Denver Metro Real Estate Update: February 2024

by Drew Morris

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 Coast
Denver + Pensacola Real Estate

ModernWest Home | Real