February 2024: Denver Real Estate Market Update

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 Sales

Demand, a snapshot of the new pending sales, increased by 37.7% when compared to last month. This data point is nearly identical to what we saw at this time last year.

New Listings

January saw 3,056 new homes enter the market - this was 315 more new listings than the prior January. This data point saw an increase of 89.3% when viewed month-over-month.

Supply - Active Listings

The active listing inventory dropped by 1,116 homes compared to January 2023 - a 20.2% decrease. This was also a decline of 14.2% when compared to last month.

Percent of Closed Price to List Price

This data point declined by 0.1% compared to last month but was up 0.3% compared to January 2023.

Average Days in MLS

January saw the number of days on the market at 48 days, on average. Last year at this time we saw 45 days, on average. Last month saw 45 days.

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Reports based on data from REColorado®, Inc.

GREATER METRO DENVER INCLUDES THE FOLLOWING COUNTIES:

Arapahoe, Adams, Broomfield, Denver, Douglas, Elbert and Jefferson
Reports are based on information from REColorado®, Inc. for the period shown in title. Note: This representation is based in whole or in part on content supplied by REColorado®, Inc. REColorado®, Inc. does not guarantee nor is in any way responsible for its accuracy. Content maintained by REColorado®, Inc. may not reflect all real estate activity in the market. •Information deemed reliable but not guaranteed.

Mortgage Data Source: Freddie Mac

Posted by Neil Walton on February 3rd, 2024