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Colorado Springs Real Estate Market Updates- June 2024
Denver Market Stats and Observations for June 2024
- Active Listings
- 10215 vs 6070, +68%
- Denver is ranked 12th in the nation for number of people moving out of the state
- There are more listings now than pre-COVID (June 2019)… 10215 vs 9520
- New Listings
- 5825 vs 5650, +3%
- New listings YTD are up by 16% from 2023!
- Construction on new homes has plateaued in a similar pattern to that which preceded the 2008 housing correction
- Pending
- 4055 vs 4085, -1%
- There are fewer properties under contract now than pre-COVID (June 2019)… 4055 vs 6380
- Closed
- 3680 vs 4420, -17%
- Contract terminations are becoming more common. Sellers may need to be more cooperative and offer solutions or compromises to keep closing
- Millennials are taking on the market and buying homes at a higher rate than expected; they currently make up the largest pool of solo home buyers at 42%.
- Price
- 725k vs 710k, +2%
- We are starting to see steady prices, but buyers continue to be cautious while sellers still tend to overprice properties
- DOM days on market
- 30 vs 25, +17%
- As inventory in MLS grow, buyers who were not competitive previously have a great opportunity to start looking again
- Homes and condos are selling at the same rate
- Discounts
- -1%
- In May, 56% of closed transactions paid a seller concession, vs 48% in May of 2023
- Mortgages
- Mortgage applications increased 11.7% as the rates dropped to 6.97%
- “If demand returned to the levels this week that they were in 2019, we would see an 80% jump in mortgage purchase applications”
Denver Housing Trends for June 2024
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