May 2024 - Denver Market Update

"How's the Market?...

It's the question I field daily, and the answer is increasingly complex these days.

The macro trends we often hear about in real estate headlines don't always capture the intricacies of what's happening on the ground. It's not just about whether it's a buyer's or seller's market anymore.

Today, the differences in the market are at the micro level.

Here are a couple of examples:

• Buyers are Active, but Patient:
  • At a High Level:
    Buyers feel a little weary after all they’ve seen in the last few years. They’ve navigated through the frenzy of the COVID years, dealt with record-low inventory, and watched interest rates climb. While appreciation has stabilized recently, interest rates in the 7 percent range have impacted buyers’ purchasing power. Many are now taking a more cautious approach, waiting for the perfect opportunity rather than rushing into a purchase. This patience stems from a desire to make sound investments while avoiding financial strain.
  • At a Micro Level:
    Some buyers are strategically eyeing specific neighborhoods, ready to strike when the right property emerges. This focused approach often results in multiple offers and bidding wars, creating a blend of quick-moving buyers and those willing to wait for the perfect home.
• More Than Just a Regional Trend:
  • At a High Level:
    Historically, each major area of the Greater Denver Metro area has had its own trends. The suburban surge and demand for large homes has continued into 2024.  The more urban densely populated areas in central Denver as a whole are less competitive than the inner ring suburbs, with the most competitive being west of I-25. 
  • At a Micro Level:
    Demand remains high in central Denver for certain types of properties, such as fully updated or custom homes. Some central Denver neighborhoods, like Hilltop and South Park Hill for example, continue to see quick sales with multiple offers, while inventory in other central Denver neighborhoods may be aging. Location within the neighborhood, quality, and pricing strategy are key indicators of how a home will fare in the market.

My recommendation? Stay composed, approach each opportunity with clarity, and collaborate closely with your realtor to devise a tailored strategy. With the luxury of time and a micro-level perspective, you can make informed decisions that align with your goals and aspirations.

May Market Report >> CLICK HERE

May Buyer Tips
Be methodical, and have a plan.  There are still many opportunities to be had through the end of the spring market and into summer.  June can also be a great opportunity, as we typically see more active listings and slightly less competition with many families traveling and not focused on buying a home.  

May Seller Tips
If you weren't ready to list in time for the spring market, there is still an opportunity for you. Many buyers are actively looking to purchase before the next school year begins. We also typically see an uptick in September after a slight lull in summer activity. 

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/