The rates are bouncing around this past month, and has been a bit slower, which is very typical this time of year.
The stats are out for the month of November, and the numbers reflect this month's slowdown. Inventory is up over last year, sales were up over last year, and there is an almost 5% increase in the value of homes.
Active Listings 10,007 +28.2% over last year
Pending Listings 3,399 +22.0% over last year
New Listings 3,076 +3.4% over last year
Closed Listings 3,370 +10.4% over last year
Days on Market 46 +21.1% over last year
Median Closed Price $670,600 +2.9% over last year
Average Closed Price $672,456 +4.9% over last year
Percent of closed Price to List Price - 98.6% -.1% over last year
We are seeing approximately 1/10 of the homes currently active go pending each week. About 250 properties come back on the market each week, and this week (12/10/24) we saw around 1,200 price reductions.
Typically November is a bit slower, and especially around Thanksgiving.
The Denver metro area has around 8,700 listings right now, but you can adjust your search for the area you would prefer to live -
Homes Currently Available in the Denver Metro Area
Buyers - if you are contemplating a purchase this year, you need to speak with a lender and get pre-approved FIRST before you start your house hunt. There could be multiple offers, and you don't want to be left out. The inventory has increased, so you do have some choices now.
Sellers - with all the price reductions, it is wise to price your home at Fair Market Value, so you don't have to chase the market down. Pricing it too high, you lose out on your first buyers, which usually are your best buyers. It may be time to cash out of your home, since you are sitting on a great mountain of equity if you have been in your home for some years! Buyers are more apt to buy a home that is ready to move-in, versus a home needing repairs. Want to know what your home is worth, click here and will generate your valuation.
Need more information - contact me! 720-231-6373 or Joan@JoanCox.com
Comments(10)