The waning days of December brought a surge in home buyer engagements, a testament to the resilience and allure of the Denver Metro real estate market. The count of pending sales soared by an impressive 13% compared to the previous December, indicating a healthy appetite for properties among buyers. Homes spent a median of 30 days actively seeking a suitor before striking a deal, a sign of the market's steady and measured progression. These pending transactions serve as harbingers of future closings, promising a flurry of activity in the coming months.
In contrast to the robust buyer participation, home closings in Denver Metro faced a slight downturn of 5% compared to the previous year, marking the lowest December closing count in more than a decade. This seasonal retreat can largely be attributed to the distracting allure of the holiday season, as buyers temporarily shifted their focus away from real estate endeavors.
Sellers, undeterred by the seasonal lull, brought forth a modest offering of fresh home listings in December, totaling 1739, the lowest number seen in the past year. This strategic restraint speaks to the sellers' prudence and their desire to find the right buyers for their prized properties. The Denver Metro housing market concluded the year with a median closed price of $ 550,000, a marginal decrease of less than 1% compared to the previous December. This resilience in pricing amidst the holiday season is a testament to the market's inherent strength. Notably, over half of the homes that found new owners during this period were sold at a price below the initial asking value, suggesting a keen sense of negotiation among the parties involved.
Rental properties , however, continued to shine in December, with a 21% year-over-year increase in leased properties. This surge in rental activity reflects the enduring demand for flexible living arrangements and the region's growing appeal for both residents and investors alike. The median rental price remained relatively steady, experiencing a modest decline of less than 1%, with condos and apartments commanding the highest monthly rent. Landlords brought 381 new rental listings to the market, while 621 properties actively sought tenants during this period.
Feel free to contact us if you need help buying, selling or investing in a home in Denver or the metro area. We also have a great team in property management if you need a property manager for your rental property. You can reach out to us via email at ContactUs@DistinctiveFlats.com or call us at 303-777-7460.
