So, How’s the Market? | January 2024

There was 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 in December 2023.
Buyer activity in January showed an uptick with 3,271 contracts executed on homes, 6% more than last year and 42% more than last month.
Median home prices saw their biggest gains since April of 2023 thanks to strong performance in the luxury market. Homes prices at $1M or more saw 20% more closings from last January.
In January, 48% of homes sold at less than original list price. The average price decrease was $21,000.

The number of closed listings in January was slightly higher than this time last year. When compared to December of 2023, the number of closings saw a typical decrease of 21%.

The median closed price of a home in the Denver metro area was $565,000, which is ,more than 5% higher than last year at this time. Prices saw an increase of 3% from December to January.

Homes spent a median of 37 days in the MLS in January. This is one day longer than last January and one week longer than last month.

In January there were 3,414 fresh listings in the market, 17% more than last January. New listings nearly doubled from December.

In January, buyers executed contracts on 3,271 listings. The number of listings pending sale in January was 6% higher than last January and 42% higher than last month.

The luxury market had a strong January. Homes priced at $2 million or more saw a 44% increase in Closings compared to last year and spent a median of 47 days on the market. Sellers brought 41% more new home listings, priced at $2 million or more, to the market in January, 41% more than last year at this time.

Standing inventory, or the number of listings actively available for sale at the end of the month, was 167% higher than last January, with 4,250 homes actively available for sale in the Denver Metro area. The gross sales volume in January was 6% higher than January of last year.