Denver Property Values Grow; Sales Volume Drop in April 2024

In Denver, CO, there has been an observable shrinkage in average property values from September of last year, when the average value of a home in Denver hit $597,000, to a lower average value of $500,000 as of April 2024. What stands out is not just the downward shift in property prices but also the clear decline in both the availability and sales of properties.

In parallel, variations can be seen in the average sale price of homes in Denver. The market experienced its highest average sale price in September 2023 at approximately $579,928. Since then, this figure has shown slight fluctuations, rather than a steady decline, and as of April 2024, the average sale price rests at a bit higher figure of $572,753 when compared to earlier months in 2024.

Further exploration into the per square foot value of the properties adds another dimension to the market trend story. Starting from a high in January 2024 at $400 per square foot, this figure dipped by about 12% to $351 per square foot in April 2024. Sold properties reflect a similar trend with a decrease from the September 2023 high of $470 per square foot to $457 per square foot in April 2024.

Finally, the number of homes sold in Denver dropped from 8,535 transactions in September of 2023 to 7,083 homes sold in April this year. These numbers are paralleled by a fall in the property count available on the market, firmly suggesting a tightening in the Denver real estate market space.

Current Denver Real Estate Values and Volumes

As of April 2024, the average value for a home in Denver is at the $500,000 mark with an average per square foot value set at $351. Interestingly, the average sale price stands higher at approximately $572,753, indicating that homes may be fetching higher final prices compared to their listing values. The sold per square foot value for April resides at $457, converging close to the general trend observed over the past months. Furthermore, with 7,083 properties reportedly sold, the market activity suggests a somewhat moderate but continuing pace compared to the higher numbers recorded in the latter half of 2023.

Housing Market Summary for Denver, CO

March 2024 data show a slight dip in average property value to $499,900 with a per square foot value at $349. The average sale price takes a noticeable drop to around $552,927, and the sold per square foot value also decreases to approximately $444. The total number of homes sold for the month was 6,271, which reinforces the ongoing trend of declining sales volume.

Moving back to February 2024 provides insight into the beginning of observable declines. The average property value in Denver was notably higher at $550,000, with the per square foot value standing at $378. The average sale price, being lower at around $528,394, contrasts with the average values during this period. This indicates a market where negotiations might have favored buyers. Similarly, the sold per square foot value was at $424, with 6,724 properties sold for the month.

January 2024 is significant in being the point before continuous declines. The average property value was set at $535,750 with a high per square foot value of $400. The market seemed robust with an average sale price of around $538,130 and a sold per square foot value of $435. A total of 6,975 properties exchanged hands, placing January as a strong start to the year.

In summary, the Denver real estate market as of early 2024 shows a contraction in both value and sold units, indicating a potentially more buyer-friendly environment. It is important for potential buyers and sellers to stay informed on these trends to make the most of the current market dynamics.