June 2024 marked a significant shift from traditional trends,

June 2024 marked a significant shift from traditional trends, as retraction grips the metro Denver market. Typically one of the busiest months for closings, this year saw buyers exercising significant negotiating power. Properties selling over asking price declined, and concessions became the norm. The fallout rate of pending transactions has been notably high, primarily due to inspection issues, higher-than-expected insurance quotes, and increased HOA costs for attached properties. It is crucial for listings to pre-inspect, correct major issues, and be prepared to negotiate to successfully reach the closing table.

Let’s take a look at the trends:

**Detached Single Family Residential June 2024:**
– Active inventory is growing, transitioning from last month with a significant increase, reaching the highest levels since 2014.
– Demand for homes decreased, with fewer homes going under contract and a notable decline in closed transactions.
– Months of inventory grew substantially month-over-month.
– Average sold prices declined slightly, while median sold prices saw a small increase, indicating early entry into the retraction phase.
– Multiple offers are less severe compared to previous years, with a significant portion of homes selling for over asking price.
– Concessions are prevalent, with a large percentage of transactions reporting concessions, primarily used for buyer’s closing costs or seller points to buy down the interest rate.
– Average and median days on market increased, with homes taking longer to sell than in recent years.
– A smaller percentage of homes were under contract quickly, but those that did often received offers above the original list price.

**Attached Single Family Residential June 2024:**
– Active inventory rose again, with new listings entering the market at a reduced rate.
– Demand for homes was flat, with a slight decline in pending transactions and a significant drop in closed transactions.
– Months of inventory increased, indicating a lagging market indicator.
– Attached residential home prices were up slightly, with prices down compared to last year.
– Multiple offers are much less frequent, with a smaller percentage of attached units selling for over asking price.
– Concessions are common, with a notable percentage of transactions reporting concessions, primarily used for buyer’s closing costs or seller points to buy down the interest rate.
– Average days on market grew, with homes taking longer to sell.
– A smaller percentage of homes were under contract quickly, with those that did often receiving offers close to the original list price.

Most Recent Sales by the Real Broker Team