Greater Denver Area Real Estate Market Report from May 2024

As we head into the summer months, it's helpful to focus on the three P's to find equilibrium in the Denver Metro real estate market -patience, preparation and persistence, says the Denver Metro Association of Realtors’ Market Trends Committee.

Patience while navigating this changing market is the first key to finding success. Sellers who prepare their properties to compete on the market will find themselves a purchaser more quickly. For buyers, persistence will pay off once they find the right property.

As we patiently wait for mortgage rates to adjust downward, we continue to find a way to transact business in this landscape of seven percent interest rates. Last month, new listings rose 16.51 percent month-over-month and 33.88 percent year-over-year to 6,966. Pending sales increased a slight 1.94 percent month-over-month with 4,265 properties, while closed sales rose 5.72 percent to 4,198. Median close prices fell marginally month-over-month by 0.41 percent.

The most notable gain this month was in active listings at month end, which rose 31.03 percent month-over-month, 75.19 percent year-over-year and, most astonishing, 150.79 percent from this same time in 2022. It was widely projected that inventory would remain flat throughout 2024, as long as there wasn't a huge drop in mortgage rates. It was forecasted that homeowners would favor their low mortgage payments due to sub-four percent interest rates available during the pandemic years, then enter the market to sell their homes. Additionally, it was predicted that sellers who would enter the market would be motivated by major life changes and were in the "need to move" category. However, that doesn't seem to be the case, as sellers have been not only stepping but jumping off the fence to enter the market for a variety of reasons.

This is why it's so important for sellers to take the time to prepare their homes for the market. Those who take their Realtor's® advice have found themselves moving to the closing table more quickly than their neighbors who have not put the time and energy into getting their homes ready to list.

Opportunities do exist in the Denver market for persistent buyers. The months of inventory has grown to 2.18 market -wide, a 16.58 percent increase month-over-month. Buyers have the immense gift of choice and now have more properties to consider before submitting an offer. Additionally, consumers have become accustomed to transacting real estate quickly throughout the last few years. As a result, sellers are more willing to evaluate a price correction or negotiate with buyers at the onset for a quick sale.

Additional opportunities continue to present themselves in the condo market. These properties experienced a three-pronged financial hit over the last year due to rising HOA fees, association assessments and property taxes. Homeowners in the condo market are paying more to hold onto their properties. As a result, by and large, they are not appreciating as well as they once did due to buyer hesitancy to take on the financial burden. This has resulted in a median close price of $407,250, a 2.8 percent decrease month-over-month and a 4.18 decline year-over-year. Median days in the MLS have also increased 16.67 percent month-over-month to 14 days, an astounding 133.33 percent increase year-over-year.

The motivation to enter the market is varied. However, over the past week alone, I've encountered more buyers and sellers who are transacting real estate to take advantage of 1031 Exchange opportunities. These savvy consumers know that real estate is a sound investment, especially when focusing on patience, preparation and persistence.

Read below for a price range breakdown for properties sold between $500,000 and $749,999 from Market Trends Committee Member and West + Main Homes Agent, Michelle Schwinghammer.

Governor Polis approved a bipartisan bill that will cut property taxes, saving the average homeowner $500 and capping future tax increases at 5.5 percent.

Mayor Mike Johnston announced a plan to raise $500 million in public funds to revitalize downtown Denver over the next 10 years.

Overall office vacancy rate in downtown Denver rose to 32 percent in the first three months of 2024, the highest in decades. However, offices around Union Station and LoDo are faring better, with vacancy rates in the single digits.

Upton Residences, with 461 condos, will be Denver's second-largest condo project once completed, following the 42-story, 496-unit Spire building that hit the market in late 2009.

Colorado homeowners report 30 to 130 percent insurance premium increases, with some being informed that their policies won't be renewed.

Learn more about the market from the Denver Metro Association of Realtors.

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Thank you to our partners at the Denver Metro Association of Realtors for compiling this information.

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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Just Listed: A Historical Highlands Gem

This is a rare opportunity to own a historical gem, which has been lovingly restored and beautifully remodeled adding luxury and modern elements and exquisite outdoor amenities.

Nestled in the prestigious Highlands neighborhood, this 1922 masterpiece has been transformed into an award-winning, modern sanctuary, retaining its historical charm while integrating state-of-the-art upgrades. Recognized with the Mayor’s Design Award, this home features meticulous renovations ensuring every detail is perfected. The home dazzles with high-end finishes, modern chic designs mixed with classic elements like new crown molding and master woodworking visible in the stunning staircase and built-in wine rack. The chef’s kitchen boasts a designer wallpapered ceiling, a BlueStar Professional Stove, complemented by a custom vent hood setting the stage for culinary excellence. Smart home features, including heated floors & a steam system in the primary bath, enhancing comfort in this meticulously cared-for home, which has been lovingly maintained by the same family for 24 years. Externally, the home maintains its original allure with specially sourced bricks matching the unique blonde-speckled pattern of the past. Multiple private outdoor living and entertaining areas invite seamless indoor-outdoor living, perfect for hosting gatherings or enjoying quiet moments in nature.

Listed by June Schlesinger for West + Main Homes. Please contact June for current pricing + availability.

 

Have questions?
West + Main Homes
(303) 935-8787
hello@westandmain.com

Presented by:
June Schlesinger
303-521-7292
june.schlesinger@westandmain.com

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Just Listed: Live in the Iconic Colorado McCormick Mansion!

Dream of living in a Colorado Landmark.

Welcome home to the McCormick Mansion spectacularly renovated fully furnished Queen Anne Victorian home built in 1890 by regionally famous architects Bulger and Rapp. Come in from the outside to a beautiful wood staircase and foyer. The home was lovingly restored in 2008 and no attention to detail was left out, from the stamped door hinges to the button light switches and period appropriate lighting. There are three working gas fire places on the first floor and two decorative fireplaces upstairs. The house has unobstructed views of Fishers Peak, Trinidad’s most prominent landmark and Simpson’s Rest. Sit in on the new stamped concrete patio in the back yard and listen to the birds and watch the deer or pick vegetables from your raised garden beds. The house is 5784 sf and sits on .64 acres in on a quiet street on the edge of town flanked by pinon juniper forest. There are six bedrooms and four bathrooms, including a large primary suite with views of Fishers Peak from bed and a bathroom that has double sinks, clawfoot bathtub and exposed brick. Expansive kitchen with large island, cabinets that go to the ceiling, pantry, farmhouse sink and a working antique wood burning stove in addition to a Stainless-Steel GE gas stove and oven. A large mud room is attached to the kitchen with laundry and a utility sink. The roof was replaced in 2023. The house has new AC, tankless hot water system, a new backyard patio, landscaping and sprinkler system. It is only a few short miles to Trinidad Lake State Park and Fishers Peak State Park where you can enjoy hiking, biking, boating or fishing and it is about one mile from main street with its galleries and independent shops. Enjoy everything Colorado has to offer.

Listed by Dawn Richardson for West + Main Homes. Please contact Dawn for current pricing + availability.

 

Have questions?
West + Main Homes
(303) 935-8787
hello@westandmain.com

Presented by:
Dawn Richardson
303-378-2672
dawn.richardson@westandmain.com

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Just Listed: Pronghorn-Style Townhome in Winter Park's Rendezvous Neighborhood!

Looking for a home in a private setting away from the busy in town and with low HOA fees?

This fantastic Pronghorn-style townhome, in a small HOA within the highly sought-after Rendezvous neighborhood, is a must see! Located less than 10 minutes from Winter Park Resort and a short walk to downtown Winter Park, 50 Reunion Court features main floor living, expansive deck space and a brand-new roof and hot tub. Inside, enjoy an open concept living/kitchen area with vaulted ceilings, plus a second living area/office space on the lower level. There's plenty of room to spread out and enjoy your time in the mountains! Take advantage of the wonderful Rendezvous amenities, including miles of trails accessible right from your front door, an opt-in private ski club at Winter Park Resort, and a private stocked fishing pond to enjoy all summer long. Welcome home!

Listed by Michelle Moran for West + Main Homes. Please contact Michelle for current pricing + availability.

 

Have questions?
West + Main Homes
(303) 935-8787
hello@westandmain.com

Presented by:
Michelle Moran
774-222-2239
Michelle@MichelleMoranRealEstate.com

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Just Listed: This is a charming 1800 sq ft, 100-year-old bungalow that has been lovingly restored!

This is a charming 1800 sq ft, 100-year-old bungalow that has been lovingly restored

She has original hardwood floors, tons of renovations, an organic garden with expansive outdoor space and ample room for two cars in the detached garage. Attention to detail is evident in every room of this Berkeley bungalow as each element has been chosen to enhance the home's character and functionality. From the butcher block and white tiled kitchen to the open floor concept of the dining and family area with plenty of room for table seating for 6-8 comfortably, this is an entertainer’s dream. On the other side of the dining room is an office with ample space for Work from home needs or privacy. The main floor primary bedroom and adjacent bath are just down the hall from the kitchen. Easy access to grab coffee on your way to the sun room where mountain views await each morning. The sunrises/sunsets from this room are truly special and unique to only this block in this neighborhood. Enter the basement for two more bedrooms, washer & dryer, and the downstairs bathroom boasting a stand in shower which is unique to a Denver bungalow home. This property has been professionally landscaped and renovated to keep her vintage charm but be as comfortable as possible. The organic garden is designed with the environment in mind and has room to grow.

Listed by Jenn Kaaoush for West + Main Homes. Please contact Jen for current pricing + availability.

 

Have questions?
West + Main Homes
(405) 652-6635
hello@westandmain.com

Presented by:
Jenn Kaaoush
720-592-6309
jk@westandmainhomes.com

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