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LUXURY MARKET ($1,000,000+): “The days when sellers waited for their spring gardens to bloom before listing their homes for sale are now long gone. The February weather may have said “winter,” but the market said “spring!” In the segment priced $1 million and above, sellers jumped in early, listing 689 new homes in February, resulting in the largest month-over-month increase in inventory of any segment of the market. The number of new attached homes priced at $1 million and above essentially doubled from January, up a whopping 96.77 percent, while new detached homes were up 58.99 percent.” Colleen Covell, DMAR Market Trends Committee Member & Denver REALTOR®
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SIGNATURE MARKET ($750,000 – $999,999): “Barring a huge and unexpected influx of new listings, expect days in MLS for homes in this price segment to drop quickly and steadily through June, creating more favorable seller conditions in spring and summer. That said, ‘more favorable’ in no way means dominant. While sellers can (and should) be encouraged by improving market conditions, they should also proceed cautiously in 2024. Today’s buyers are highly educated, a little nervous, have options, and are eager to exercise them.” Michelle Schwinghammer, DMAR Market Trends Committee Member & Denver REALTOR®.
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PREMIER MARKET ($500,000 – $749,999) “The real estate data looks like a field of shamrocks with new listings sprouting like fresh green clovers. There’s been a surge of new listings, showcasing a 22.78 percent increase compared to last month and up 22.96 percent from last year, providing a dose of optimism and signaling a promising season for both buyers and sellers. Despite the increase in listings, the close-price-to-list-price ratio remained strong at 99.65 percent, like a pot of gold at the end of the rainbow.” Keri Duffy, DMAR Market Trends Committee Member & Denver REALTOR®.
*Remarks from Pages 14-15 of the February 2024 Market Trends Report from DMAR
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