Denver Housing Inventory On The Rise- Increase in available homes for sale?
The housing market is finally starting to see an increase in available homes for sale. That’s some good news for home shoppers in the Denver metro area!
April saw a significant jump in new listings, with over 6,095 homes hitting the market- A 26% increase compared to April 2023 and a 22% increase from just last month!
So far in 2024, the total number of new listings that sellers have brought to the market is 15% higher than at the same point last year. This marks the fourth consecutive month of rising inventory.
We saw over 7,730 active listings at the end of April, which represents the highest level of inventory we’ve seen since October 2019. That means you’ll likely have more choices to find a home that meets your needs. Yes, there is an increase in available homes for sale.
While there are more options available, demand from buyers is also strong. Home sales are on the rise, with 3,837 closings in April across the 11-county metro area. This represents a slight increase from last year and the third consecutive month of rising closings.
As for prices, buyers are paying more than they ever have. The median closed price for a Denver-area home in April reached a record high of $602,000, which is 4% higher than April 2023 and 1% higher than March 2024.
Another indicator of a robust market is the rising number of listings pending sale. This number increased by 7% from March to April, following a significant 27% jump from February to March. Listings pending sale are a leading indicator of future closings, suggesting we might see continued sales activity in the coming months. Homes were on the market for a median of 9 days in April-1 day longer than last year, and 3 days less than last month.
Interest Rates
This month’s CPI report helped drop the interest rate below 7% this week. While it was nice to see rates move lower, I expect a lot of volatility in the coming months. So it will be wise to keep an eye on rates when shopping for or pricing a home.
If you’re thinking about jumping into the market, or know someone who is, give me a call, I’m happy to help!