Denver February 2024 Real Estate Market Updates
Stay informed and make sound investment decisions with our comprehensive analysis of the latest February 2024 real estate market updates in Denver, Colorado.


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Colorado Springs Real Estate Market Updates- February 2024

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Denver Market Stats and Observations for February 2024

Active Listings

  • 5500 vs 3775, +46%.  What an incredible increase in inventory!!
  • Condos were up a little more than homes, but both were up a lot!
  • Historically, the average listing count in February is 12,700 (average 1985-2023)
  • We’ve improved a lot since post-COVID mania in 2022:  1265 active listings.  Ugh!
  • Tell your buyers we have nearly 4x more to choose from than we did in ’22.
  • Also:  we have more listings now than pre-COVID (Feb ’20)… 5500 vs 4840!

New listings

  • 4240 vs 3460, +23%
  • All of you did a great job getting more listings!
  • Homes and condos were similar in growth rates.
  • Let’s compare this to YTD Feb ’24 new listings:  7,530 vs. YTD Feb ’20, pre-COVID:  +9,990 new listings.  We’re still down, but this is a massive improvement from where we were.
  • Are the sellers sick of waiting for optimum conditions to sell?  So they are just listing?  I hope so.  Too soon to call that.  If that is what has just started to happen… this is what it would look like. 

Pending

  • 3510 vs 3450, +2%
  • Given that mortgage rates have been turbulent, any positive number here is outstanding, IMHO.
  • There was growth in UC for homes, but condos lost a little ground.
  • I’d hypothesize (such a nice word for “guess”) that the spike in HOAs (mostly due to higher insurance) could be impacting affordability.  That might be slowing down the condos a bit. 

Closed

  • 2860 vs 2875, -0.5%
  • This isn’t a surprise, since the UC over the past two months has been soft.
  • Given the lift in UC this period, we might be thru the soft period and at bottom (at least until rates change dramatically again).
  • Again, homes had a little growth and condos lost a little ground.

Price

  • $675K vs $655K, +3%
  • This is in line with our expectations that prices would trade in a tight band, say +2% to +4% for most of the year UNTIL / IF there is a big drop in mortgages.  Then we’d expect a surge of buyers (sellers will be slower to list), and the competition then could drive a short time price spike.

DOM days on market

  • 47 vs 48, -2%
  • Homes are selling 3 days faster.
  • Condos are taking 4 days longer.
  • Overall, not much change.
  • Compared to Feb ’20 (pre-COVID): 42 days.  It only takes a few days longer than the last “normal” Market.

Discounts

  • .75% vs 1.1%
  • Buyers are getting a little bit less off the sticker price than last year.
  • It’s possible that the rate increase is encouraging buyers to ask for a rate buydown vs. ask for a price discount.

Mortgages

  • Loan applications dropped 17% in Feb’24 vs Feb’23, likely due to interest rates drifting up recently.
  • It’s possible the increase in UC was from rate locks BEFORE rates increased, so that good news might reverse next month. 
  • If so, inventories will likely build some more, giving buyers a bit more of a negotiation advantage.

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Authors
Chris Lopez
Chris Lopez is a Denver area real estate entrepreneur and investor, as well as the host of Bigger Pockets’ House Hackerz and the Denver Real Estate Investing Podcast.
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