December Market Report - Metro Denver
Last Month's Key Statistics
for Denver's Real estate Market
Attached & Detached Single Family Homes
THE AVERAGE SALES PRICE OF $693,861 IN NOVEMBER DECLINED 1.8% FROM LAST MONTH AND ROSE 5% FROM LAST YEAR.
Quick Stats:
- Average active listings for November is 13,521 (1985-2023).
- The record-high for November was set in 2006 with 27,530 listings, while the record-low was set in 2021 with 2,248 listings.
- Historically, active listings drop by an average of 12.7 percent from October to November. This year's 15 percent decrease suggests slightly slower buyer demand.
Happy year end, everyone!
No real surprises as we wrap this year. The real estate market is behaving as expected. Supply and demand both decreased during the month of November, leaving us with three months of housing supply, which is still technically a "Seller's Market." However, this is the largest amount of housing supply that Denver has had throughout my 11 year career. Thus, 50% of the homes sold in November had a price reduction prior to going under contract.
Interest rates made it back to 7% in November and currently are in the high 6s. I believe we won't see a significant increase in demand until rates hit and hold in the 5-6% range. However when (not if) that day comes, expect prices to increase at a larger annual appreciation rate than the 3-5% we currently have year-over-year.
In short, if you're in the market to buy, now is when you'll historically find your best pricing. Our annual appreciation is almost guaranteed to begin again in January/February as many buyers are waiting until then to begin their home search.
Sellers, continue to have realistic expectations and make sure you are getting accurate data for your particular micro-market. Staging and proper market preparation is critical now more than ever for a successful sale.
And as always, don't hesitate to reach out for more detailed information for your specific needs.
Happy holidays, happy New Year, and see you in 2025!
Best,
Florence Realty Co.
