So How’s The Market – August 2024

Increased Buyer Activity -In August, buyer activity rose with 3,877 home contracts executed, a 10% increase from last year and 6% higher than July 2024. This uptick is driven by decreasing interest rates and a larger inventory.
Record Inventory Levels-The Denver metro area saw 10,497 active home listings in August, the highest level in over a decade and the second consecutive month surpassing 10,000 listings. Inventory is high due to more new listings coming on the market than closings.
Extended Home-Selling Timelines -Homes spent a median of 22 days on the market in August, 10 days longer than last year and 5 days longer than the previous month. This longer duration reflects a more balanced market where buyers have more time to make decisions.
Stable but Moderate Pricing -The median closed price for homes in August was $590,000, up 1% from last year but down 2% from July. This indicates a stable market with moderated home prices.
Active Rental Market -The rental market saw 329 properties leased in August at a median price of $2,965, which is 2% higher than last year. There were 505 new rental listings added, bringing the total number of active rental properties to 707, a 5% increase from the previous month.

The number of listings that closed in August was less than 6% lower than this time last year and 2% lower than last month.

In August, the median closed price of a Denver Metro area home remained at $590,000 which is 1% higher than last year at this time and 2% lower than last month.

Denver Metro home sellers added 5,043 new listings to the market, 4% more than last August but 5% less than last month.

Throughout the month, buyers executed contracts on 3,877 home listings. The number of listings pending sale in August was 10% higher than last August and less than 6% higher than last month.

Days in MLS counts the number of days a listing was actively available in REcolorado’s MLS system before a contract is executed. In August, homes spent 22 days in the MLS, 10 days longer than last year at this time, and 5 days longer than last month.

The most active price range in August was $500-600,000, which saw 707 closings and 962 new listings hit the market. Homes in this price range were actively available for sale a median of 19 days. The $1-2M price range was also active, with 404 closings and 532 new listings. Homes in this range were actively available for a median of 27 days.

Standing inventory, or the number of listings actively available for sale at the time August data was pulled, was 58% higher than last year, with 10,497 homes actively available for sale in the Denver Metro area.
The gross sales volume in August was 2% lower than August of last year.