Between the Thanksgiving holiday and a big snowstorm blowing into town earlier in the month, the Denver real estate market slowed in November. There were fewer new listings month-over-month, as well as fewer homes going under contract and closing. Compared to 2023, it was a different story.
Still riding the wave of two recent cuts to the federal funds rate, which has helped ease mortgage rates, last month's market had a little pep in its step compared to a more typical and quiet November the prior year.
Taking a closer look at detached, single-family properties, there were 1,954 new listings last month compared to 3,363 in October. While that was a steep drop, it still came in nearly 3% higher year-over-year. In addition, 2,281 homes went under contract which was an increase of 28.94% over 2023.
Closed sales came in 16.06% higher this year compared to last, primarily reflecting listings that went under contract in October—closings usually take place about 30 days after an offer is accepted.
A few years ago, this flurry of activity would likely have caused prices to increase significantly due to the record-low inventory of that time. However, Denver's housing supply is more robust these days, and the median home price actually decreased slightly from $650,000 in October to $639,000 in November. Again, it was still enough to beat out the median price for 2023 by a modest 1.9%.
One area where numbers aligned is days on market. With today's mortgage rates and a lot of homes to choose from, buyers continue to take their time shopping around and the market pace continues to slow. In November average days on market increased from 43 to 45 month-over-month and by 18.42% YoY.
Continuing to drive current conditions is inventory. There's more home inventory on the market now than we've seen in recent years. While the number of active listings decreased slightly month-over-month, November closed with 6,261 homes still available for sale, an increase of 32.01% compared to 2023.
As for attached properties, such as condos and townhomes, the market continues to experience challenges. Just 793 listings came on the market in November, down from 1,330 in October yet up by 4.84% year-over-year. Closed sales were down across the board while days on market jumped to 52. In October it was 46, and last year, DOM was 39.
The outcome was a median price of $410,000 compared to $415k last year and 3,049 properties still active at the close of the month. With fewer listings though, current inventory did decrease in this segment—yet still came in 57.08% higher compared to the prior year.
As we head further into winter and the holiday season, Denver real estate remains a buyer-friendly environment, and that likely won't change until more inventory is absorbed. If fewer listings hit the market in the coming months, which is typical this time of year, the market could be more competitive and brisk come spring.
Bottom line, now is a great time for determined buyers to shop around, take their pick from a substantial supply of homes, as well as negotiate prices and terms. And now is a great time for sellers who don't want to compete with a ton of other new listings.
To discuss your buying or selling strategy further, reach out to an experienced real estate agent. They can better assess the market and provide a smart approach, as well as negotiate for your best interests. A proven professional will have the insight, connections, and resources to help you achieve your real estate goals.
Choose your real estate agent with care and make sure you have proven professional representation.
5 Reasons to Buy or Sell a Home During the Holidays
Between now and the end of the year, people are bustling about, spending time with loved ones, preparing feasts, and shopping for special holiday gifts. This is why buying or selling a home during the holidays is a fantastic idea.
While spring and summer are considered the busiest seasons for real estate, winter and the holiday season usually mean that purely window-shopping buyers are taking a break, and fewer sellers are testing the waters to see what kind of interest and offers they can get.
Here are five reasons why now is a fantastic time to buy or sell a home.
- Holiday Real Estate = Serious Buyers and Sellers – During holidays, it’s all about the quality not the quantity of traffic at open houses. And buyers often encounter sellers who want to, even need to sell (such as a new job), and are more apt to negotiate.
- Festive Neighborhoods Give Off Cozy Vibes – Homes and neighborhoods exuding holiday cheer can create a more emotional connection with buyers and even help home shoppers discover a charming new community that wasn’t on their radar.
- Homes Show Their Best Features and Attributes – When the weather outside is frightful, homes are put to the test. Sellers can then show off their cold-weather upgrades while buyers are able to spot potential issues such as drafty windows.
- Enjoy More Time and Motivated Professionals – Buyers and sellers often have time off work to focus on their real estate goals. And with fewer homes on the market, lenders, agents and moving professionals have more time to get people across the finish line.
- It's Less Crowded With Less Competition – While stores might be crowded during the holiday season, the real estate market typically is not. That means both buyers and sellers will face less competition and enjoy a smoother transaction.
