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Denver Real Estate Market Stats: June 2024

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

New Listings Slow, Yet Inventory Continues to Rise

In June, Denver's real estate market began an earlier-than-usual transition into the slow summer season with the number of new listings—both attached and detached properties—decreasing by 16.38% month-over-month. While pending sales remained steady, increasing by 1.43% compared to May, it was not enough to reduce Denver's backstock of home inventory.

As a result, the median price for all properties in the Denver metro only increased by 1.33% month-over-month, coming in at $608,000. Compared to the prior year, that's also a minimal gain of 1.50%. Meanwhile, 10,214 active listings were still available for sale at the end of June, an 11.52% increase over May and 68.27% higher than 2023.

Looking closer at the single-family, detached market, spring became summer and sellers headed out on vacation earlier than in years past. There were 4,294 new listings in June compared to 5,165 in May, which is a decrease of 16.80%. Pending sales came in at 3,039 which is just one less listing compared to the prior month yet 6.41% higher year-over-year. This is likely due to a rush of buyers wanting to get to the closing table before going on their own summer vacations, too. 

And the month closed with 7,179 detached, single-family homes still available for buyers to browse. That's an increase of 13.02% month-over-month and 63.16% year-over-year. And again, with more inventory and less competition, the median price of $665,000 was only slightly above the $658,000 median price in May and just 1.56% higher than homes in 2023.

Denver Real Estate Market Stats | June 2024 | PorchLight Real Estate GroupAs for pace, days on market increased just a tad, from 25 in May to 26 in June. Last year, homes went under contract in 23 days, so we're definitely seeing more slowing this year. With higher interest rates and more inventory, selling in less time truly requires a smart strategy—conservative pricing and getting a home in tip-top shape before it's presented to a smaller buyer pool that has a lot of properties to choose from.

In a nutshell, here's what you need to know according to Libby Levinson-Katz, Chair of the DMAR Market Trends Committee:

"Buyers are tired of the breakneck speed of the market over the past few years and are simply taking their time. While some homes leave the market with multiple offers, many more sit for days, weeks or even months before finding a buyer. Purchasers are also eager to negotiate, even when a home is brand new to the market. If sellers are motivated, they will engage in the negotiation dance. However, home sellers who aren't quite as motivated may wait longer for their perfect buyer."

As for the attached segment, such as condos and townhomes, this is where buyers have even more to choose from and more negotiation power. While new listings here also decreased, June closed with 3,035 properties available, an 8.12% increase month-over-month and an 81.74% increase over 2023. The median price came in at $410,000 which is 2.38% below the prior year, and it's now taking 33 days to sell. So, buyers can likely find several lingering properties with sellers willing to negotiate. 

While you can potentially find a great deal here (plus awesome amenities and low-maintenance living), the big caveat is that these properties will almost surely have an HOA. And many are having to increase their monthly fees due to rising costs for insurance and both the labor and materials needed for upkeep and repairs. It is important that you understand the pros and cons, as well as work with your real estate agent to investigate an HOA's financial health before moving forward.  

With the typical summer slowdown arriving earlier than usual, it's always best to work with an experienced real estate agent 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 expertise, connections and resources to help you achieve your real estate goals. Choose your agent wisely.

Home Selling & Capital Gains Tax

Whether you plan on selling a home this year or recently sold, you likely closed for more than the purchase price. And that may result in you being required to pay capital gains tax. However, you can potentially reduce your liability if you meet certain criteria. Here's a quick look at the general rules.

Exemption Threshold

  • Single Filers: Up to $250,000 of your capital gain is tax-exempt.
  • Married Filing Jointly: Up to $500,000 of your capital gain is tax-exempt.

Eligibility for Full Exclusion of Gain

  • Ownership: You must have owned the home for at least 2 out of the last 5 years before the sale. For married couples, only one spouse needs to meet this requirement.
  • Residency: You must have lived in the home for at least 2 of the last 5 years, totaling 24 months. Each spouse must meet this requirement individually.
  • Look-Back: This IRS rule states that you cannot have claimed this exemption on another home sale within the past 2 years.

Exceptions for Full or Partial Exclusion

Subject to IRS approval, these include:

  • Separation or divorce
  • Death of a spouse
  • Home destroyed or condemned
  • Service member status
  • Work-related move
  • Health-related move
  • Like-kind/1031 exchange
  • Other unforeseeable events

Tax Forms & Reporting

  • If your gain is exempt and you meet the qualifications, you don't need to report the sale on your tax return.
  • If you have a taxable gain, report it using Form 8949 and Schedule D (Form 1040).
  • Don’t forget to notify the USPS and the IRS (using Form 8822) of your new address to receive all correspondence related to your home sale.

Click here for worksheets and details on the IRS website.

*For informational purposes only. Always consult with a tax professional before filing. 


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