I t's hard to cut through the media headlines and the general noise in the market, but if we stop...
Record Favorable Conditions for Buyers Continue
The proof is in the numbers, and the July market data has reinforced the trends that began to take shape in June. The shifts we noticed last month—rising inventory levels, longer days on market, and price adjustments—are now more pronounced.
As we move through August, the real estate market is offering a unique opportunity for buyers who have been patiently waiting. This rare window allows buyers to leverage their negotiating power before expected interest rate drops drive up competition, prices, and seller expectations.
These are the most interesting indicators that I’m seeing in the market today:
1. Median Sale Price Dips for the First Time in 8 Months - The median sold price of homes in central Denver has held steady at $900,000 since November 2023, but July marked the first significant decline in eight months, with the median home price dropping to $890,000.
2. Days on Market Increased by 3X increase -
Homes are now sitting on the market longer than in recent years. The average days on market (DOM) in July 2024 was 32 days—three times longer than the average in July 2021 of 11 days. Here’s how the trend has evolved:
| 2021 | 2022 | 2023 | 2024 |
| 11 | 14 | 22 | 32 |
3. Active Inventory at Decade-High Levels Central Denver currently boasts the highest inventory levels in the last ten years, with 6,731 units available for sale. This increased supply has shifted the dynamics of the market, allowing buyers to take their time, explore more options, and be selective about their offers.
4. List-to-Close Ratio Shows Buyers Have the Upper Hand - The disconnect between sellers’ expectations and buyers’ caution is clear in the numbers. In July 2021, the sale price-to-list price ratio was 101.9%, with homes selling for more than the asking price. Fast forward to July 2024, and that ratio has dropped to 96.8%, indicating that buyers are successfully negotiating purchases below the list price.
5. Expired Listings Have Doubled Since 2021 Expired listings—a sign that homes are not successfully selling—have nearly doubled compared to 2021. In the first half of 2024, 345 listings expired, compared to just 161 in 2021.What does this mean for buyers?
In short, now is a prime time to act if you’ve been eyeing the Metro Denver market. With inventory levels high, homes sitting longer on the market, and sellers willing to negotiate, buyers have an unprecedented level of control. Whether you're looking for a primary residence or an investment property, these conditions are favorable for making a smart, well-timed purchase.
If you're ready to explore the opportunities in Central Denver or have any questions about the current market, feel free to reach out.
This could be the best time in a decade to secure a home that fits your needs and budget.
August Market Report >> CLICK HERE
July Buyer Tips
As you consider your next home purchase, keep your current and future lifestyle in mind. What you need today may be very different than what you need in 5 years. The average length of time in a home is 7 years but that has been slightly increasing. Considerations like location, livable square footage, yard, and access to work/school all come into play as you envision the home that will best fit your needs.
July Seller Tips
To make the most of your investment when you decide to sell, getting eyes on your home is the top priority. As we move into the fall months, pricing and home condition continue to be the most important drivers of that success. Enlist the guidance of a trusted real estate advisor to help you nail the pricing strategy as the seasons shift to ensure your home hits the mark.
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/