December 6th 2024.
In the month of November, Denver's housing market saw a remarkable increase in the number of houses available for sale compared to the same time last year. This has prompted sellers to make adjustments in order to attract buyers, including lowering prices and offering additional perks like repair credits and interest rate buydowns.
According to the November report from the Denver Metro Association of Realtors, the number of active listings at the end of the month was down by 15% from October's count of 10,940 homes. However, there was still a significant increase of 39% from November 2023, when there were only 6,684 homes available for sale. Despite this rise, the number of active listings is still far below the record high of 27,530 in November of 2006.
In November of 2024, there were a total of 54,006 new listings in the market, which is a 13% increase from the previous year. However, this number is still lower compared to recent years. For example, by November of 2020, there were already 66,947 new listings on the market. As for the total number of properties sold by the end of November this year, it reached 39,153, which is a slight decrease of 0.3% from 2023 but a significant drop of 33% compared to the same period in 2020.
This increase in inventory has brought benefits for potential homebuyers, as stated by Amanda Snitker, chair of the DMAR Market Trends Committee. She mentioned that buyers are now able to find homes with lower prices and better incentives, which is rarely seen in the current market. She also noted that in November, around 50% of the homes sold had at least one price reduction before being sold, and approximately 60% of sellers offered concessions to buyers, such as interest rate buydowns or repair credits. Nick DiPasquale, another member of the market trends committee, predicted that these incentives will continue to be offered in the coming months. He also acknowledged that while some buyers may choose to wait until spring to resume their search, others are taking advantage of the current situation with more options and less competition. He stated that now is the time for buyers to find great deals on desirable homes.
Despite the concessions made by sellers, the median home sale price still dropped by about 1.7% (or $10,000) from October, with the median sale price in November being $585,000. However, this price is still 3% higher than the same time last year, which was $567,688.
In November, the number of new listings for million-dollar homes decreased by 47%, and the number of pending and closed sales also decreased by 24% and 23%, respectively, from October. However, when compared to last year, sales activity in November was strong, with listings increasing by 6%, and spending, closing, and overall sales volume rising by more than 23%.
The inventory for homes priced at $2 million and above was the highest, with an average of 6.9 months for detached homes and 8.5 months for attached homes. For homes priced between $1 million and $1.99 million, there were 3.1 and 3.9 months of available inventory for detached homes and 5.6 and 6.8 months for attached homes, respectively.
Although there is typically a seasonal slowdown in the million-plus segment, Colleen Covell, a member of the market trends committee, advised buyers and sellers to reconsider pulling their properties from the market until spring. She explained that while many sellers may choose to wait until next year, those who remain on the market will face less competition. For buyers who are still actively searching, there may be motivated sellers and opportunities for great deals that may not be available once the market picks up again in the spring.
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