Denver Market | Top Ten Talking Points | December 2024

1. Median home prices dipped 2.3% in November, offering buyers a brief window of savings before the spring market.

2. While inventory has declined seasonally, it remains 39.9% higher than this time last year, giving buyers more choices compared to previous years.

3. Median days on market reached 46 in November, providing buyers with more time to carefully evaluate options and make informed decisions.

4. Over half (52.5%) of homes sold below asking price in November, signaling that sellers are willing to negotiate to close deals during this season.

5. Showings increased 25.6% year-over-year, signaling a more active winter market and potentially heightened competition as we move into 2025.

6. Sellers should prepare now to hit the early-spring selling season running, as inventory typically peaks in March through May.

7. The seasonal withdrawal of inventory has led to a decline in the predictive months of supply, now at 2.6 months—still up 18% compared to this time last year.

8. Concessions were offered in 64% of closed transactions last month, with majority (82.5%) covering buyer closing costs or points to buy down the interest rate.

9. More than a quarter (25.7%) of listings went under contract within seven days, often exceeding asking price, emphasizing the importance of being market-ready and pricing strategically.

10. Active inventory dropped 17.6% month-over-month in November, providing a temporary advantage with reduced competition for sellers staying on the market through the holiday season.

SOURCE: our friends at First American Title