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As we navigated through November, the Denver Metro real estate market experienced fluctuations influenced by significant economic events. The landscape this month mirrored the broader national uncertainty, marked by key economic reports and a pivotal presidential election. Here’s a closer look at how these factors shaped the market dynamics this month. November Market Overview:
- Active Listings: Decreased by 14.90% from October, ending at 9,310 homes. This reduction is typical for this time of year but still represents a significant 39.29% increase from last November, indicating more options are available for buyers.
- New Listings: Dropped sharply by 41.47% to 2,747, as sellers possibly delayed listing decisions until post-election, reflecting a slight 0.96% increase year-over-year.
- Pending Sales: Decreased by 10.54% month-over-month to 3,039, yet up 21.95% from last year, showing continued buyer interest despite rising mortgage rates.
- Closed Sales: Saw a decrease of 16.54% to 3,022, influenced by the election and economic data releases, but rose 6.04% compared to last November.
- The median days on the market increased to 29 days, up from 26 last month, and the close-price-to-list-price ratio slightly declined, indicating buyers are negotiating more aggressively in the current environment.
Segment-Specific Insights: Detached Homes: There was a notable decrease in activity with a 15.99% reduction in active listings and a 16.86% drop in closed sales. However, the median sale price showed a modest increase, indicating that value remains in the detached homes market.
Attached Homes: Active listings decreased by 12.56%, and closed sales fell by 15.45%, reflecting similar trends to the detached segment. The median sale price increased slightly, suggesting stable interest in this segment.
Economic Impacts and Market Sentiment: The Federal Reserve’s rate cut earlier in the month did not immediately translate into increased buying activity, as the market absorbed the implications of other economic indicators and the election results. However, with about 50% of the homes sold having at least one price reduction and a significant number of sellers offering concessions, buyers found favorable conditions which could continue into December. Looking Ahead: As we move into the holiday season, market activity typically slows, but the high year-over-year increase in inventory provides unique opportunities for buyers. Sellers might need to adjust expectations as homes take longer to sell, but the market’s resilience suggests a potential rebound post-holidays, especially if the Fed’s policy leads to lower rates. Need Expert Guidance?If you’re considering buying or selling, or just want to understand how these trends affect your property’s value, I’m here to provide detailed market insights and strategic advice.
This update is based on information provided by the Denver Metro Association of Realtors® for the period of November 1, 2024, through November 30, 2024, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.
