Navigating Shifts: November 2024 Denver Metro Market Update

As we delve into October’s real estate activities, the Denver Metro market presents a compelling narrative of fluctuation and adjustment. This month, we observed how brief economic stimuli and election anticipations uniquely influenced market behaviors, underscoring the complexities of current real estate dynamics. October’s Market Dynamics:

• Active Listings: Slightly decreased by 1.57% from last month to 10,940 homes, yet remain 46.22% higher compared to the same period last year, emphasizing a broader availability of options for buyers.
• Pending Sales: Increased modestly by 1.07% to 3,578, indicating continued buyer engagement despite the rate fluctuations and broader economic signals.
• Closed Sales: Rose by 2.35% to 3,443, likely a reflection of the lower interest rates in September encouraging buyers to close on homes.
• New Listings: Declined by 7.16% to 4,691, as sellers opted to wait out the pre-election uncertainty, though there’s an overall increase of 22.54% year-over-year, showing a significant rise compared to previous years.

This month’s statistics reveal a market that is balancing itself amid varying pressures. The closed sales have responded positively to the September interest rate dip, yet the broader rise in median days in MLS—from 25 to 26 days—suggests that homes are taking slightly longer to sell.

Segment-Specific Insights:

• Detached Homes: Showed resilience with closed sales up by 5.99% and a noticeable improvement in sales volume, up 10.21% from the previous month. This segment’s average close price also saw a rise, indicating robust value retention.
• Attached Homes: Faced challenges, with closed sales down by 8.52% and a decrease in sales volume. However, pending sales in this segment grew by 6.27%, hinting at potential rebounds.

Outlook for November: Post-election, the market is expected to gain clarity which could invigorate both buying and selling activities. Sellers might find renewed interest as buyers gain confidence with the political uncertainty resolved, potentially leading to an increase in transactions and stabilization in home prices.

Need Personalized Guidance? The market is complex, but you don’t have to navigate it alone. Whether you’re considering buying or selling, or simply want to understand how these trends affect your property values, I’m here to provide expert advice and strategic insights.

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