In November, Denver’s housing market experienced a significant increase in active listings over a year ago. That’s pushing sellers to lower prices and offer more incentives, such as repair credits and interest rate buydowns.
According to the November Denver Metro Association of Realtors monthly report, while the number of active listings at month’s end (9,310) was down 15% from October’s 10,940 homes, it was up 39% from November 2023’s 6,684 available homes. Although the number of active listings is the highest since 2020, it’s still far below the record high of 27,530 in November 2006.
By November 2024, 54,006 new listings entered the market, an increase of 13% from last year. However, the number of new listings lags behind recent years. In comparison, through November 2020, 66,947 new listings had entered the market.
The total number of properties sold through the end of November this year reached 39,153, a slight 0.3% decrease from 2023 but a 33% drop compared to the same period in 2020.
Buyers see benefits
Amanda Snitker, chair of the DMAR Market Trends Committee, said the inventory increase gives potential homebuyers new opportunities and potential savings.
“Buyers in this current end-of-year market are finding gifts on a level rarely offered,” she said.
“Of the homes sold in November, about 50 percent had at least one price reduction before going under contract, and roughly 60 percent of the sellers provided concessions to buyers, many in the form of interest rate buydowns or repair credits.”
Nick DiPasquale, a market trends committee member, expects those incentives to continue.
“While buyers may choose to pause their search until the spring, many are taking advantage of more options and reduced competition,” he said. “‘Tis the season for deals, and there are deals to be had for desirable homes.”
Despite those seller concessions, the median home sale price dropped about 1.7%, or $10,000, from $595,000 in October to $585,000 in November. However, the median sale price remains 3% higher than last year’s $567,688.
Million-dollar homes
In November, new listings in the million-dollar home category fell by 47%, with pending and closed sales decreasing by 24% and 23%, respectively, from October.
November’s sales activity was strong compared to last year. Listings increased by 6%, and spending, closings, and overall sales volume rose more than 23% from last November.
The $2 million-plus segment had the highest inventory, averaging 6.9 months for detached homes and 8.5 months for attached homes. Detached homes priced between $1 million and $1.99 million had 3.1 and 3.9 months available, while attached homes in the same range remained a buyer’s market with 5.6 and 6.8 months of available inventory.
While the million-plus segment typically experiences a seasonal slowdown, Colleen Covell, a member of the market trends committee, said buyers and sellers should reconsider pulling their properties until spring.
“While many sellers will decide to hibernate their properties until early next year, those who remain on the market will face less competition,” she said.
“Buyers who stay active can find supremely motivated sellers and opportunities for great deals that may not be available once the market thaws in the spring.”
The news and editorial staffs of The Denver Post had no role in this post’s preparation.
