October 2024 Market News and Review
The October market news for the Denver Metro area reveals a dynamic landscape characterized by two distinct market behaviors within the month. Early October saw a surge in buyer activity, spurred by a dip in mortgage rates, which hit a 19-month low of 6.1 percent in September. This brief drop in rates contributed to a positive start in sales volume. However, a swift rate increase to over seven percent by the month’s end, coupled with heightened economic stability, created a “pause” effect among buyers, who delayed decisions in anticipation of the election outcome. Closed home sales rose by 2.35 percent to 3,443, and pending sales also saw a slight increase. Inventory levels remained limited, with the market showing just over three months of supply, while the average days on market extended to 26 days.
Active listings showed a slight decrease, partly due to increased closed sales as buyers absorbed available homes. New listings dropped by 7.16 percent, likely due to election-related hesitancy, as sellers delayed listing until after the election cycle. Reflecting on past trends, the report suggests that post-election stability typically returns to the market, with increased activity among buyers and sellers. Looking forward, many expect that if the Federal Reserve lowers rates, the market will be on track for stronger growth in 2025. The following sections of the report delve into further analysis of these trends, offering insights into how these factors may shape the market trajectory in the months to come.
Listing Prices are up 3.7% Percent from Last Year
In October 2024, the average residence sold for $674,781
The average single-family home sold for $748,694
Whereas the average attached home sold for $454,439
October Interest Rates Update:
Inventory and Affordability Over The Years
The latest report from the Denver Metro Association of Realtors (DMAR) states that there are currently 10,940 attached and detached homes available in the entire Denver Metro area. Pushing a 1.57% decrease from last month in available properties; whereas the numbers are up by 46.22% from October 2023.
Meanwhile, affordability remains in the same range we’ve been seeing over the last year. The median sales price is $599,975 this past month, a 4.34% increase from 2023 at 3.27%. Leaving September 2024 at a nearly $15,000 lower median price of $575,000.
During this Fall to Winter transitionary season, there is a slowing of new homes on the market. In the last month, 4,691 new homes hitting the market, a near 500 home drop from last month. This does still display a higher amount of new listings from this time in 2023 at 3,828. The average days on market Denver Metro area is experiencing at a 10% increase from last month, showing a steady timeline for the lifecycle of a home on the market still climbing month to month.
