So, How’s The Market? – June 2024

In June, buyers added 5,750 new listings to the market, 6% more than last June. After five consecutive months of increased, the month-to-month metric for new listing decreased by 15%.
Buyer activity saw an uptick in June as 4132 contracts were executed on homes, 1% more than last year and 4% more than last month. Homes were available for sale in the MLS for a median of 13 days, which is 6 days longer than last year.
The number of homes that closed in June was 12% lower than both last year and last month. The median closed price of the homes that closed saw little movement in June, remaining at $600,000.
TAs we close the first half of the year, REcolorado data points to a market that is gaining inventory as buyers remain cautious. From January to June, 15% more new listings were brought to the market compared to this point last year. However, the number of closings during this same period is 3% lower as buyers struggle with higher prices and interest rates.

The number of listings that closed in June was 12% lower than both this time last year and last month.

In June, the median closed price of a Denver Metro area home was $600,000 which is less than 1% higher than last year at this time and the same as last month.

Denver Metro home sellers added 5,750 new listings to the market, 6% more than last June but 15% less than last month.

Throughout the month, buyers executed contracts on 4,132 home listings. The number of listings pending sale in June was 1% higher than last June and 4% 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 June, homes spent 13 days in the MLS, 6 days longer than last year at this time, and 4 days longer than last month.

The only price range that saw an increase in closed listings compared to June of 2023 was $1 – 2M. There was a year-over-year increase in New Listings in nearly every price range. The $1 – 2M range saw the largest increase at 21%. The price range that saw the largest decrease in New Listings was $500-600K. Homes priced between $800,000 and $1M spent the least amount of time actively available in the MLS.

Standing inventory, or the number of listings actively available for sale at the end of the month, was 68% higher than last June, with 9,912 homes actively available for sale in the DenverMetro area.
The gross sales volume in June was 10% lower than June of last year.