June 2024 Market Update

June 2024 is signaling a departure from Junes of the past. Typically, we are hustling and bustling with closings and competitive bidding, but this June showed a distinct market retraction, reshaping dynamics across Denver home sales.

Active inventory levels surged, marking the highest levels since 2014. Inventory for attached properties like condos and townhomes also rose, but a little more cautiously. Demand for detached and attached homes declined, meaning fewer homes are going under contract and a decrease in closed transactions.

Months of inventory expanded month-over-month, indicating a market trend towards a more balanced or even buyer-favorable environment. Both average and median days on market increased noticeably, indicating homes are taking longer to sell compared to recent years.

Average sold prices experienced a slight decline, while median sold prices edged upwards slightly. Multiple offers, while still present, were less frequent compared to prior years. A significant portion of homes sold did so at or below asking price. Many transactions closed with concessions towards the buyer’s closing costs or points to lower interest rates.

The shift observed last month highlights the importance of buyers and sellers adapting to evolving market conditions. Sellers should pre-inspect properties thoroughly, address major issues proactively, and be prepared to negotiate terms effectively. Preparation is key, now more than ever. On the other hand, buyers can capitalize on negotiating power and concessions to secure more favorable terms!

If you have any questions about what this ever-changing market means for you, reach out!