Single Family Detached October 2024 Report

The Greater Metro Denver real estate market for single-family detached homes displayed some unexpected seasonal behaviors in October. Despite a minor dip in inventory and pending transactions, closed transactions and home prices saw a positive turn, hinting at a stronger-than-usual fourth quarter.

? Active Inventory: Inventory saw a slight decrease month-over-month, with sellers recognizing March to May as peak listing months.

? Pending Transactions: While demand softened slightly, year-over-year pending transactions increased, and closed transactions bucked seasonal trends with an uptick from the previous month.

? Months of Inventory: Inventory decreased, reflecting recent closed transactions from prior contracts.

? Average and Median Prices: Both average and median prices experienced a notable rebound, diverging from typical seasonal dips, indicating distinct 2024 market dynamics.

? Sales Below Asking Price: Over half of closed homes sold below asking price, showing sellers’ adaptability in negotiations.

? Concessions: A significant portion of transactions included concessions, primarily benefiting buyer closing costs and interest rate reductions.

? Days on Market: Both average and median days on market increased, allowing buyers additional time for decision-making.

? Fast-Moving Listings: Over a quarter of homes went under contract within a week, often selling above the original list price, demonstrating selective buyer urgency.

? Showing Activity: Showings declined month-over-month but increased year-over-year, indicating continued buyer interest. Single Family Attached October 2024 Report October 2024 also saw atypical trends in the metro Denver attached-home market, with minor inventory and pending transaction declines counterbalanced by a rise in closed transactions and stable home prices, suggesting a resilient end to the year.

? Active Inventory: Inventory experienced a slight month-over-month decrease, with October marking a typical peak.

? Pending Transactions: Demand was mostly flat, with a slight year-over-year decrease in pending transactions. Closed transactions followed seasonal trends with a slight month-over-month drop.

? Months of Inventory: Inventory rose modestly, reflecting recent closed transactions.

? Average and Median Prices: Price levels showed a mild rebound after September’s dip, deviating from typical seasonal patterns.

? Sales Below Asking Price: Nearly half of closed homes sold below asking, reflecting seller flexibility.

? Concessions: A majority of transactions featured concessions, often directed at buyer closing costs or rate reductions.

? Days on Market: Average and median days on market rose, granting buyers additional time for consideration.

? Fast-Moving Listings: A noteworthy portion of homes went under contract within seven days, often close to the listing price.

? Showing Activity: Showings saw a slight increase from the previous month, aligning with October 2023 levels and suggesting steady interest. These updates reflect Denver’s evolving market landscape, with external influences shaping unique seasonal patterns and underscoring the importance of strategy for both buyers and sellers. Thank you to Megan Aller of First American Title for the insights and data.