Market Update, January 11, 2024

New listings are up

Inventory is increasing as we head into 2024. In our update one year ago, we had just 570 new listings compared to 950 this past week. 

We looked at eight metro-area counties – Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, and Weld – to determine how this year is starting compared to last year.

Total active listings

Last January, we had 7,649 homes for sale during the month. We’re only 11 days into January, and there are 6,301 homes for sale. 

Home prices

Last January’s average asking price was $707,369, while it’s now $701,269. 

The average closed price so far this month is $720,955 compared to $626,684 in January 2023. The median price for a home sold last January was $525,000 compared to $578,000 this month.

Demand is strong

Increasing inventory isn’t causing prices to decrease. Prices are up compared to last January.

What this could mean

There is a lot of pent-up demand to both buy and sell homes. Many people are waiting for interest rates to decrease before moving. Many people think that prices will fall when rates go down – they believe that sellers will put so many homes up for sale that prices will have to come down.

That may not be the case. If rates fall, it may not just be homes that flood the market – buyers may move in, too. In that case, prices may rise rather than fall.

Tips for buyers this year

If you’re purchasing your first home, remember why it’s called the “property ladder.” You won’t live there forever and can use it to leverage a move into something more in line with your wants and needs later. Remember to shop for a loan – talk to multiple lenders and see who can get the best rate. In our market, you may be able to get the seller to buy down your rate for some time until you can refinance. 

A reminder about insurance

As we start the year, we want to remind you to check your homeowner’s insurance and ensure you have adequate coverage. After a tragedy like a fire, many homeowners find they aren’t covered sufficiently. The beginning of the year is an excellent time to ensure you have adequate coverage. This article may be helpful for you.