We’re reviewing the December 2024 DMar Report and breaking down the 6 Denver Real Estate stats you need to know whether buying or selling in Colorado.
DMar is the Denver Metro Association of Realtors. They publish monthly reports on real estate data regarding the Denver Metro, and if you follow us on Instagram, this is where we pull our data from for our market update posts. Using the data DMar provides, we like to break it up by attached and detached units, meaning condos and townhomes vs. single family homes. It’s also important to understand how to use the data to identify outliers and skewed metrics.
The 6 Stats You Need to Know:
Median Sale Price
This is an important metric because it allows us to identify any outliers that may be affecting the average sale price.
Average Sale Price
Average Sale Price lets you know what you should expect in the current Denver Metro Housing market, whether you are looking at attached units, or single family homes. Sellers, it lets you know how you should be pricing your property. This can also vary vastly on specific Denver neighborhoods, be it Berkeley or Sunnyside, Wheat Ridge or Lakewood. If you’re interested in a more in depth break down of the market by neighborhood, let us know.
Total Closed Homes
This is a Year-To-Date metric that lets you know what the velocity of real estate is. With large decreases in both the attached and detached market, this is a notable metric as high interest rates have slowed real estate volume and squeezed affordability. With interest rates expected to drop at least 3 times in 2024, you should be prepared for the pendulum to swing in the opposite direction as we see relief on the affordability front.
Active Listings at Month End
This metric is measured from November from last year to November of this year. There is always a bit of a lag in real estate data, which is why it’s important to know how to interpret the data in order to make an informed decision. That being said, even Warren Buffet can’t time the market, so the best time to buy or sell comes down to you. What are your goals? What lifestyle changes may be forcing you out and up? We like to use data to help you leverage the market when making a real estate decision that already feels right for you.
Median Days in the MLS
This metric speaks to the eagerness of the consumption of buyers. If you’re buying, it helps you understand how competitive the market is going to currently be, and if you’re selling, it helps you understand what buyers are expecting of your property, how aggressively you need to price your home, and what you need to bring to the negotiating table.
Close Price to List Price Ratio
While still important, you need to understand that this is a skewed metric because it does not factor in seller concessions. Understanding the metrics at the end of 2023, in relation with 2024 predictions helps give you a full circle understanding of what to expect in the New Year of real estate. The most successful buyer (and seller) is the prepared buyer. If you want a more in depth breakdown, or to discuss your 2024 real estate goals, we’d be happy to chat!