Denver Real Estate Market Report
By David Schlichter
Whether you are a home buyer, a home seller, or just a homeowner who wants to keep a finger on the pulse of the value of what may be your most significant financial asset, everyone should know what is happening right now in the Denver real estate market.
The market has shifted substantially recently. The number of active listings available in the Denver metro area is up 47.3% year over year, whereas the number of pending listings is only up 1.1%. What this means is that there are about the same number of buyers buying homes as there were last year, but there are substantially more homes from which buyers can choose.
While conditions are less competitive now, the latest inflation data showed that inflation cooled further in June, and the consensus view from investors is that interest rates will start to fall modestly in the coming months. As the New York Times said, "the very cool inflation data provided is clear evidence that inflation is slowing meaningfully, exactly the kind of progress that Fed officials have been hoping to see as they contemplate when to begin cutting interest rates."
While we don't know exactly when interest rates will start to fall or by how much, what we do know for sure is that as interest rates fall, buyer demand will increase, and the more buyer demand increases, the more competitive the market will get. So, if the thought of having to compete in bidding wars, having to commit to taking properties as-is, and having to cover a gap if the appraisal comes in low makes you feel queasy, now would be a very good time to start to look at homes. It is very likely that competitive conditions will return in the spring.
Contact us today to discuss the timing of your next home purchase and/or sale! We look forward to hearing from you.
Denver Metro Area: June Market Stats
Source: REColorado and ShowingTime, residential, all property types, June 2023 vs. June 2024, May 2024 vs. June 2024 [accessed 07/03/2024].
