August 2024 Denver Real Estate Market Report
Denver Metro Association of REALTORS | #dmarstats
Denver CO Real Market Snapshots by REMAX Colorado Realtor, Anthony Rael

August Market trends show slight decline in new listings but increase in active listings, with seasonal trends and mortgage rates impacting buyer activity.

Market-wide, new listings fell slightly month-over-month by 0.76 percent, while active listings at month-end climbed slightly to 10,724 homes, which is a 56.37 percent increase year-over-year. Pending sales increased 3.74 percent month-over-month and 7.7 percent year-over-year. Closed sales fell 7.55 percent month-over-month, which may go back up next month as closed sales are a lagging indicator due to a traditional 30-day closing. These statistics indicate that a reduction in mortgage rates is moving buyers back into the market. With that stated, the median days in MLS continued to climb 31.25 percent to 21 days, a 90.91 percent increase year-over-year.

The attached market experienced some of the largest swings in data. As one of the most watched segments of the market due to higher HOA dues, along with increased taxes and insurance premiums, some associations have adjusted their deductibles to help offset costs, but those changes have, in turn, made lending more difficult. As a result, this segment has become more challenging to put transactions together. Active listings at month’s end stayed almost unchanged, with a 0.40 percent increase month-over-month to 3,227 homes, a 70.92 percent increase year-over-year. Median days in MLS also rose year-over-year at a sharp rate of 136.36 percent to sit at 26 days. More telling is the drop in median close price month-over-month to $396,350, down from $415,000 last month and $418,000 at this time last year.

Meanwhile, the detached market experienced a 50.85 percent increase in active listings at month’s end with 7,497 homes. New listings fell slightly by 0.99 percent, while pending sales increased to 2,836. The median close price stayed stable at $650,500, down 0.69 percent from last month and up a mere 0.08 percent from last year. Median days in MLS climbed to 19 days.

Activity in the $1 million+ market saw a slight uptick from July of new listings for homes over $1 million, an increase of 3.08 percent. Pending sales decreased by 3.06 percent, which is typical this time of year as buyers pause to enjoy the end of summer and get kids back in school. The median days in the MLS remain 20 for attached and 26 for detached. The close-price-to-list-price ratio held steady at 97.80 percent. The price-per-square-foot for detached homes increased 1.90 percent month-over-month, whereas the price-per-square-foot for attached homes decreased 1.81 percent; however, up 7.84 percent from July 2023.

Year-over-year, August saw an increase in both pending and closed home sales for detached homes, while the attached market experienced a decrease in both closed and pending, reflecting a broader market trend. Inventory is increasing for attached and detached homes, though detached homes remain less volatile than attached. Year-to-date, the sales volume of detached homes over $1 million is 13.02 percent higher than in 2023 and 114.05 percent higher than in 2021. Attached homes sales volume has decreased by 27.76 percent from 2023 and a 64.04 percent increase from 2021.

Homes priced over $2 million have the highest months of inventory of any market segment. Although inventory slightly improved for both attached and detached homes month-over-month, it remains above the six-month threshold, indicating a buyer’s market.

Below are my August 2024 Real Estate Market Snapshots/Infographics based on statistics publish by the Denver Metro Association of Realtors. If you or someone you know is interested in learning more about the impact of rising home values & current mortgage interest rates and how it may affect your decision to buy or sell, 'Just Call Ants' at 303.520.3179. Anthony is here to provide expert advice & counseling that will empower you to make the best, most-educated decision possible. Knowledge is Power - so get The Scoop and gain a better understanding of Denver's rapidly changing real estate market.

Median & Average Sales Price + Active Listings + Sold/Closed Listings + Days On Market + Months of Inventory - August 2024

Denver Colorado Million-Dollar Luxury Home Market : New Listings, Homes Sold, Sales Volume, Days on Market & Price/SqFt - August 2024

August 2024 DMAR MARKET TRENDS REPORT

Source: Denver Metro Association of REALTORS® Market Trends Committee and REColorado
Infographics/Snapshots Courtesy of: Anthony Rael, RE/MAX Alliance

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2024
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2023
  December 2023 Final - DMAR Market Trends Report
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2022
  December 2022 - Denver Metro Association of Realtors Market Trends Report
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  September 2022 - Denver Colorado Real Estate Market Statistics & Trends Report
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2021
  December 2021 - Denver Colorado Real Estate Market Statistics & Trends Report
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2020
  December 2020 - Denver Colorado Real Estate Market Statistics & Trends Report
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2019
  2019 Year-End : a 30-Year Historical Perspective of the Denver Real Estate Market
  December 2019 - Denver Colorado Real Estate Market Statistics & Trends Report
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2018
  December 2018 - Denver Colorado Real Estate Market Statistics & Trends Report
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2017
  December 2017 - Denver Real Estate Market Trends Report
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2016
  December 2016 - Denver Real Estate Market Trends Report
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2015
  December 2015 - Denver Real Estate Market Statistics & Trends Report
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Archived Denver Real Estate Market Reports
Month-end Inventory, Average & Median Sales Prices, Days on Market (DOM), Price Appreciation, Sales Volume & More!
Archived Denver Colorado Real Estate Market Snapshots
A graphical look back at market stats and trends since 2015 : Infographics compliments of Anthony Rael

NOTES:
Interview requests from the media should be directed to DMAR's Marketing Communications at (303) 300-8490
The DMAR 'Premier Market' is defined as $500,000 to $749,999
The DMAR 'Signature Market' is defined as $750,000 to $999,999
The DMAR 'Luxury Market' is defined as $1,000,000 and over
11-Counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson & Park
Research:  Denver Metro Association of REALTORS® Market Trends Committee

The DMAR Market Trends Committee, part of the Denver Metro Association of REALTORS®, provides timely, consistent, and relevant monthly summaries of valuable local real estate market statistical data for both its members and the general public. Statistics from the “Denver Metro Real Estate Market Trends Report” provide data for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park. Source of the reported data is REcolorado.

Real Estate Snapshots & Infographics Courtesy of: Anthony Rael, RE/MAX Alliance

  Media Coverage
Former Denver Metro Association of Realtors Market Trends Chairman Anthony Rael with RE/MAX Alliance is a trusted "go-to" real estate expert for local, regional and national media. Below is a list of recent media interviews with Anthony providing expert commentary. Below are a few of media interviews he's provided commentary on:

Denver Post - Once the king, cash losing a little cachet when it comes to buying a Denver home
Colorado Public Radio - Climbing Denver Home Prices Finally Spark Some Building
Colorado Public Radio - Denver Home Prices Are Still Climbing. The Good News? Price Growth Is Slowing
HousingWire.com : Mile-high Appreciation & Mile High Appreciation
Colorado Public Radio - As Buyers Spar Over Denver Homes, Veterans Find Themselves At A Disadvantage
VeroFORECAST Predicts Continuing Strength in Housing Market : Top Markets Rising 10 Percent Over The Next 12 Months
Denver Business Journal : Denver area housing market to see big value increase in 2018: Report
Denver7 & TheDenverChannel.com : Realtors warn of potential security flaw at homes listed for sale
Denver Post : Denver, northern Front Range real estate party ends in late 2019, new forecast predicts
Denver Business Journal [Video] : Battles are fierce for bidding homebuyers in metro Denver
Denver7 & TheDenverChannel.com : Thieves breaking into Denver homes are using real estate lockboxes to do so
5280 Magazine : Denver’s 2017 Real Estate Outlook
Denver Post : Denver area still lags in new home construction
Denver Business Journal : Metro Denver home inventory shortages persist as prices continue to grow
Denver Post : Metro Denver home prices slightly down, condo prices up in August: Rush on appraisals
Denver Real Estate Watch : Seasonal real estate peak
Denver Post : Home prices drop in metro Denver as affordability becomes an issue
Denver Business Journal : Metro Denver home prices continue strong gains
Denver Real Estate Watch : Record home price takes a breather
Worth Magazine : Influx of millennials creating exciting investment opportunities in Denver
Denver Post : Metro Denver sees a big jump in the inventory of homes for sale in June
Denver7 & TheDenverChannel.com : Finding a home for sale is hard to come by these days, but some have made it work
Denver Business Journal : Metro Denver home inventory up in June, but prices climbed faster
Denver Post : Denver median home sold price nears $400,000
CBS4 News : Denver’s Housing Market Just Keeps Getting Tighter
CBS4 News [Video] : Denver’s Housing Market Just Keeps Getting Tighter
Denver Post : Frustration rises as a fifth of Denver home sale deals fall through in April 
Denver Business Journal : Metro Denver housing inventory hits record low for May
Denver Post : Inventory of homes for sale hits record low in metro Denver 
9News Denver [Video] : Low inventory leads to creative home-buying tactics
Denverite : Do people move to Colorado for legal weed? Probably not, but no one knows for sure
Denver Post : Denver home sale listings jump 33.6 percent over record-low February
Denver Business Journal : Denver-area home prices continue to climb; low-priced inventory scant
Denver Business Journal : $20 billion in metro Denver home sales in 2015 and other records
Denver Business Journal : Denver home inventory continues climb in November, but so do prices
Denver Business Journal : Colorado home prices up 12 percent, but inventory up too
Denver Business Journal : Denver-area house prices up 11%, but slowdown could be in sight
Denver Business Journal : Colorado's home-price pressure eases with influx of new listings
Denver Business Journal : Is Denver's residential real estate market cooling off?
Denver Business Journal : Torrid metro Denver home-price pace to continue
Denver Business Journal : Passing $400K, average Denver-area house sale prices hit all-time high
Denver Business Journal : Metro Denver home supply down 32% in March from year ago
Denver Business Journal : Average home price in metro Denver tops $390K
Denver Business Journal : Denver metro home sales created a $22 billion impact in 2014
Denver Business Journal : Denver area home buying continues slowdown
Denver Business Journal : Residential real estate market softened in Denver during August
Denver Business Journal : Metro Denver homebuying hits $1.9 billion in monthly sales
Denver Business Journal : Buying a metro Denver home? It will cost you more than ever
Realty Today : Four Factors That Play Important Roles in Denver's Real Estate Market in 2016
5280 Magazine : Issues That Will Impact the 2016 Real Estate Market
MONEY Magazine : Buyers Guide: How to Beat the Competition in a Hot Housing Market
Denver Business Journal : Anthony Rael, Denver Real Estate Agent & DMAR Market Trends Chair
Colorado Springs Gazette : Colorado Springs' lower home prices lure frustrated Denver buyers
Kiplinger Magazine : Money-Smart Tactics to Prosper in This Hot Housing Market
Denver Business Journal : Anthony Rael, Denver Real Estate Agent & DMAR Market Trends Chair
TIME-Money Magazine : The Letter That Saved $11,000. Really.
Builder and Developer Magazine : Denver’s Housing Market Just Keeps Getting Tighter
MSN Money : Millennials shift to buying as rents surge
DenverPost.com : Anthony Rael, Denver Real Estate Agent & DMAR Market Trends Chair

Glossary of Terms for Real Estate Stats
What is Median Sale Price?
What are Active Listings?
What are New Listings?
What are Sold Listings?
What is Pending/Under Contract?
What are Days on Market?
What is the Affordable Housing Index?
What are Months Supply of Listings?

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