Homefront Highlights: April 2024

Denver Market Home Stats

“A home is more than just a place to live,
it’s a place to create memories.” – Unknown
April’s Jump In Inventory:
This April saw a significant jump in new listings, with over 6,095 homes hitting the market, a 26% increase compared to April 2023 and a 22% increase from just last month. This is the fourth consecutive month of rising inventory, and so far in 2024, the total number of new listings that sellers have brought to the market is 15% higher than at the same point last year.
Pending Home Sales: Up:
The number of listings pending sale increased by 7% from March to April, following a significant 27% jump from February to March. Listings pending sale are a leading indicator of future closings, suggesting we might see continued sales activity in the coming months. Homes moved off the market in a median of 9 days, 1 day more than last year but 3 days quicker than last month.
Buyer Demand Remains Strong:
Demand from buyers is also strong. Home sales are on the rise, with 3,837 closings in April across the 11-county metro area. This represents a slight increase from last year and the third consecutive month of rising closings.

The Denver Market landscape unveils a series of compelling insights that echo the market’s resilience and its challenges. At the heart there is a clear trend: move-in-ready homes, priced correctly, are not only selling faster, but are also attracting multiple offers, highlighting the high demand for turnkey properties. On the  other hand, homes that do not meet this ‘ready to move in’ criteria and that are not priced well face a tough road when attracting buyers, emphasizing the importance of property condition in the current market. Buyers may see a tick down in interest rates this month as the CPI number went down ever so slightly last week. We have noticed over the past week or two a serious uptick in inventory. It has been a long time since we have seen these kind of numbers with any kind of consistency. It will be interesting to see what May’s numbers come in at to verify that it is not a figment or our imaginations.

Nar Lawsuit Update:
The “New” rules which are actually “Old” rules for us here in Colorado don’t go into effect until mid August 2024 now. The DOJ is looking at the proposal now to confirm that the settlement is sufficient. As we know more you will know more.

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Thanks ReColorado for the information/stats