February 2024 - Denver Market Update

A Unique Opportunity for Buyers

The current central Denver real estate landscape presents a confluence of conditions for buyers that we haven’t seen in over a decade. If you’ve been waiting for the perfect time to make your move, it is worth considering that now might be that time. Here are four indicators that we’re currently seeing in the market that may help you secure your next home:

• Increased Availability of Homes - Currently, the inventory of available homes in Central Denver has surged by an astonishing 51% compared to last year. This means 266 homes are waiting for new owners, a significant increase from the 176 homes listed in February of the previous year. Such a rise in availability is a boom for buyers, offering a wider selection of properties to find their perfect match. We expect the number of available homes to continue to rise as we move toward the Spring market.
• Unprecedented Price Stability - For the past four months, the median home price in Central Denver has held steady at $900,000. This level of price stability has been unheard of for over a decade, providing an ideal scenario for buyers not to have to chase the market up. The current list-price to sale-price ratio is 94.3%, meaning buyers are on average purchasing homes for almost 6% less than what sellers are asking.
• Extended Time to Decide - The current average of 58 days on the market for homes is the highest it's been in ten years, closely mirroring the 59-day average of February 2014. This extended timeframe means buyers may not need to rush their decision-making process. The frenetic pace of 2021 and early 2022, where decisions had to be made sight unseen, is less common now. Today, buyers have more time to carefully consider their options before committing.
• Attractive Financing Options - Innovative financing options, such as 2-1 buy-downs, allow buyers to benefit from lower rates today with the option to refinance at potentially even lower rates in the future. Some lenders are even offering no-fee refinances for those interested in refinancing in the next five years.  This flexibility is a significant advantage, making homeownership more accessible and financially prudent.

The combination of these items as well as the potential for future price appreciation creates a compelling case for why now is a great time to look at homes. While the market is currently less frenzied, lower interest rates expected in the future could reignite bidding wars that have been common in recent years.

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February Buyer Tips - Don’t wait until the full swing of the spring market hits to start strategizing on buying a home. Let’s get started now with a quick home buyer strategy session to make sure you’re prepared.

February Seller Tips - Interested to know how much equity you have in your home, and how to put it to good use?  I can put together a PEAR (Professional Equity Assessment Report) to provide you with the data and insights you need to make informed decisions for your real estate and other life goals.

If you're in the market to buy/sell a home or know someone who is, let’s connect!  I'm happy to share market resources, vendor referrals, or anything else that would be helpful in your journey.

Michelle Fitzgerald
Real Estate Broker, Realtor®

phone: 970.215.8455
email: michelle@michellesellsdenver.com
Instagram: https://www.instagram.com/michelle_sellsdenver/