Metro Denver ended the yr with much more houses and condos listed on the market than in 2023, and people listings took rather a lot longer to promote, regardless of an analogous variety of closings every year, in line with a month-to-month replace from the Denver Metro Affiliation of Realtors.
“The housing market in 2024 mirrored lots of the challenges seen in 2023, with elevated mortgage charges persevering with to form purchaser and vendor conduct,” mentioned Steve Danyliw, a member of the DMAR Market Developments Committee and native Realtor, in an annual recap included with the report.
One of the vital noticeable developments final yr was a widening hole between condos and townhomes or connected houses, which noticed gross sales drop 15.5% final yr, and stand-alone or indifferent houses, which noticed gross sales rise 7.84% and snap a three-year stretch of declines. Mixed, gross sales had been up 0.9%.
The median value of a indifferent house bought final yr rose 2.28%, whereas the median value of an connected house was down 1.9%, and that hole widened because the yr progressed. In December, the median gross sales value for indifferent houses rose 4.9% year-over-year to $639,700, whereas the median gross sales value for connected houses fell 4.4% to $394,000.
New listings rose 15.8% for indifferent houses final yr, however a extra modest 5.2% for townhomes and condos.
Danyliw mentioned the disparity raises an necessary query: Is the demand for connected housing falling, given rising HOA charges and different prices, or are extra condominium homeowners hanging onto their properties and renting as an alternative of promoting them?
Lively listings within the 11-county area DMAR tracks rose from 4,971 on the finish of 2023 to six,888 on the finish of 2024, a acquire of 38.6%. That’s nonetheless under the historic common of 11,986 out there listings on the finish of December in data going again to 1985.
Because the yr ended, patrons had greater than 4 instances as many properties to pursue in comparison with the document low stock of 1,477 reached in December 2021.
A big 26% drop in energetic listings occurred between December and November, however that seems to be a reasonably widespread seasonal sample as sellers pull again and recalibrate, mentioned Amanda Snitker, chairwoman of DMAR’s Market Developments Committee and native Realtor.
“It’s a mix of houses coming off the market in the course of the holidays with the intent of returning within the new yr and people listings that expire. For simplicity and simply human nature, I believe a variety of itemizing agreements terminate on Dec. 31 every year. So, anecdotally, December sees extra expired listings than different months,” she mentioned in an electronic mail.
One results of the rising stock final yr, or maybe a contributor to it, is that listings took rather a lot longer to promote.
Indifferent houses spent a median of 39 days available on the market in December in comparison with 29 days in December 2023, whereas connected houses had been spending 44 days versus 31 days. And whereas the vacation stretch will be powerful sledding for sellers in any yr, their persistence was particularly examined in 2024.
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