August 2024 Real Estate Market

Hey, real estate fans! Here’s an update on recent market trends for August 2024.

The real estate scene has been steady. Daily active listings have held firm with a 1.3% increase monthly. The total number of properties for sale remains stable. Inventory is still seeing a significant boost over last year. New listings are down just under 1% month over month and we expect this market retraction to continue into September and fall. We ended august with 10,724 active listings. The record high was set in August 2006 with 31,664 listings, and the record low in 2021 with 3,582 listings.

Pending transactions also saw an increase, almost 4% month over month and almost 8% since last year. The predicted month’s supply of inventory (how many months it would take to sell all the homes in the market) is still higher than last year’s figures. We have nearly 3 months of inventory!

Showings picked up just a bit, with a steady average number of showings per property. It’s taking more showings and a bit longer for properties to go under contract, which gives buyers more time to make thoughtful decisions!

As we move into September, the Denver metro real estate market is presenting a rare opportunity for buyers who have been waiting for months or even years. Inventory levels are higher than they’ve been in a decade, and sellers are increasingly open to negotiations, making repairs, offering concessions, and even accepting contingent offers. This is a fantastic time for buyers to leverage their negotiating power before potential rate drops stir up more competition.

I am always here to help you navigate the buying and/or selling process!