Denver Metro Real Estate Update: February 2024
Here’s what I’m seeing in the market right now: Total closings are down by about 25% from December.Despite less closings to kick off the year, the average price of closed homes stayed relatively steady at $660,127. The average price of a detached single family home hit $734,836.The average price of an attached home (condo, townhome) was $467,423.The beginning of the year usually kicks off the active selling season and I believe that to be the case this year too for a few reasons:New listings to hit the market jumped almost 90%!The number of pending home sales jumped about 42%!That’s a good sign for the market going into Feb/March.What else is in store? Let’s take a look at the graphs below. I see a bump in purchase mortgage applications (upcoming demand) and showing activity (people seeing homes). This should lead us to what is usually the strongest time in the year for our market (March-May). I’ll keep you in the loop on how it plays out!Drew Morris Realtor Selling the Mountains and the CoastDenver + Pensacola Real EstateModernWest Home | Real
When is the best time to sell a home in Denver?
Home Seller FAQ: When is the best time to sell a home in Denver? Another way to ask this question: When do you have the best chance of successfully selling your home in the Denver metro area? To answer that question, let’s look at one key metric called “Odds of Selling”. This is essentially a ratio of the homes for sale in each month - those that went under contract and closed VS those that remained in the market and did not sell. Since this is a direct ratio of the buyers and sellers in a market, the higher this number is the more likely it is that a home will sell. If this number is lower, that means that buyers will have more negotiating power and be less likely to compete against multiple offers. Bottom line based on the historical data: The highest “odds of selling” in the Denver metro is between Jan-June each year. So the best time to list your home would be in this window. Even more specifically, list your home between February and April.I could have told you that based on what I see in the market each year. But it’s great to see the data for it. Don’t believe me? :) Here are a few of the graphs that show this. See below. I like the graph below because it breaks down the most recent odds of selling based on zip codes around the metro area. Have questions about your neighborhood market activity and what it means for your home sale? Thinking about selling so you can get to your next home? Just reply to this email and let’s schedule a time to discuss.-Drew
What is new in Downtown Denver?
A report by the Downtown Denver Partnership about the State of Downtown Denver has been published for 2023! The President and CEO of the Downtown Denver Partnership, Kourtney Garrett, writes: "This year’s State of Downtown Denver reportrepresents progress, optimism, and—mostimportantly—opportunity. As our economycontinues to rebound post-pandemic, we areseeing once-in-a-generation opportunities toshape our future.People are coming back Downtown, both in theform of a slow and steady increase in returnto office and, more dramatically, a significantincrease in leisure-driven activity. Pedestriantraffic continues to increase, nearing and, insome cases, exceeding pre-pandemic levels.We’ve added more than 1,000 new residentsto our Center City in the last year, and withover 3,000 units (including for-rent and for-saleproduct) in the pipeline, our residential populationwill continue to climb in the near term. "Here are just a few of the key questions this report about Denver explores:What's driving activity and growth in downtown Denver?Which companies are relocating or expanding in downtown Denver?What are the top 5 cities sending people to Denver?How does Denver compare to its peer cities overall?Highly recommend checking out this report! Check out this link for the full report. Drew Morris
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