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.
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Demand - Pending Sales
Demand, a snapshot of the new pending sales, increased by 5.0% when compared to last month. This data point is nearly identical to what we saw at this time in 2023.
New Listings
April saw 5,605 new properties enter the market. This data point saw an increase of 18.9% when viewed month-over-month.
Supply - Active Listings
The active listing inventory increased by 9.5% when compared to March 2024. This was an increase of 17.0% when compared to last year at this time.
Percent of Closed Price to List Price
This data point decreased by 0.5% compared to last year and was equal to March 2024.
Average Days in MLS
April saw the number of days on the market at 29 days, on average. Last year at this time we saw 28 days, on average. Last month saw 38 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.
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Mortgage Data Source: Freddie Mac
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