Unveiling the Real Estate Market Trends: A Comprehensive Analysis
In the ever-evolving landscape of the Denver real estate market, keeping abreast of the latest trends and data is crucial for both buyers and sellers. Here are some of our most interesting call outs when comparing Q1 to Q2 data over the past 5 years.
Understanding the Market Data
Close Price to List Price Ratio:
- Transition from winter to early spring in Q1 signifies an increase in buyer enthusiasm and velocity.
- The frenzy witnessed in 2021 and 2022 during the COVID years showcased closed-to-list ratios peaking at 104% and 103.9%.
- Current data trends for 2023 and 2024 mirror those of 2019 and 2020, indicating stability.
- Q1 of the current year boasts a close-to-list price ratio of 99.7%, rising to 100% in Q2.
Days on Market:
- Post the spike in interest rates since June 2022, a slower market is observed with higher days on market.
- The average days on market for Q1 2024 stands at 45, reflecting the impact of affordability on buyer demand.
Average Sale Price:
- The average sale price for single-family homes peaked at $805,943 in Q2 of 2022.
- A slight dip was noticed in 2023, but the market is almost back at peak levels in 2024 due to limited quality inventory availability.
Attached Single Family Market:
- The attached single-family market witnessed a slight decrease in average sale price from Q1 to Q2 of 2024.
- Condos are facing challenges due to changes in HOAs and turmoil in the insurance industry.
Active Listings:
- Inventory levels have surpassed pre-pandemic highs, indicating a more balanced market.
- Buyers now have more leverage in transactions, suggesting a shift from sellers’ control.
Conclusion and Insights
In conclusion, sellers can anticipate appropriate offers close to the list price, while buyers are presented with a greater array of options while still facing competition for quality homes. Market dynamics are significantly influenced by factors such as interest rates, affordability issues, and available inventory.
For a more in-depth analysis or specific inquiries, feel free to reach out to Jason Sirois at Compass Denver, a seasoned professional in the real estate industry.
