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The influx of new listings has outpaced the number of closings. Since the beginning of 2024, sellers have brought 41,573 new listings to the market, while only 28,224 homes have closed during the same timeframe. Homes are spending an average of 37 days on the market before selling—23% longer than last month and 42% longer than last year in August. The extended timeframe signals a shift in market dynamics, allowing homebuyers more time to make decisions.
The number of closings in August was lower compared to both the previous year and the previous month as many buyers delayed their home-buying decisions. A total of 3,711 homes closed in August, marking a 6% decrease from last year and a 2% drop from July.
Bullet points with August stats:
~ The median sold price for single family homes (including attached and detached) in August is $590,000 which shows a slight decrease of 1.67% from last month (July) and a slight increase of 1.44% from last year.
~ The average number of days on MLS in August 2024 was 37 days, which shows a 23.33% increase from last month (July) and a 42.31% increase from last year in August.
~ Active listings at month end are 10,724. This shows a 1.32% increase from last month (July) and a 56.37% increase from last year in August.
~ Average active listings for August are 15,439 (1985-2023). Record high August was 2006 with 31,664 listings and the record low was 2021 with 3582.
Please reach out with any questions. I am happy to help.
If you have any questions or would like to discuss selling or purchasing a property, contact me today at 303-949-9683 or Amy@MountainTimeRealEstate.com .
#RealEstate #MarketStats #DenverMetro #MountainTimeRealEstate
