April Denver Real Estate Market Update
The Denver real estate market showed significant activity and changes in April 2024, reflecting robust buyer interest and increasing inventory. This update provides a detailed analysis of the latest trends and statistics in the Denver metro area, covering aspects such as new listings, pending sales, closed transactions, prices, and rental market dynamics.
Increase in New Listings
April 2024 witnessed a notable surge in new listings, with over 6,095 homes entering the market. This marks a substantial 26% increase compared to April 2023 and a 22% rise from March 2024. This increase in inventory is the fourth consecutive month of growth, demonstrating a consistent trend of more homeowners willing to sell. For the year, new listings are up by 15% compared to the same period in 2023, indicating a healthy supply of homes for potential buyers.
Strong Buyer Demand
Buyer demand remained robust in April, leading to a total of 3,837 home sales in the Denver metro area. This represents a slight year-over-year increase and the third consecutive month of rising closings. The median closed price for homes reached a record high of $602,000, a 4% increase from April 2023 and a 1% increase from the previous month. The strong demand and rising prices indicate a competitive market where buyers are eager to secure homes despite higher costs.
Quick Turnaround for Listings
Homes in the Denver area are selling relatively quickly, with a median of 9 days on the market. This is one day longer than April 2023 but three days faster than in March 2024. This quick turnaround time suggests that homes are being snatched up rapidly once they are listed, contributing to the dynamic nature of the market.
Pending Sales and Closed Transactions
The number of listings pending sale increased by 7% from March to April, following a significant 27% jump from February to March. Pending sales are a leading indicator of future closings, suggesting continued sales activity in the coming months. The number of closed transactions in April was slightly higher than in April 2023, with a 7% month-over-month increase. This steady rise in closings reflects strong buyer engagement and successful transactions in the market.
Rental Market Overview
The rental market in Denver also saw noteworthy activity in April. Although the number of properties leased using REcolorado MLS dipped slightly compared to April 2023, it was 20% higher than in March 2024. The median rental price increased by 2% year-over-year, reflecting a steady demand for rental properties. To meet this demand, 412 new rentals were added to the market in April, a 20% increase from the previous month. At the end of April, there were 464 active rental properties available, providing a healthy selection for renters.
Market Activity by Price Range
In April, the $500,000 to $600,000 price range saw the most activity, with 755 listings closed and 1,088 new listings. Homes in this price range were available on the market for a median of 9 days, underscoring the high demand and swift turnover in this segment. The increased activity in this price range highlights its popularity among buyers, possibly due to a balance between affordability and desirable features.
Confluence Park Denver
Active Listings and Sales Volume
The inventory of active listings in April 2024 was 65% higher than in April 2023, with 7,730 homes available for sale in the Denver metro area. This significant increase in active listings provides more options for buyers and can potentially moderate the rapid price increases seen in recent months. The gross sales volume in April was 8% higher than in April 2023, indicating a healthy level of transactions and economic activity in the real estate market.
Summary
April 2024 was a dynamic month for the Denver real estate market, characterized by increasing inventory, strong buyer demand, quick sales, and rising prices. The influx of new listings and the rapid pace at which homes are selling suggest a vibrant and competitive market. Both buyers and sellers need to stay informed and agile to navigate the ever-evolving landscape of Denver's real estate market effectively.
For more detailed information and specific statistics, refer to the REcolorado Market Watch report for April 2024, which provides comprehensive insights into the trends and dynamics shaping the Denver metro area real estate market.
Make Living in Denver a Reality
With the Denver real estate market showing such vibrant activity, now is an ideal time to explore your options. Whether you're looking to buy, sell, or rent, the team at Iron Works Realty is here to help you navigate the market. Contact Jeff at Iron Works Realty to make living in Denver a reality. Reach out today.
