As December rolled in, the Denver Metro housing market experienced notable shifts in response to changing mortgage rates. Buyers wasted no time taking advantage of the falling rates, driving up buyer activity throughout the month. In fact, a total of 2,469 listings saw contracts executed, representing a remarkable 13% increase compared to the same period last year. This surge in contract activity serves as a promising indicator of upcoming home closings in the region.
During December, a total of 2,672 listings successfully closed, a slight 5% dip when compared to the preceding December. While there was a minor decline in the number of closings, the median closed price remained relatively stable at $550,000. This figure was just shy of a 1% decrease when compared to the previous year, and 3% lower than November’s median price. Buyers in the expansive 11-county Denver Metro market continued to exhibit a preference for negotiating prices. Our data reveals that more than half of the homes that closed in November were sold for prices lower than their original listing prices.
Throughout December, sellers introduced 1,739 new listings to the market. Interestingly, this marks the lowest number of monthly new listings observed since the same period last year. As the month concluded, there were 5,010 listings actively available for sale in the REcolorado MLS.
These changes reflect the dynamic nature of the Denver Metro housing market, where both buyers and sellers navigate evolving conditions. For more insights into the local real estate market or to explore your real estate options, don’t hesitate to reach out to the Colorado Fine Homes Team. We are here to assist you in achieving your real estate goals in this ever-changing landscape.