Seasonal Shifts and Market Adjustments – October 2024 Denver Metro Market Update

As we transition into fall, the Denver Metro real estate market reflects the season’s change, revealing both subtle shifts and significant movements across various segments. This month’s metrics provide insight into how the market is adapting as we approach the final quarter of the year. Key Statistics for September 2024:

• Active Listings: Increased to 11,115 homes, up 3.65% from last month and a significant 45.69% year-over-year, indicating a substantial rise in available properties. New Listings: Slightly decreased by 1.19% to 5,053, maintaining a steady flow despite the seasonal change.
• Pending Sales: Saw an increase of 3.64% to 3,761, suggesting that buyer interest remains resilient.
• Closed Sales: Experienced a decline of 19.18% to 3,092, a typical lagging response to previous market activities.

This month’s notable change is the median days in the MLS, which increased to 25 days, indicating that homes are taking longer to sell. Additionally, the median close price slightly decreased to $576,171, reflecting the market’s reaction to broader economic influences, including recent interest rate adjustments by the Federal Reserve.

Market Dynamics:

Detached Homes: Active listings have shown a robust year-over-year increase, signaling more choices for buyers in this segment. The market for detached homes remains competitive, though the increase in days on MLS suggests a shift towards a more balanced market.

Attached Homes: Continue to face challenges, with only a modest increase in active listings and a notable decrease in close prices. This segment’s dynamics are influenced by rising HOA fees and insurance costs, which are impacting buyer decisions.

Looking Forward: As we approach the presidential election and the holiday season, market dynamics may continue to fluctuate. Sellers considering when to list their homes might aim for the spring, historically the peak selling season. Meanwhile, buyers might find opportunities now, as homes are spending more time on the market and experiencing more price reductions.

For those navigating this market, timing and patience are key. Sellers need to be prepared for potentially longer selling periods, while buyers may benefit from the increased negotiating power and the ability to be selective.

Need Guidance? Navigating a transitioning market requires strategic insight and careful planning. Whether you’re buying or selling, I’m here to offer expert advice and support to help you make informed decisions based on the latest market trends.

This update is based on information provided by the Denver Metro Association of Realtors® for the period of  September 1, 2024, through  September 31, 2024, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.