July 2024 Real Estate Market

As we crash into the end of summer (how is it August!?), we are witnessing changes in the metro Denver real estate market. Kids are returning to school and brokerage and commission structures are shifting. The market is softening.

Increased Inventory: We’re seeing the highest inventory levels since July 2014! Buyers have more choices than at any point in the last decade.

Seller Flexibility: Sellers are becoming more accommodating. A significant percentage of homes are selling below asking price. Concessions are prevalent and are often used for buyer’s closing costs or interest-rate buy-downs. Sellers are willing to negotiate and make repairs!

Price Trends: Prices have remained realtively flat, with a slight decrease in average and median sold prices. This softening is a result of increased supply and decreased demand.

Active Listings: Weekly updates show a slight increase in average daily active listings, continuing a significant year-over-year rise. New listings have also seen a small uptick compared to last year.

Buyer Activity: Pending transactions have been on the rise recently, meaning buyers are actively engaging in the market. Odds of selling have decreased slightly, reflecting a more balanced market.

Showings and Days on Market: Buyers are taking more time to make decisions, as the average days on market have increased significantly from the previous month.

August Cool Down: As schools are back in session and summer winds down, the market usually cools off. This is a golden opportunity for buyers to negotiate favorable deals!

If you’re considering buying a home in the metro Denver area, now is a great time to dive in. With a wealth of options available, increased seller flexibility, and a cooling market, you might find yourself in an ideal position to negotiate a great deal.

For sellers, it’s important to adjust your strategies from those used in 2021. Preparing your home to be 'market ready' and planning for patience will be crucial, especially if your home is in a less desirable location or requires updates.