we saw at this time last year.

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In January, there was a substantial surge in new listings, marking an 89.3% increase compared to the previous month and a significant uptick of nearly 12% compared to the same period last year. Concurrently, demand experienced notable growth, evidenced by a 38% rise in pending listings compared to the previous month, slightly surpassing the levels observed at the beginning of 2023. The average and median prices for single-family homes remained at elevated levels, surpassing historical January data since 2019.

Informal reports suggest a shared anticipation among both buyers and sellers for potential drops in interest rates throughout 2024. This heightened interest is fueled by considerable pent-up demand within the market.

Demand - Pending…

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As the anticipation of Christmas fills the air, the Colorado real estate market takes its seasonal siesta as inventory and demand show a typical decline. Despite this, the market remains dynamic, albeit on a slightly smaller scale.

Home prices have exhibited resilience, with the average closed price for single-family homes reaching $728,594—a modest increase compared to the same time last November. Condo and townhome prices continue to demonstrate strength, with an average closed price of $465,237. The real estate landscape in our area still remains vibrant, offering both buyers and sellers great opportunities. 

Demand - Pending Sales

Demand, a snapshot of the new pending sales reflects a decline in the…

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In October, the real estate market experienced the impact of both seasonality and fluctuating interest rates. There were fewer active listings, new listings, and pending listings compared to the same period last year. However, there was a slight increase in demand, as reflected in the number of pending listings, which is consistent with the trend observed in October 2022.

Despite these fluctuations, property prices continued to rise. The average closing price for single-family homes increased by 4.0% year-over-year, and the closed-price-to-list-price ratio reached 99.1%, marking a slight 0.3% increase from the previous year. While these changes may appear modest, they underscore the resilience and strength of property prices in the current market.

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The Denver Metro historically leads National trends, exiting the “Great Recession” ahead of the rest of the country and experiencing a surge in real estate sales during the early days of COVID-19 while the rest of the country tried to find its bearings. Flash forward to this current market in Denver. We are again proving we're ahead of current national trends, with inventory slowly growing and inching closer to a balanced market that gives buyers and sellers equal footing. 

Demand in September continued to fall from the high we saw in April of this year, with pending sales at a similar level as 2012 and 2022. 2023 is unusual in that, typically, we see demand continue to increase in the spring and summer months, with June as the busy month for…

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The trend we've observed over the past few months persisted into August. During this period, there was a decrease in new listings, active listings, and pending sales compared to the previous month and the same period last year. Many experts are now characterizing this situation for sellers as being trapped in a scenario often dubbed "golden handcuffs," where elevated interest rates are impeding homeowners from making a move.

New Listings

This data point remained below prior years. It declined slightly month-over-month and by 8.6% when compared to last year at this time.

Below is a chart showcasing August new listings from 2009 to date. Note that August 2023 listings are on-track with what we saw in 2009,…

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