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As summer approaches, the Denver Metro real estate market is buzzing with activity, driven by the three P’s: patience, preparation, and persistence. These principles are proving essential for navigating the current market dynamics, from sellers preparing competitive listings to buyers persisting to find the right homes at the right prices.
May’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:
- The average price for homes slightly decreased to $720,109 from last month, a modest change that reflects the market’s stabilization. This average is still up 3.31% from last year, indicating a continued appreciation in home values.
- The average days in the MLS dropped to 27 days, improving from 30 days last month. This faster pace indicates that well-prepared homes are moving quickly as buyers are ready to act.
- Active listings at month’s end dramatically increased to 9,159, up 31.03% from last month and a remarkable 75.19% from last year. This surge in listings is providing much-needed options for buyers and reshaping the competitive landscape for sellers.
This month, we’ve seen a significant transformation in the market’s inventory levels. Contrary to earlier predictions of flat inventory due to low mortgage rates from the pandemic era, sellers are actively listing their properties, motivated by various factors beyond just significant life changes.
Market Insights:
Inventory Boom: The leap in active listings suggests a shift towards a more balanced market where buyers have more leverage and choices, greatly enhancing their ability to find ideal properties.
Price Dynamics: While the median close price has slightly decreased, it’s important for sellers to remain competitive with their pricing strategies to attract buyers in a market that’s no longer just seller-driven.
Opportunities for Buyers: With the increase in inventory, buyers are encouraged to be selective and negotiate effectively. The expanded options mean buyers can afford to be patient and persistent in their search for the perfect home.
Looking Ahead:
The condo market presents unique opportunities and challenges, impacted by rising costs associated with HOA fees, assessments, and property taxes. Buyers hesitant to take on these financial burdens have affected the median close price, which has seen a decrease.
The increasing months of inventory across all price segments suggests a shift towards a more balanced market. This shift provides both challenges and opportunities, demanding strategic approaches from both buyers and sellers.
As we move further into the summer, the Denver real estate market is expected to remain active, with buyers and sellers adapting to the evolving economic landscape. Whether you’re a seller preparing your home for a competitive market or a buyer navigating through increased options, aligning your strategies with patience, preparation, and persistence will be key to success.
Need Help Navigating the Market?
If you’re considering buying or selling this summer, or if you need more detailed insights into specific segments of the market, I’m here to help. Contact me for personalized advice and strategies tailored to your real estate goals.
This update is based on information provided by the Denver Metro Association of Realtors® for the period of May 1, 2024, through May 31, 2024, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.
