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Denver Real Estate Market Stats: March 2024

Denver Real Estate Market Stats | March 2024 | PorchLight Real Estate Group

Denver Real Estate Heads Into the Spring Selling Season

Spring officially kicked off in March and so did the busy season for Denver real estate. Looking at the market as a whole, including both detached and attached properties—month-over-month data shows healthy increases in pending and closed sales. However, sales decreased by 13.37% compared to 2023 and active listings at the end of the month increased by nearly 30% year-over-year.

While some of this might reflect today's interest rates, it's now been two years since the Fed started raising rates. Both buyers and sellers have also had time to recalibrate strategy and expectations. So, the market is likely establishing a new, post-pandemic normal. It's still following the typical pattern of activity increasing in spring, and it will likely peak in early to mid-summer.

What is likely driving today's market is good, old-fashioned inventory. 

New listings of detached, single-family homes increased from 2,997 in February to 3,483 in March, a 16.22% jump. They also increased by 16.39% month-over-month in the attached segment (condos and townhomes). At the close of the month, remaining inventory—reflected in active listings—increased in both the detached and attached markets. Detached, single-family homes came in 24.69% higher compared to March of 2023. Attached properties increased by 40.8% year-over-year. 

Contributing to these numbers could be the release of the "golden handcuffs." This phenomenon revolves around homeowners who purchased or refinanced at the rock-bottom rates of 2020-2021 and have since resisted selling because they do not want to (or cannot afford to) take on a new mortgage at today's higher rates, especially for comparable or larger properties.

However, according to Libby Levinson-Katzs, Chair of the DMAR Market Trends Committee, things are changing:

"As we head into the warmer months, sellers have resigned themselves to the elevated interest rates and have begun to take the golden handcuffs off. In many cases, these sellers have chosen to downsize. The goal is to sell their home and use the equity in their home to either purchase the next or obtain a signicantly smaller loan. Regardless of their plans, buyers are very happy to see additional inventory." 

So, let's see how the rest of the numbers shook out last month. 

While new listings of detached, single-family homes increased, buyers responded by going under contract on 3,157 homes, a 32.76% increase month-over-month and 13.52% higher than in 2023. Closings, which primarily reflect homes that went pending in February, rose by 16.14% month-over-month but fell by 8.41% year-over-year.

Denver Real Estate Market Stats | March 2024 | PorchLight Real Estate GroupThe average number of days on the market decreased again to 39 which is a 15.22% drop compared to the prior month and on par with the average DOM for 2023.

Last month's uptick in activity caused detached home prices to increase but not by a lot. The median price of $645,000 was just 2.38% higher than February's $630,000 and a normal, healthy 4.03% higher than $620,000 in February of 2023. In fact, since 1991, the average annual home price increase has been 4.3% according to the Federal Housing Finance Agency, so the market is pretty spot on.

And, while active listings are currently on the rise, the Denver market remains well under the 6-months of inventory needed to create a balanced market between buyers and sellers. The only home price point nearing that threshold is the ultra-luxury market of $2M+ properties (5.41 MOI).

As for the attached market, the median price increased from $405,900 in February to $420,000 in March. It also came in 2.69% above the prior year. There were also more new listings, pending sales and closings last month. Year-over-year, however, closed sales were down 25.36% and pending sales were down 6.15%.

Again, the month also ended with a 40.8% increase in active listings. This could be where buyers might find a really good bargain as the busy season hits its stride and competition heats up in the detached home sector.

Looking ahead, prices and pace will ultimately reflect the state of inventory, demand, and mortgage rates. The Fed met again in March, held the federal interest rate steady, and mortgage rates remained elevated. However, the group signaled that they still plan on cutting rates (potentially three times) at some point this year. How this affects buyers will play out in the coming months.

With the market presenting opportunities and challenges for both buyers and sellers, always work with a seasoned real estate advisor who can better assess the market and provide a smart strategy, as well as negotiate and advocate on your behalf. A proven professional will have the experience, connections and resources to help you make smart decisions and achieve your real estate goals. Choose your agent wisely.

The PorchLight Difference When Buying or Selling a Home

As the numbers show, today's real estate market is nuanced which means it's important to work with a true professional. And not all real estate brokerages and agents are created equal. At PorchLight, our goal is simple: to provide you with a better experience. Every agent has a wealth of market knowledge, as well as a true passion for helping people successfully navigate a home purchase or sale. 

We're here to guide you in making smart real estate decisions with absolute confidence. Here's how.

RealScout: Our Buyers are the First to Know

Our powerful search platform, RealScout, provides an immersive and engaging user experience. It can be completely personalized according to your budget, must-haves, and even preferences that you won’t find elsewhere—like properties with a kitchen island or mountain views. Only available through your PorchLight agent, it’s the quick and easy way to focus on finding a home that checks all the boxes. 

By the Numbers: Neighborhood Price Statistics

Want to know if you’re making a smart investment or how much your home could potentially sell for? Along with agent guidance, we provide proprietary data that goes beyond zip codes. You’ll see neighborhood-specific insights going back at least five years—including median price. 

Knowing exactly how prices are doing gives our buyers a clear idea of how much they can expect to pay in their target area and where they might get more home for their budget. Our agents can also strategically price your home to sell quickly and for the maximum amount.

Comprehensive Training: Every Neighborhood, Inside and Out

In real estate, location is everything and different locations work for different buyers. That’s why PorchLight has developed a proprietary, Certified Market Expert program that requires mastering area history, stats and architecture—as well as previewing over 300 homes. Agents who earn this designation can better pair every client (and their budget) with the perfect neighborhood.

For Every Seller: A Full Suite of Concierge-Style Services

To get the most money for your home in the least amount of time (and the least amount of stress), your agent will coordinate services with our in-house team of experts. Cleaning, staging, photos, signage and both digital and printed marketing materials are managed seamlessly for you. Plus, we’ll keep you in the loop on schedules and next steps so you know exactly what’s going on.

Singular Agent Focus: Negotiations, Contracts and Closing

Most real estate agents juggle all the details on their own and clients easily get lost in the shuffle. However, with our collaborative approach, you get a stellar agent backed by all-star transaction and listing coordinators. Team support enables every agent to be 100% focused on your needs, from negotiating the best deal to managing contracts and ensuring an on-time closing.

Making a Match: Market Education Day

Everyone loves a field trip! So join your PorchLight agent for a tour of homes that match your lifestyle, budget and wish list. You'll learn about the neighborhoods you already know and love, then explore similar areas you might not know about—even neighborhoods where you just might get more bang for your buck. It's a great way to get a more holistic and realistic understanding of the market and even fine-tune your home search criteria. 

Authentic Relationships: Let Us Earn Your Referrals

At PorchLight, we don’t buy leads or make cold calls. Instead, our agents exceed expectations on every level and inspire our clients to tell their friends and family all about us. We can’t wait to wow you!



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