Denver Market | Top Ten Talking Points | Mid-Year Market Update 2024

1. Buyers who were previously sidelined due to limited options and harsh market conditions now have more choices, with inventory up 71% year over year.

2. Closed properties are down 22.6% year-over-year, and properties are averaging 20 days on market.

3. The Denver Metro market had an early peak this year, with most activity seen in April, inventory will continue to rise through late fall.

4. Sales have slumped, inventory has risen, but home prices are still hitting record highs, indicating a softening market with healthy appreciation.

5. Aim for about 5 showings per month to gauge interest in the property.

6. Showings are up 4.5% year-over-year, indicating continued buyer interest and activity.

7. 58% of sold detached homes have offered some sort of concession to get to the closing table.

8. 43.2% of homes have seen at least one price decrease while on the market.

9. It takes an average of 13 showings to go under contract; consider a price reduction, listing refresh, or concession if you’re seeing more.

10. The odds of selling are 42.6%, down 12.6% year over year, making it crucial to have a competitive and strategic plan to list.

SOURCE: our friends at First American Title