So How’s The Market? – July 2024

July data often shows cooling for the Denver Metro housing market as the Independence Day holiday and vacations take priority for home buyers and sellers. In July, the number of home closings was slightly lower than last year and down 1% from last month. The median closed price for Denver Metro homes was $600,000, up 2% from last July and unchanged from last month.
The number of new listings sellers added to the market was 11% higher than last year but 7% lower than last month. The steady stream of new listings we’ve seen throughout the year has led to higher standing inventory levels that we’ve seen in a decade. At the time of data pull there were 10,541 Denver Metro listings actively for sale in REcolorado MLS.
The number of listings pending sale in July was 4% higher than last year and inched up less than 1% from last month as prospective buyers continue to wait for potential decreases in interest rates.
As more homes become available and there is less demand, buyers are taking more time to make decisions. In July, it took a median of 16 days for homes to move from actively available to pending, which is a week longer than last year at this time.

The number of listings that closed in July was less than 1% lower than this time last year and 1% lower than last month.

In July, the median closed price of a Denver Metro area home remained at $600,000 which is 2% higher than last year at this time and unchanged from last month.

Denver Metro home sellers added 5,342 new listings to the market, 11% more than last July but 7% less than last month.

Throughout the month, buyers executed contracts on 3,880 home listings. The number of listings pending sale in July was 4% higher than last July and less than 1% 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 July, homes spent 16 days in the MLS, 7 days longer than last year at this time, and 3 days longer than last month.

The most active price range in July was $500-600,000, which saw 728 closings and 1,016 new listings hit the market. Homes in this price range were actively available for sale a median of 16 days. The $1-2M price range was also active, with 401 closings and 575 new listings. Homes in this range were actively available for a median of 17 days.

Standing inventory, or the number of listings actively available for sale at the time July data was pulled, was 60% higher than last year, with 10,541 homes actively available for sale in the Denver Metro area.
The gross sales volume in July was 2% higher than July of last year.