Denver Market | Top Ten Talking Points | Late November 2024

1. Historically, 95% of home appreciation occurs from March to May, making the current season ideal to buy before spring demand spikes.

2. The 2.7 months of supply is up nearly 15% year-over-year, providing buyers with a slightly more balanced market compared to last year’s tighter inventory conditions.

3. Over half (55%) of all homes under contract had at least one price reduction, giving buyers opportunity to capitalize on better deals in Q4.

4. Sellers listing homes before the holidays often have specific goals and are motivated to close, creating potential opportunities for flexible negotiations and seller concessions.

5. Homes are seeing an average of 40 days to go under contract, up 60% year-over-year, giving buyers more time for informed decisions.

6. The average number of showings needed to go under contract has decreased to 14, a 2.4% drop week-over-week, suggesting that buyers active in the market are motivated to go under contract before the holiday season.

7. Properties with price reductions averaged 6% off the original price, highlighting the importance of tailoring your pricing and timing strategy to align with your unique goals—whether that’s selling quickly or maximizing your sales price.

8. Closed listings are up 3.6% compared to this time last year, indicating more serious active buyers and success for motivated sellers.

9. Historically, November has an average 48.5% odds of selling, but this year is trending historically low (37.8%) indicating a substantial increase in homes being pulled off the market with an unsuccessful sale.

10. "Coming Soon" listings are down 39.4% week-over-week, indicating reduced future competition for sellers as we settle into the winter market.

SOURCE: our friends at First American Title