Denver Real Estate Market Update April 2024

 Denver Real Estate Market Update April 2024

Michael Kozlowski RE/MAX Professionals Ranked as High as the #1 RE/MAX Agent in the State of Colorado! Re/max Team-Koz Michael Kozlowski Real Estate Agent Lone Tree Colorado

Spring Temperatures are warming up, and so is the Denver Metro Real Estate Market!

The Residential Housing market is getting back on track after a sluggish start to the year over the Winter months, with an economy that is showing some resilience in the job market and consumer spending which continues to maintain a stubborn inflation.

This data is also delaying any adjustments from the Federal Reserve and keeping interest rates higher than we all want to see. Sellers are beginning to trust that rates will eventually come down and starting to look at new homes and put their homes on the market and increasing Inventory.

Positive trends are showing as we look at the Market by the numbers:

- Active Listings are over 5,800 which is 30% higher than last year!

- Pending homes in March were over 4,300 and that is 7.5% higher than March of 2023!

- Closings in March were just over 3,500 and that is actually down 13% from a year ago. Closings are always a lagging indicator, so with the increased Inventory and Pending Sales, we should see some positive Closing numbers over the next few months.

Most notably are the average price increases both month over month and year over year at 4% and 5.55% respectively. This is a much more normal rate of appreciation versus the consistent double digit increases over many years in the last decade.

There are so many positive factors this time of year for both Buyers and Sellers, so now is the time to Spring into action if you need to sell or find the home of your dreams!

Thank you for trusting our many years of experience and knowledge of the Real Estate market! We look forward to discussing your housing needs very soon!

Denver Real Estate Market Update March 2024

 Denver Real Estate Market Update March 2024

🏡Michael Kozlowski Ranked as High as the #1 Individual Agent in the State of Colorado! Already Selling Homes for Full Price in 2024! www.team-koz.com 303-949-2755🏡

Spring Selling Season has arrived and March Madness is more than a College Basketball Tournament!

The month of March brings many signs of a changing Real Estate Market! First we welcome Daylight Savings, and next we celebrate the luck of the Irish on St. Patrick’s Day, and finally on the Official first day of Spring with the end of the month celebrating the Easter Holiday!

These are all signs of Buyers and Sellers rolling up their sleeves and finding their trusted Realtor to assist in finding and selling their next home! We truly appreciate your trust and confidence in allowing us to share our experience and wisdom in a complicated Real Estate Market!

Buyers are finding that some homes are attracting multiple offers, while others are sitting on the market.

Sellers are finding that their preparation to show their homes in the best condition and a fair price will bring multiple offers, while lack of preparation will leave their home to linger on the market longer than expected and sell for a lower price.

- Active Inventory on the market is up 45% while homes that closed were slightly down.

- The average price of a Single Family Home is up 3.4% while the average price of Condos and Townhomes was down1.9%.

Condos and Townhomes are experiencing a Buyer’s Market with the increase of HOA fees this year! Some great opportunities for Buyers!

This month is the time to begin in earnest your home search and getting your home on the market! Please call us today to discuss the market near you!

Denver Real Estate Market Update February 2024

 Denver Real Estate Market Update February 2024

🏡Michael Kozlowski Ranked as High as the #1 Individual Agent in the State of Colorado! Already Selling Homes for Full Price in 2024! www.team-koz.com 303-949-2755🏡

The Super Bowl is upon us and the Denver Real Estate Market has just begun its Prime Time Season!

The Buyers are back in the market after taking a short pause the end of 2023! They are motivated to find the right home for their needs, and take advantage of lower interest rates and an increase in Listing Inventory!

- Active Listings are over 4,800 which is 18% more than last year!

- New Listings last month were over 3,300 and almost 15% ahead of last year at this time.

- Pending Contracts are up 6.5%, and Average Residential prices are up 5.4% year over year.

Buyer demand is solid, don’t wait for prices to come down if you are looking to purchase as you may miss out. This is a great time to get in the market before it is in full swing with an abundance of competition.

Seller’s this is your early wake up call! We are seeing a slight Seller’s Market in this early activity, and if you need or want to sell this is truly the time to prepare your home for Sale, and we can help you!

Showings are strong, and homes that show well are getting a lot of attention and potential multiple offers! Prime time in the Denver Metro Market typically runs through July! Now is the time!

Denver Real Estate Market Update January 2024

 Denver Real Estate Market Update January 2024

🏡Michael Kozlowski Ranked as High as the #1 Individual Agent in the State of Colorado! Selling Homes for Above Asking Price in 2023 with Multiple Offers! www.team-koz.com 303-949-2755🏡

We enter this New Year of 2024 with excitement and anticipation for better times and markets ahead! The Denver Real Estate Market was a challenge in 2023, and here are the major stats from the close of the year as follows:

- Active Inventory is up 4.5% Year over Year, but it’s up 236% from two years ago. 

- New Listings were at 49,560, which is down 17.7% from last year. 

- Closed Properties were at 41,840, which is down 18% from last year. 

- The Average Price for all Residential Homes was $679,710

- The Average Price for Single Family Detached homes was $764,977

- The Average Price for Attached homes ended the year at $477,985 

The biggest surprise in these numbers is the big drop in numbers of homes sold, and yet the average prices in all three categories were only down less than 1%! Many Economists and experts predicted we would see a drop in prices from 5-20% The Denver market and economy have proven to be very resilient when we discuss prices, however rising interest rates, inflation and affordability pushed thousands of Buyers and Sellers to the sidelines and hit the pause button in 2023!

Let’s talk about 2024! Last year we shared our Top 10 Predictions for 2023, and actually predicted the market with above average accuracy with 8 of our 10 predictions coming mostly true! We won’t pretend to know the future and forecasting or predicting is usually a good guess at best, but here is the list of adjustments we feel are coming with confidence in 2024:

- Inflation will continue to slow down and put less pressure on Interest Rates.

- The Federal Reserve will lower interest rates 2-5 times in 2024.

- Mortgage Rates will vary from the low to high 6% range, with a chance of dipping into the 5%’s

- Buyers will return to the market, especially first-time buyers with reasonable ability to negotiate well on price and terms.

- The average Residential prices will adjust plus or minus 1-3%

- Sellers will finally return to the market, as pent-up demand and basic housing needs will motivate them to sell again regardless of Interest rates.

- The market will see a 20% increase in numbers of homes Sold and go above 50,000 resale homes sold again!

- Builders will increase inventory in 2024, as they have figured out how to sell homes with the right incentives and interest rates.

- The employment and labor markets will tighten, as many businesses will become more frugal and downsize their staff and space.

It’s an Election Year! Generally markets magically feel and look better when Politicians want our votes! (It’s also a Leap Year)