Real estate market updates for Denver Colorado.

In August, Greater Metro Denver's real estate market saw a 25% increase in active inventory year-over-year, with months of supply rising to 3 months—a 30% increase. Homes took 36 days on average to sell, a 44% increase from last year. The condo market, however, experienced more pronounced changes: average condo prices fell by 6.3% from August 2023, active listings surged by 35%, and months of supply jumped 52% to 3.5 months. Additionally, pending listings dropped by 6%, and the average days on market for condos rose by 64% to 41 days. These shifts in the condo market will be important to watch as trends continue to develop.

Supply - Active Listings

The August active supply was down slightly month over month (-4.5%) but remained elevated when…

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Greater Metro Denver saw a decline in active inventory and new listings in July compared to June. Homes stayed on the market longer, averaging 29 days, giving buyers more time for decisions. The average number of showings until pending rose by 8.9% to 13.40. There were 4,737 new listings, a 5.5% increase year-over-year but a 13.1% decrease from last month. Pending listings remained nearly the same as in July 2023. Average prices for single-family homes stayed flat compared to both last month and last year, while average condo prices dropped by 6.9% year-over-year. Attention is now on the Federal Reserve meeting on September 17-18.

Supply - Active Listings

After a steady incline since the beginning of the…

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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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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 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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Denver is a hot seller's market, but that doesn't mean your home is guaranteed to sell quickly. Attention to detail and preparation matter in any market, and sellers that are listing their home the right way are creating multiple offer situations and crushing market averages. When multiple buyers bid on your home, Denver sellers win.

Seller's Checklist A Timeline to Prep Your Denver Area Home for Sale

We've outlined all of the steps below, but start by connecting with a top-rated Denver real estate agent as soon as possible. Having the eyes and ears of an insightful real estate professional on your side can help you boost your home's appeal to buyers. First, beginning the preparation process early allows you to tackle repairs and upgrades that can increase your property's value. The more runway the better.

Use…

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When most people think of Colorado cities, Denver comes to mind.  Our ski towns get a lot of hype as well.  Most people have heard of Vail and Aspen.  This article is the first in a series about some of the more subtle towns around Denver.  Not everyone loves this big city lifestyle and that’s ok.  We have great cities in the front range with loads of charm and hidden gems. 

City Highlight Castle Rock Colorado

This week’s feature is Castle Rock.  It is one of the fastest-growing cities in Colorado.  The population is approximately 62,276 which is up almost 30% from the 2010 census.  Located 28 miles south of Denver and 37 miles north of Colorado Springs Castle Rock is the home to commuters from both cities.  Other than its central location, Castle Rock has a lot to offer.

Castle…

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