“Well-informed and educated sellers know interest rates have ticked up again; however, they also know that many buyers are experiencing spring fever and are sick of sitting on the fence watching home prices increase. So, savvy sellers got their property on the market and knew how to stand out. In fact, new listings increased 29.12 percent month-over-month and 22.63 percent year-over-year. But these sellers also knew they had more to compete with as active listings at month’s end rose 13.14 percent to 5,511 homes, an astounding 45.87 percent gain year-over-year.
The spring season is heating up, and the best way to find your treasure is through thoughtful strategy. Prepared sellers can curb a second round of negotiations with buyers at inspection, while strategic buyers know what they want before shopping and the options available to them.”
Libby Levinson-Katz
Chair of the DMAR Market Trends Committee | Denver REALTOR®
  • 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®
  • 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®.
  • 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

 

New Year. New Opportunity!

What opportunities will you have to buy or sell a home this year? Don’t think you’ll have one? Think again!

Let’s start by looking waayyy back to December 2023, and then we’ll look forward.  Aside from the seasonal slowdown, higher interest rates and low inventory, have had the most impact on the market.  You can dive deeper by clicking the full Denver Real Estate Market Trends  report, and know I’m always here for you with home values and neighborhood trends catered to your specific needs. Now, back to the future.

In my experience…

Winter is the best time to buy a home. Fewer buyers are willing to face the cold, postponing their shopping for early spring, giving you an opportunity to make an offer with less (or no) competition. And sellers who sell in the winter generally have good reason to. This means their motivation is driven by their needs rather than their wants. Another opportunity!

Waiting for the rates to fall?  Don’t. While nobody knows for sure what will happen in 2024, we are anticipating multiple rate drops as the economy stabilizes, but the “waiters” often lose. Think about it. If you buy early, you’ll be gaining equity as prices rise with demand. Buyers who wait to time the market will face a different set of challenges. Lower rates bring more buyers, bidding wars and higher prices which increase the gains for those willing to buy now and refinance once all that rate dropping happens.  Today’s rates from my lending partner, Select Lending Services, look a lot better overall than where we were last year.

 

 

Let’s talk about how 2024 can open a real estate opportunity for you!

“With the holidays upon us, we are focusing on the gift of homeownership this season. Owning a home provides stability and security for many families. It is also the single largest investment most people make in their lifetime, which serves as the single best vehicle to attain individual and generational wealth. Speaking of gifts, this is my absolute favorite time for buyers to get out and shop for homes. Sellers whose properties are on the market typically need to sell and are more willing to negotiate than in March or April when the market is at its peak. Additionally, the competition from other buyers drops considerably. As such, buyers who can see the beauty of buying a home right now have their choice of home and can negotiate their way into their dream home.
Additionally, interest rates are starting a downward trend, and we as REALTORS® know that if rates continue to drop then demand will increase. In fact, many agents saw a flurry of activity last month when rates dropped buying end-of-year activity. Depend­ing on where rates trend, we may see bidding wars back before we know it.”
Libby Levinson-Katz
Chair of the DMAR Market Trends Committee | Denver REALTOR®
  • LUXURY MARKET ($1,000,000+): “Zig Ziglar once said, “Every sale has five obstacles: no need, no money, no hurry, no desire, no trust.” Today, all five of those obstacles present themselves clearly to home buyers and sellers in the $1 million and over price segment. Despite it all, 2023 has proven to be quite a strong year for this segment. Removing the pandemic years and comparing to 2019, sales volume year-to-date has more than doubled, closed volume has nearly doubled, new listings are up over 66%, and price per square foot is up over 14%. I predict this segment will continue to see growth as more people spend more money to experience the gift of living in Colorado.” Susan Thayer, DMAR Market Trends Committee Member & Denver REALTOR®.
  • SIGNATURE MARKET ($750,000 – $999,999): “Black Friday may only last one day in November, but for buyers in the $750,000 to $999,999 price range, the deals lasted all month. The deceleration in the market, however, should not cause any alarm. It is seasonal and expected. Historically, the holidays in November and December take precedence over home buying and selling goals, so we typically experience a decline in market activity. November and December showcase prime opportunities for serious buyers: far less competition, declining prices, expected seller concessions, and recently, declining interest rates. It’s the perfect time for them to give themselves the gift of home ownership.” Colleen Covell, DMAR Market Trends Committee Member & Denver REALTOR®.
  • PREMIER MARKET ($500,000 – $749,999) “There are few things greater than the gift of homeownership. A home can offer financial security, stability, tax benefits, and community. It also serves as the backdrop for so many wonderful moments in life, especially during the holiday season. Many buyers are inclined to hit the proverbial pause button on the home search and wait until spring. While that is an option, waiting to buy a new home likely means competition and concessions on the buyer side. Meanwhile, we have great homes on the market now with motivated sellers and less competition. Perhaps you can negotiate concessions on inspection, or maybe that low interest loan is assumable and can be transfered to the buyer. As REALTORS®, our gift is the ability to guide our clients with knowledge and savviness. End of the year is a busy time as I encourage buyers to look when no one else is. We find great homes and they pay less than if they had waited.” Nick DiPasquale, DMAR Market Trends Committee Member, and Denver REALTOR®.
*Remarks from Pages 15-16 of the December 2023 Market Trends Report from DMAR