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 levels.

Average prices for single-family properties increased both month over month and year over year. The average price for single-family properties increased 0.9% compared to last month and was up slightly (0.5%) compared to last year at this time.  Anecdotally, buyers increasingly have more time and feel less pressured when deciding on a potential property. We continue to hear that pricing a home "correctly" the first weekend is necessary.

Demand - Pending Sales

Demand, a snapshot of the new pending sales, decreased by 4.6% when compared to last year. This data point was down 2.8% when compared to last month.

Showings Per Listing

The number of showings per listing for June was at 5.3. This was a decrease of 8.6% when compared to last month. At this time last year we saw 6.7 showings / per listing on average.

Supply - Active Listings

There was a clear upward trend over the last six months, with a significant jump from April to May 2024. Typically, there is a rise in active listings from January to June/July followed by a gradual decline throughout the year.

New Listings

June saw 5,468 new properties enter the market. This data point saw a sharp decrease of 16.8% when viewed month-over-month

Percent of Closed Price to List Price

This data point decreased by 0.6% compared to last year and was down 0.2% compared to May 2024.

Average Days in MLS

June saw the number of days on the market at 27 days, on average. Last year at this time we saw 23 days, on average. Last month saw 26 days.

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Reports based on data from REColorado®, Inc. 


  • 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.
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Mortgage Data Source: Freddie Mac

Posted by Neil Walton on
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