City Lights Denver

Denver Market Update Q2 2024

Recent trends in the Denver metro real estate market indicate significant shifts, presenting both challenges and opportunities for buyers and sellers alike. Our months supply of inventory now stands at 2.3 months, reminiscent of October 2023. This metric, months of supply inventory, reflects the balance between supply and demand; the higher this number, the more favorable the market becomes for buyers. Now is a prime opportunity for buyers to negotiate for concessions as they become more common and sellers are more willing to address inspection issues to close deals.

Key Highlights:

  • Growing inventory and a shrinking buyer pool have caused prices to fall slightly as we transition into summer
  • Average daily active listings have increased week-over-week, with inventory significantly higher compared the same period last year
  • The odds of selling have decreased compared to last week, trending historically below the average for the month of June in previous years
  • Price reductions were more prevalent in mid-June, with a notable portion of units going under contract after reducing their price
  • New listings increased 34% when compared to last year and were equal to what we saw this time in 2020
  • Pending listings (demand) increased slightly (1.6%) when compared to last month and was just above what we saw this time in 2023
  • Average days on market decreased by 10.3% when compared to last month, to 26 days
  • Prices declined slightly for single family homes and for condos when viewed month-over-month 
  • The average price for single family properties decreased 2.1% when compared to last month, and were up slightly (1.7%) when compared to last year at this time
  • The average sales price for a condo declined 4.1% when compared to last year at this time
  • The percentage closed price to list price stayed flat when compared to last month
MTR Infographic July 24 cover and social2

NAR Settlement thoughts…

Many of you have asked about my thoughts on the National Association of Realtors Settlement and what the decoupling of broker commissions looks like going forward. It is important to note market trends set broker commissions and it is likely to have little effect because sellers are still going to offer cooperating compensation in an effort to sell their home faster. You can’t have a market discovery process without two sides of a transaction and at the end of the day it is a market function, so we will figure out a way to adapt and overcome. I believe that good brokers deserve to be paid well.