Market Update, May 9, 2024

The Denver Metro Association of Realtors said today, “Detached homes are still considered a seller’s market with less than three months of inventory. The months of inventory then jump to 4.32 months of inventory when we look at properties priced at $2 million and over. On the other side of the coin, attached homes priced below $750,000 remain a buyer’s market. However, properties priced from $750,000 to $2 million are in more of a balanced market with three to six months of inventory. For attached properties priced at $2+ million, the month’s of inventory substantially increases to 7.75.”

Inventory continues to climb, while interest rates are stuck over 7%, making it tough for many buyers to afford to buy. The high rates are still encouraging sellers to stay put, too. Sellers should beware that they don’t have the kind of negotiating power that sellers enjoyed two or three years ago during the pandemic.

Our local market in April:

Residential – Detached and Attached Homes

Average Closed Price: $727,700
+3.76% month-over-month
+6.89% year-over-year

Median Closed Price: $602,550
+1.27% month-over-month
+3.89% year-over-year

Active Listings at the End of the Month: 6,990
+19.51% month-over-month
+51.30% year-over-year

Closed Homes: 3,739
+1.66% month-over-month
-4.79% year-over-year

Average Days in MLS: 30
-25.00% month-over-month
+7.14% year-over-year

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