April 2024 Denver Metro Real Estate Market Review with The Wise Team
The Denver Metro real estate market is heating up! Homes are flying off the MLS, significantly reducing the average days on market. Despite high mortgage rates and elevated home prices, buyers are eager to make their move. This urgency is understandable; waiting could mean higher costs as interest rates show no signs of decreasing. Let’s dive into the specifics of what happened in April across the Denver Metro real estate landscape.
Denver Metro Area
The pace of sales in the Denver Metro Area has accelerated remarkably. The average days on market dropped from 44 days in March to just 33 days in April. This is nearly 6% faster than the same time last year. This rapid movement is keeping active month-end listings relatively low, though not as low as the record lows seen during the pandemic. However, we are witnessing a near-record influx of new listings, up 25% from last year, and properties going under contract, up 12% from last year. This surge in activity is fostering competition and pushing housing prices back towards record highs. In April, the median sales price of a single-family home in Denver was $639,000, up 4.4% from last year. With mortgage interest rates at 7.5% or higher and no sign of decline, buyers are eager to secure their positions as new homes hit the market.
Boulder County
Boulder County is charting a different course compared to the larger Denver Metro Area. The median sales price of homes in Boulder County has dropped 12.2% from last year, now at $745,500. Along with this price decline, the number of new listings decreased by 60.1%, homes going under contract decreased by 60.8%, and month-end active listings fell by 15%. It’s important to consider the nuances behind these statistics. Boulder’s market can be skewed by multi-million dollar homes, and we saw a surge in high-value listings during and shortly after the pandemic. Recently, however, fewer high-value homes have been listed on the Boulder County MLS. Despite this, competition remains fierce as the average days on market dropped to 46 days, down from 52 last month.
Longmont
“Balanced” best describes the Longmont housing market in April. Housing sales remained steady month-to-month, keeping the median sales price at $567,000, just 2.6% lower than last year. Homes in Longmont are listed for an average of 34 days, which is 7 days longer than last year but showing a downward trend for the year. The buying frenzy in the larger Denver market is positively impacting Longmont, although its distance from city centers might be a deterrent. While housing prices in Longmont are traditionally lower than in Denver, the price gap is narrowing as the state’s population continues to grow.
What This Means for You
If you’re looking to buy in this market, be prepared to act quickly. While we’ve seen more competitive markets recently, homes are starting to sell faster than in the past year. Connecting with a knowledgeable realtor will be invaluable. If you’re interested in the Longmont area, we’re here to help you find the perfect home.
If you’re planning to sell, it’s crucial to prepare your property for a swift sale. Understand what concessions you can offer to make your deal more attractive. Most importantly, work with an experienced realtor to navigate the sale process smoothly and efficiently.
