Rising Temperatures, Rising Inventory, and Opportunities Abound

Spring 2024 snapshot

As we welcome rising temperatures, buyers in the Denver market continue to welcome rising inventory. Having options to choose from is a great reprieve from high interest rates paired with high home prices. Active listings increased 19.51 percent month-over-month and 51.30 percent year-over-year to 6,990 listings! While this is a significant increase, perspective is important – average active listings for April are 14,048 (1985-2023). Record-high April was 2006 with 29,045 listings and the record-low was set in 2021 with 2,594 listings. Still, the historical average increase in active listings from March to April is 10.32 percent, so an increase of 19.51 percent from this March to April is certainly a healthy increase. 

New listings also saw a healthy uptick, rising by 21.22 percent month-over-month and 25.42 percent year-over-year, totaling 5,980 listings. Pending sales experienced a modest increase of 8.32 percent month-over-month and 5.53 percent year-over-year, with 4,468 properties pending. However, the most noteworthy metric, closed sales, saw a marginal uptick of 1.66 percent month-over-month but a 4.79 percent decline year-over-year. This suggests a slower absorption rate of inventory compared to previous periods.

As inventory expanded, buyers seized the opportunity, resulting in a 27.27 percent reduction in median days on market to a mere eight days. Median prices edged up by 1.27 percent to $602,550, while the average price reached a new record of $727,700!

It's clear that opportunity abounds for both buyers and sellers alike, making the Denver Metro area stand as a leader in the national real estate landscape. According to a recent analysis from U.S. News & World Report, the Denver Metro area ranks as the hottest housing market in the country for a second year in a row, The report notes that the Denver Metro area "retains a mix of strengths including low unemployment, few mortgage delinquencies, low rental vacancy rates for investors and a positive ratio of building permits to job growth."

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