June 2024 Market Trends Unveiled

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As summer heats up, so does Colorado’s real estate market. June 2024 has brought some interesting trends and shifts that both buyers and sellers should keep an eye on. From fluctuating home prices to changing buyer preferences, the landscape is evolving in ways that could impact your next move. Whether you’re looking to buy your dream home in the Rockies or sell a cozy condo in Denver, understanding these trends can help you navigate the market with confidence. Let’s dive into what’s happening in Colorado’s real estate scene this month.

Denver

The Months Supply of Inventory, currently at 4.1, indicates a tight supply relative to demand, fostering competition among buyers and potentially higher prices for sellers.

A significant increase (+97.12%) in the 12-Month Change in Months of Inventory suggests more homes available compared to last year, offering buyers more choices and potentially more negotiation power, while sellers may face a more competitive market.

With homes typically spending 12 days on the market, a reflection of high demand and low inventory, sellers should price accurately and market effectively to attract buyers.

A List to Sold Price Percentage of 99.5% indicates homes are selling close to their list price, signaling a strong seller’s market where competitive offers may be necessary for buyers, and accurate pricing is crucial for sellers.

The Median Sold Price of $735,000 gives insight into current price trends, aiding both buyers and sellers in making informed decisions.

In summary, these metrics depict a market with high demand, limited inventory, and strong pricing dynamics. Buyers and sellers alike should weigh these factors carefully when navigating real estate decisions.

Centennial

The Months Supply of Inventory at 2.97 indicates a balanced market, with a relatively low level of inventory available for sale. This suggests that there is a moderate level of competition among buyers for the available properties.

The 12-Month Change in Months of Inventory increasing by +109.15% indicates a significant increase in the amount of inventory available compared to the previous year. This could be a positive sign for buyers, as more options may lead to more negotiating power.

The Median Days Homes are On the Market at 7 days highlights the fast-paced nature of the current market. Properties are selling quickly, which could be advantageous for sellers looking to make a quick sale.

The List to Sold Price Percentage at 100.4% indicates that on average, homes are selling for slightly above the list price. This suggests a competitive market where buyers are willing to pay a premium for desirable properties.

Finally, the Median Sold Price of $697,500 gives an indication of the overall price level in the market. This can be useful for both buyers and sellers to gauge the general price range of properties in the area.

Overall, these metrics paint a picture of a dynamic real estate market with low inventory, high demand, and properties selling quickly at or above the list price. Buyers and sellers should take note of these trends when making their real estate decisions.

Littleton

Understanding the current real estate market involves grasping the intricate connections between key metrics. Presently, with a Months Supply of Inventory at 2.86, demand from buyers outstrips available homes for sale.

Over the past year, the 12-Month Change in Months of Inventory has surged by +76.54%, largely due to increased listings or softened buyer demand. Despite this uptick, homes are swiftly snapped up, with a Median Days on Market of just 8 days. Sellers benefit from accurate pricing, reflected in a List to Sold Price Percentage of 99.8%.

The market’s Median Sold Price stands at $710,000, indicating robust health and desirability. Buyers may encounter premium pricing, while sellers can leverage high demand and limited inventory for swift, profitable sales.

In summary, these metrics outline a competitive landscape: low inventory, high demand, and rapid transactions. Both buyers and sellers must act decisively and strategically to achieve their real estate objectives in this dynamic environment.

Highlands Ranch

The Months Supply of Inventory, currently at 2.59 months, indicates a seller’s market with high demand and limited supply, driving prices up and accelerating sales.

The 12-Month Change in Inventory, up by +79.86%, reflects increased housing availability, possibly influenced by higher construction rates or shifts in demand and economic factors.

Despite rising inventory, homes are moving fast, with a Median Days on Market of just 6 days, showcasing robust buyer interest and competitive pricing strategies.

A List to Sold Price Percentage of 100% signals a balanced market where homes sell at full asking price, underscoring strong buyer demand and seller-favorable conditions.

The Median Sold Price of $785,000 offers a benchmark for market values, guiding both buyers in decision-making and sellers in setting competitive prices.

In sum, these metrics highlight a dynamic real estate landscape with brisk sales, low inventory, and competitive pricing dynamics. Partnering with a knowledgeable real estate advisor can help navigate these conditions effectively, ensuring successful outcomes in today’s market.

Castle Rock

The Months Supply of Inventory stands at 4.38, indicating a balanced market where supply meets demand. However, the 12-Month Change in Months of Inventory has surged by +110.58%, signaling a shift towards a buyer-friendly environment with increased housing options compared to last year.

Homes are spending a median of 23 days on the market, highlighting a swift sales pace advantageous for sellers seeking timely transactions. Furthermore, the List to Sold Price Percentage sits at a robust 99.2%, indicating homes generally sell close to their listed prices.

With a Median Sold Price of $737,450, the market reflects stability and resilience, offering assurance to both buyers and sellers considering investments.

In summary, these metrics depict a dynamic real estate landscape ripe with opportunities. Buyers can capitalize on increased inventory and competitive pricing, while sellers benefit from swift sales and strong list-to-sold price ratios. It’s crucial for all parties to stay informed and collaborate closely with trusted real estate professionals to navigate these evolving market dynamics effectively.

Aurora

With a Months Supply of Inventory at 3.88, there’s a limited housing supply, signaling a competitive market for buyers seeking suitable properties.

The 12-Month Change in Months of Inventory, up by 108.6%, indicates a shift toward a more balanced market, offering potential buyers more options and easing recent competition.

Homes spending just 17 days on the market suggest a fast-paced environment, beneficial for sellers seeking quick sales but requiring buyers to decide promptly.

A List to Sold Price Percentage of 100% shows homes are selling at asking prices, reflecting strong demand and potential multiple offers, maximizing returns for sellers.

A Median Sold Price of $534,000 highlights current home values, guiding both buyers on budget decisions and sellers on property valuations.

In summary, these metrics depict a dynamic, competitive real estate landscape with opportunities for all parties involved. Staying informed and adaptable is crucial for achieving success in today’s market.

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Katina Farrell

Katina Farrell

Certified Divorce Real Estate Expert®

Katina Farrell, CDRE® is an experienced Realtor & Managing Broker who specializes in real estate transactions, with expertise as a trained Certified Divorce Real Estate Expert® and a Certified Negotiation Expert. She handles the sale of real property in family law cases as a neutral expert. Schedule a complimentary chat and discover more ways Katina can help you resolve the real estate challenges plaguing your divorce cases.

Call: 720-295-8848

Email: [email protected]

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