The Current State of Denver Real Estate - February 15, 2024

In January of 2024, the Greater Metro Denver real estate market saw increased demand with 3,095 pending properties - a .96% uptick when viewed year-over-year and a 40% increase when compared to last month. However, while this number is encouraging, keep in mind that December is traditionally when we see the lowest inventory, making this number slightly skewed. When compared to January of 2023 however, new listings still rose 13.9%, a more accurate reading. The weeks’ supply of inventory was up slightly, as were days on market. In January, the percent-sold-price-to-list-price remained relatively steady (at 98.5% for DSF) when compared to what we saw last month as well as last year at this time. Based on the figures above for the month of January, homes sold were down slightly by 1.4% while the number of active listings went up. However, many of the properties that sold in January were in most cases, placed under contract in December of 2023.

Anecdotally, we hear that there is ample pent-up demand on the part of both buyers and sellers with many trying to balance a "wait and see" approach with the timing of the Spring market. Traditionally, we see more buying and selling activity right after the Super Bowl weekend, but in Denver, the weather also plays a critical roll in that as well.

Interest rates also affected some of the recent activity, as they ticked up slightly again the last two weeks. Inflation figures for January were up, credit card debt reached historic highs, the stock market was down and hopes that the FED will reduce rates again soon, were quashed with these latest economic figures. However, the US economy is fluid and hope “Springs” eternal.

We are anticipating that inventory and sales will begin to increase as the weather warms up, as is typical. We expect to see prices stay relatively steady and that year over year numbers may start to actually increase, as we compare 2024 sales with 2023 numbers, rather than the flurry of activity that occurred the first six months of 2022.

Feel free to reach out to any of us on The Tucker Team, for any questions or help if you, or anyone you know, is in the market to buy or sell.