Spring Blooms and Market Booms – April 2024 Metro Denver Market Update

As Denver embraces the vibrant colors of spring, the real estate market reflects a similar renewal with significant movements across the board. Optimism prevails among buyers and sellers, influenced by a noticeable shift in inventory and pricing trends.

April’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:

• The average price for homes soared to a new record of $727,700 with a 4.4% increase from last year
• The average days in the MLS reduced sharply to just 8 days, down 27.27% from last month, indicating that properties under the right conditions are moving quickly off the market.
• Active listings at month’s end climbed to 6,990, a significant 19.51% increase month-over-month and an impressive 51.32% surge year-over-year. This increase provides much-needed relief for buyers and more competition among sellers, reshaping the market landscape.

This month’s report signals a robust season ahead with buyers actively participating and sellers returning to the market. The notable increase in inventory, coupled with fast-moving sales, paints a picture of a resilient market where well-prepared properties are highly sought after.

Market Insights:

Inventory Surge: The considerable year-over-year increase in active listings offers a more diverse range of options for buyers, alleviating the pressure from previous months.

Price Adjustments: With average prices reaching new heights, the market is adjusting to a new norm, making accurate pricing more crucial than ever.

Rapid Transactions: The decrease in days on MLS reflects a market that favors well-priced and well-presented homes, with buyers ready to act swiftly.

Looking Ahead:

As we move deeper into spring, the upward trend in inventory is expected to continue, providing both challenges and opportunities. For sellers, setting competitive prices will be key to standing. Buyers, meanwhile, should be prepared to make decisive offers, especially on well-priced properties in desirable locations.

Need Guidance?

Whether you are buying, selling, or just contemplating your next move in real estate, understanding the nuances of the current market is vital. Reach out for bespoke advice and expert insights tailored to your unique situation.

This update is based on information provided by the Denver Metro Association of Realtors® for the period of  April 1, 2024, through April 30, 2024, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.