As we approach the end of the year, the Denver real estate market continues to display its resilience and adaptability in the face of shifting trends and uncertainties. While the national real estate landscape is experiencing certain changes, the Denver Metro area maintains its unique characteristics, providing both challenges and opportunities for homebuyers and sellers alike.
Denver Metro Area Real Estate:
Despite the typical seasonal drop in new listings, the Denver Metro area has seen a 16.84 percent decrease month-over-month, aligning with the expected seasonality. However, when compared year-over-year, this decline is a more modest 0.65 percent, indicating a level of stability in the market. Active listings at month-end increased slightly and made notable growth from the same period last year.
Of particular note is the fact that Denver Metro has surpassed inventory numbers year-over-year, showcasing the market’s resilience even amid external challenges. Pending sales have also seen a slight uptick compared to the previous year. These metrics suggest that despite the uncertainties, people are still actively participating in the real estate market.
National Real Estate Trends:
The national real estate market, as reported by Realtor.com®’s November housing data, paints a broader picture. The number of homes actively for sale remained relatively stable, growing by only 0.7 percent compared to the previous year. The total number of unsold homes, including those under contract, decreased by 0.7 percent, highlighting a balanced market.
Home sellers in the national arena were notably more active in November, with a 7.5 percent increase in newly listed homes compared to the same period last year. The median price of homes for sale remained stable indicating a market that is not experiencing significant price fluctuations.
Homes spent 52 days on the market nationally, three days shorter than the previous year and more than two weeks shorter than the pre-COVID-19 pandemic era. This suggests a faster-paced market, possibly influenced by increased buyer demand.
Comparing the Denver Metro area to national trends, both markets exhibit certain similarities and differences. While the national market saw a growth in newly listed homes, the Denver Metro area experienced a seasonal decline, albeit a modest one. However, Denver surpassed the national trend in year-over-year inventory growth, showcasing its ability to outperform broader market trends.
Both markets demonstrate stability in median home prices, with only marginal increases. The decrease in days on the market nationally may signal a faster-paced market compared to Denver, where homes spent an average of 52 days on the market.
As we conclude this year’s real estate journey, the Denver Metro area stands as a testament to the adaptability of regional markets. Despite seasonal fluctuations and broader uncertainties, the Denver real estate market has showcased its resilience and potential for growth. Understanding both local nuances and national trends is crucial for those navigating the real estate landscape, ensuring informed decisions in the dynamic world of buying and selling homes.
Interesting in learning how opportunities are available for your specific needs in the market? Contact our team at Corken + Company HERE.