January 2024 Housing Update
“You are never too old to set another goal or to dream a new dream.” ~ C.S. Lewis.
January Brings a Boost in Inventory
Denver Metro home shoppers saw a boost in inventory levels in January as sellers brought 3,414 fresh listings to the market, 17% more than last January and nearly twice as many as we saw in December. At the close of December, there were 167% more home listings actively available for sale as compared to last year at this time.
Uptick in Buyer Activity Noted
The Denver metro area kicked off the year with a notable uptick in buyer activity with 3,271 contracts executed on homes, 6% more than last year and 42% more than last month.
Median Home Prices Up
Median home prices saw their biggest gains since April of 2023 thanks to strong performance in the luxury market. The number of closings of homes priced at $1M or more was up 20% from last January.
Sellers Continue to Test Pricing
Sellers are continuing to test the market as they price their homes for sale. At the same time, buyers are pushing back. In January, 48% of homes sold at less than original list price. The average price decrease was $21,000. At the close of the month, approximately 40% homes actively for sale reflected an updated asking price that was lower than the original list price.
Commentary
The Denver housing market in 2024 is poised for continued growth, albeit with some moderating factors. The city’s strong economy and job market continue to attract newcomers, which may lead to increased demand for housing, putting upward pressure on prices. However, concerns about affordability and limited inventory may temper this growth slightly. Additionally, factors such as interest rates and overall economic conditions will play a significant role in shaping the market dynamics. Overall, Denver is likely to remain a competitive market with opportunities for both buyers and sellers.
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Thanks ReColorado for the information/stats
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