Check out our market updates in other Colorado Markets:
Colorado Springs Real Estate Market Updates – October 2024
Denver Market Stats and Observations for October 2024
- Active Listings
- 10940 vs 7482, +46%
- The historical average of October listings is 14478 (1985-2024)
- October’s active listings were record high in 2006 (29722) and low in 2021 (3376)
- 2024’s drop in active listings from Sept to Oct was smaller than historical average
- Active listings remain higher than pre-COVID numbers (October 2019)… 10940 vs 8557
- New Listings
- 4691 vs 3828, +23%
- New listings decreased by 7% from September, as many sellers are waiting to list until after the election cycle.
- Pending
- 3578 vs 2940, +22%
- A Redfin survey indicates that 23% of first-time buyers are waiting until after the election to purchase, for reasons such as economic uncertainty
- Closed
- 3443 vs 3189, +8%
- Home sales increase likely due to the lower mortgage rates in the first half of the month.
- Price
- 708k vs 683k, +4%
- Agents should only focus on the most recent sale activity when pricing a home, as even comparing to a three months ago could result in overpricing.
- NAR predicts a nearly 4% rise in existing home prices by the end of 2024.
- DOM days on market
- 44 vs 32, +38%
- Many buyers slow down over the holiday season and will perceive that sellers who keep listings on the market over this time as motivated, which leads them to expect better deals.
- Discounts
- 98.7% vs 98.9%, -0.31%
- Many sellers are offering concessions and repairs since the season and election has slowed down buyer activity.
- Mortgages
- Rates have been climbing since the Fed cut in September, starting at 6.15% and reaching 7.02% at end of month
- Third consecutive year rates have spiked just before Halloween
- More than 84% of outstanding mortgages are below 6%
Denver Housing Trends for October 2024
Get Started Building Your Own Rental Property Portfolio
If you’re interested in buying an investment property and want to know what’s on the market now, sign up for our weekly deals list email.
