A Closer Look at May Market Stats
The Denver real estate market is experiencing a period of normalization, yet it continues to grapple with persistent affordability challenges. This fascinating phase presents a unique landscape where serious buyers and sellers can negotiate favorable deals in the second half of the year. For homeowners and real estate professionals, this transitional period offers both opportunities and challenges worth exploring.
One significant trend highlighted in the report is the substantial increase in insurance premiums for Colorado homeowners. Many have reported hikes ranging from 30 to 130 percent, with some even facing non-renewal of their policies. This development underscores the importance of staying informed and proactive in managing homeownership costs. Additionally, the average mortgage rate for Denver homeowners stands at a relatively favorable 3.9 percent, providing a silver lining amidst the broader economic uncertainties.
Consumer confidence in the US showed a positive uptick in May after three consecutive months of decline. While Americans remain anxious about inflation and interest rates, this renewed confidence signals a cautious optimism that could influence real estate dynamics in the coming months.
By understanding these market trends, homeowners and real estate professionals can better navigate the evolving landscape, making informed decisions that align with their financial goals and personal needs. Stay ahead of the curve by leveraging these insights to your advantage.
Home Prices Up 3.31% Percent From Last Year
- In May 2024, the average residence sold for $720,109
- The average single-family home sold for $803,510
- Whereas the average attached home sold for $461,601
May Interest Rates Update
The Bottom Line
The latest report from the Denver Metro Association of Realtors (DMAR) states that there are currently 9,159 attached and detached homes available in the entire Denver Metro area. Pushing at just over a 31% increase from last month in available properties; whereas the numbers are up by 75.19% from May 2023. Meanwhile, affordability remains in the same range we’ve been seeing over the last year. The median sales price is $600,000 this past month, a little under a 1% increase from 2023. Leaving May 2023 at the slightly lower median price of $594,945.
As the weather warms up, there are 6,966 new homes hitting the market, showing quite the drop from this time last year: 5,203. The average days on market Denver Metro area is experiencing at a 10% drop from last month, showing a slightly more competitive market.
Unsure about how these stats impact you directly? Get a comprehensive market analysis of your particular neighborhood, and don’t miss out on utilizing a Usaj Realty expert as the numbers in each part of town vary greatly.
Quick Stats
The May Denver Housing Market Quick Stats covers active listings, highs and lows, and new listings with direct comparisons to previous record breaking reports below:
What makes Usaj Realty stand out?
Founded in 2011, Usaj Realty takes pride making our home sellers and buyers goals, our own. We are with you from the beginning to create financial stability, and ease of mind from start to finish. We know the importance of securing generational wealth for the future, and we believe we’re the best fit for the job. Get in touch with our outstanding agents today to receive guidance on the February Market Stats and the flourishing Denver housing market coming with the warmer weather.
