There is no doubt that the Denver Foothills real estate is still…well… different. I have been doing this about 14 years and I have never seen anything like this. One thing that is predictable is when rates so does inventory. That is what is happening now. At the time of this post national average for mortgage rates was 7.36%. That will always slow down market activity. 

We are still at historically low inventory numbers so that is putting upward pressure on prices. Sending them up as inventory rises. Usually as inventory rises prices tend to go down. Not in 2024 because why TF would anything be normal in 2024?

Number of Active Listings

The good news about active listings is we have more than last year! Bad news is we are still way below were we need to be to have a more buyer favor market. It is still in the seller’s favor in most areas of the Denver Foothills. What that means is if a home is priced right and your agent is decent homes are selling in a pretty good pace. It also means no matter how hard buyers put downward pressure, values still rise.

 

Number of Active Listings May 2024

Days on Market 2024

Although days on market really ticked up in the start of the year the last couple months they are back in line with normal time frame.

Days on market may 2024

Number of sales May 2024

Number of sales are trending upward after a more drastic than usual seasonal trend downward. We will see this number increase even with rising interest rates. There are ALWAYS real estate transactions under any conditions. Things boil down to how many and how fast.

Number of Sales 2024

Supply and Demand

It looks like supply will remain short this spring. Up from last year but that really isn’t saying much. I see values continue to rise and homes to still move faster that the past but not as fast as the Covid rush.