Monday Market Moves with Kristen - What is happening with the Denver, Colorado real estate market?

[Music] hi I'm Kristen harness and I'm a Colorado licensed real tour with Karin win team at real broker and the founder and host of unlocking Colorado real estate podcast and today I want to bring you my Monday Market moves where I'm highlighting what's going on in the market for Denver Metro as a whole and also my hoods of Arvada golden Westminster Superior and Boulder all together combined so by keeping informed about market trends working with me and my team whether you're a buyer seller investor you can confidently navigate the changing Market effectively right because information is key data is key knowledge is power so let's first look at June of 2024 overall for the Denver metro area in June sellers added 5,750 new listings to the market that's 6% more than June of 2023 there was a buyer increase in June as well over 4 000 contracts were executed on homes that's 1% more than last year 4% more than the previous month so even though we still hear about the frustrations of higher interest rates buyers are buying homes are staying on the market a little bit longer than last year for a median of 13 days which is six days longer than last year and this just indicates you know a little bit more hesitation negotiations going on with Buyers the number of homes that closed in June was 12% lower than both last year and last month and this is for for all hes single family Town Homes condos so this decline you know can indicate changes in Market activity which are influenced Again by interest rates um which you know affect buyer affordability economic conditions inventory levels when the number of homes for sale the number of homes for sale can influence the number of closings okay and right now we are in what's called a sellers Market with about 11 weeks of inventory available so for buyers the decrease in closings might present an opportunity to negotiate better deals as sellers may be more flexible and for sellers again understanding the market conditions it's crucial for setting realistic expectations and pricing strategies that will actually get your home sold the median price of homes that closed it didn't see much movement in June it's still remaining at $600,000 now let's look at my bundled area that I mentioned over the weekend we had 69 price decreases 50 seven new listings come to the market and 36 homes that close since Wednesday most under listing some at listing and a few over but why because price is King and there are strategies to pricing properties you know some pricing higher leaving room for negotiation some at market and then ones who price a little bit lower because they want to drive multiple offers hopefully increasing the overall price listing prices need to be based on fact and data not Theory the market dictates prices and as agents we need to strategize based on facts so let's talk there are options for you regardless of your budget if you're looking for your primary residence or an investment property rental property reach out to me again we'll strategize the plan I can answer any of your questions and then we can get you moving forward [Music]