Denver Metro Housing Market: November 2024 Analysis
The Denver, CO metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 1.7% year-over-year, settling at $580,000. This decline is mirrored by the Median List Price, which has fallen by 2.6% to $560,000. Despite these decreases, the median Price Per Square Foot has risen by 2.4% to $270.08, indicating a potential shift in buyer preferences towards smaller, more affordable properties.
Sales activity in the Denver metro area has shown significant growth, with Homes Sold increasing by 10.2% year-over-year to 3,135 units. Pending Sales have also risen by 9.6%, reaching 3,345 units. However, New Listings have decreased by 9.0%, totaling 2,444, which may suggest a tightening in the market as fewer homes are being introduced.
Inventory levels have surged by 24.4% year-over-year, reaching 8,564 units, contributing to an increase in the Months of Supply, which now stands at 2.7 months, up by 30.0%. This increase in inventory and supply could provide more options for buyers, potentially easing competitive pressures.
The Median Days on Market have increased by 6.0% to 35 days, indicating that homes are taking slightly longer to sell compared to the previous year. The average sale to list ratio remains stable at 98.5%, showing no significant change year-over-year. However, the percentage of Homes Sold above list price has decreased by 1.7% to 20.8%, suggesting a moderation in bidding wars.
Price Drops have decreased by 3.7% to 34.6%, and the percentage of homes going off the market within two weeks has declined by 5.2% to 23.8%. These metrics indicate a potential cooling in the market, as sellers may be adjusting their expectations and buyers are taking more time to make purchasing decisions.
Overall, the Denver metro housing market in November 2024 reflects a mix of declining prices and increased sales activity, with a notable rise in inventory and supply. These dynamics suggest a market in transition, with opportunities for both buyers and sellers to navigate the evolving landscape.
