Denver Real Estate Market Springs Forward with Promise

by | May 6, 2024 | Blog, Denver Real Estate Market, Real Estate | 0 comments

As spring breathes new life into Denver, the city’s real estate landscape mirrors the vibrant blossoms and bustling activity. U.S. News & World Report ranks the Denver Metro area as the hottest housing market in the country for the second year in a row.  And, according to the latest insights from the Denver Metro Association of Realtors’ (DMAR), the market is abuzz with positive signs of sunny days ahead for buyers and sellers alike.

One of the most promising shifts in April was the upsurge in inventory, marking a welcome change for buyers who have long navigated the challenges of limited options. With active listings soaring by 19.51% month-over-month and an impressive 51.32% year-over-year, the market now boasts 6,990 properties awaiting eager buyers. This surge is a 118.16% leap from 2022 and signals a refreshing wave of opportunities for those in search of their dream home.

Fueling this surge are resilient buyers, quick to pounce on properties that align with their needs and budget. Buyers are seizing the moment, propelling pending sales to an 8.32% increase month-over-month. Closed sales saw an uptick of 1.66% from last month – a modest rise that also indicates the lag in pending sale activity from March.

In the midst of this activity, the median close price edged up by 1.27% to a robust $602,550, and the average close price soared to a new record of $727,700, underscoring the market’s resilience and attractiveness to investors and homeowners alike.

Across property types, detached and attached homes both experienced a surge in active listings, with increases of more than 19% month-over-month. Particularly noteworthy is the 66.62% increase year-over-year in active listings for attached properties, signaling abundant opportunities in the condo and townhome market.

Despite these encouraging trends, the market remains nuanced, with detached homes still commanding a seller’s advantage, while attached properties present favorable conditions for buyers. However, with inventory on the rise, partnering with your real estate agent to discuss pricing strategy becomes paramount, ensuring that properties are positioned competitively in a dynamic market landscape. As the DMAR report notes, “Move-in ready homes priced correctly are selling notably faster and attracting multiple offers, while homes that are not turnkey are struggling to find buyers.”

As we usher in May, the stage is set for continued growth and opportunity in Denver’s real estate market. For buyers and sellers alike, the key lies in embracing the moment, seizing the blooming opportunities, and navigating the market with savvy and optimism.

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