May 2024 Real Estate Market Update

Inventory soared month over month. We typically see the most inventory in the market in May. We saw a 31% increase in active listings from April and a 75% increase over last May. Pending sales only increased by 1.94%. Not even 2%. Buyers are much pickier and are looking at more homes before making an offer. In the overall Denver market, we have 2.18 months of inventory which means buyers, on average, have 2.18 homes to choose from that fit their requirements.

Condos, townhomes, and attached homes are seeing the biggest surge of inventory with an 86% increase over last year. Detached inventory is up 70% over last year. Sellers are loosening up on the concept of ‘golden handcuffs’ with low interest rates and are selling.

We ended the month with 9,159 active listings. The average from 1985-2023 is 14,895. The record high for April was set in 2006 with 30,457 listings. Record low was in 2021 with 2.075 listings.

If you have questions about what this data means for you as a buyer or seller, or are interested in data by market or price point, reach out! I can pull a variety of reports and information easily.