As we approach the end of 2024, the Denver Metro real estate market presents a dynamic environment for both buyers and sellers. While November data reflects some seasonal cooling, it also highlights significant opportunities for those ready to make strategic moves. At Corken + Company Real Estate Group, we are committed to guiding you through every step of your real estate journey with unmatched expertise and personalized service.
Key November Market Highlights
The latest statistics reveal insights into the market’s current state, helping buyers and sellers navigate with confidence:
• Median Close Price: $585,000 (↓ 1.68% month-over-month)
While median close prices dipped slightly, this presents an excellent opportunity for buyers to enter the market or upgrade to their dream home. Sellers, with the right pricing strategy and incentives, can still capture strong value for their properties.
• Closed Homes: 3,022 sales (↓ 16.54% month-over-month)
A decline in closed sales is typical for this time of year as the holidays approach. However, fewer transactions often translate to less competition for buyers. For sellers, strategic marketing can help stand out in a slower season.
• Sales Volume: $2.10 billion (↓ 18.03% month-over-month)
With sales volume reflecting seasonal trends, now is the time for buyers to take advantage of the increased leverage available in negotiations.
• Active Listings: 9,310 (↓ 14.90% month-over-month)
Inventory remains robust compared to previous years, giving buyers a variety of options. Sellers should focus on showcasing their home’s unique value to stand out in a competitive market.
• New Listings: 2,747 (↓ 41.47% month-over-month)
A significant drop in new listings signals a tightening market heading into 2024. Buyers should act now while inventory is still elevated, and sellers should consider listing before inventory drops further in the new year.
• Months of Inventory: 3.08 months (↓ 3.14% month-over-month)
With inventory sitting above the three-month mark, buyers have more breathing room to explore their options. Sellers can benefit by offering attractive incentives to encourage offers.
• Median Days in MLS: 29 days (↑ 11.54% month-over-month)
Homes are staying on the market longer, giving buyers more time to make decisions. Sellers should use this time to enhance their property’s appeal through staging and competitive pricing strategies.
What This Means for Buyers
Now is the perfect time to take advantage of the market! With median prices stabilizing and plenty of homes to choose from, buyers have a rare opportunity to secure their dream home. Waiting until early 2024 could mean facing tighter inventory and fewer price discounts. Connect with Corken + Company today to explore your options and let us help you navigate the buying process with ease.
What This Means for Sellers
While the market may feel slower, this season provides an excellent opportunity for motivated sellers. Homes that are competitively priced and offer buyer-friendly incentives—like closing cost assistance or interest rate buydowns—are more likely to sell quickly. At Corken + Company, we specialize in crafting personalized marketing strategies to make your home stand out.
If you’re considering waiting until 2024 to sell, we can help you prepare your property to capitalize on the early spring market, which typically sees an influx of buyers. Our team is ready to guide you through every step of the selling process.
Corken + Company: Your Trusted Real Estate Partner
Whether you’re buying, selling, or simply exploring your options, Corken + Company is here to help you make informed decisions in this ever-changing market. With our expertise, local knowledge, and dedication to providing white-glove service, we’ll ensure your experience is seamless and successful.
Take Action Today!
Don’t miss out on the current opportunities in the Denver Metro real estate market. Contact Corken + Company Real Estate Group to learn how we can help you achieve your real estate goals. Whether it’s buying your dream home, selling your current property, or both, we’re ready to work with you every step of the way.
Let’s make your real estate dreams a reality—reach out to us today!
