HOME INVENTORY UP IN DENVER | Denver, Colorado Real Estate Market Update | June 2024
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About Video:
Today we take a look at the Denver real estate market as of June 2024. Despite forecasts of a relatively flat housing inventory, we saw the housing inventory rise by 31% in May, giving homebuyers in the Denver area more options and adding in some competition for home sellers. Although housing inventory is up, it is still down from the average for June in Denver.
INVENTORY:
9,149
UP 31.03% over April 2024
UP 75.19% over May 2023
(average active listings in May: 14,895)
NEW LISTINGS
6,966
UP 16.51% over April 2024
UP 33.88% over May 2023
SOLD HOMES:
4,198
UP 5.72% over April 2024
DOWN 5.41% from May 2023
MEDIAN SALES PRICE:
$600,000
DOWN 0.41% from April 2024
UP 0.85% from May 2023
MEDIAN DAYS ON THE MARKET: 9
Housing inventory refers to the number of homes available for sale in a particular market at any given time. It's a crucial factor in the real estate market because it directly affects supply and demand dynamics, which in turn influence home prices and market conditions.
Here's how housing inventory impacts supply and demand:
Low Inventory, High Demand: When there's a shortage of available homes (low inventory) and high demand from buyers, sellers have the upper hand. They can command higher prices and may receive multiple offers on their properties. This can lead to bidding wars and fast sales. In such a seller's market, buyers often have to act quickly and compete aggressively to secure a home.
High Inventory, Low Demand: Conversely, when there's an excess of homes for sale (high inventory) and limited demand from buyers, it becomes a buyer's market. In this scenario, buyers have more options and negotiating power. Sellers may need to lower their prices or offer incentives to attract buyers. Homes may stay on the market for longer periods, leading to price reductions and slower sales.
Balanced Inventory, Balanced Market: In an ideal scenario, housing inventory is balanced with demand, creating a stable market where neither buyers nor sellers have a significant advantage. Prices tend to appreciate at a moderate pace, and homes sell within a reasonable timeframe. This equilibrium is often sought after by both buyers and sellers as it provides fair conditions for all parties involved.
Several factors can influence housing inventory levels, including economic conditions, population growth, construction activity, interest rates, and government policies. For example, a booming economy and population growth can increase demand for housing, leading to lower inventory levels. Conversely, economic downturns or restrictive lending policies may reduce demand and increase inventory.
Real estate professionals closely monitor housing inventory levels to gauge market conditions and advise their clients accordingly. Buyers and sellers can use inventory data to make informed decisions about pricing, timing, and negotiation strategies.
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📞 Phone: 720-476-0370
✉️ Email: cmurphyre@gmail.com
💬 Have questions about the Colorado real estate market or looking to buy or sell a home? Leave a comment below or reach out to us at cmurphyre@gmail.com . We're here to help you every step of the way!
Thanks for watching, and we look forward to assisting you in finding your perfect home in Colorado! 🏡🏔️
Courtney Murphy & Hunter Murphy
Realty ONE Group Platinum Elite
