A Tale of Two Markets: Unveiling the Q1 Performance in Metro and Luxury Real Estate

Hard to believe but we are one quarter through 2024. That time seemed to fly by at a dizzying pace. The market overall experienced a slower start to 2024 and then picked up rapidly into a yo-yo rhythm nuanced by the fluctuation in interest rates over the past couple of months.

What’s going on in the market now that we’re one quarter in, and are there differences between the $1M+ market and the market overall? Let’s delve into some statistics to find out. 

Metro Market:

Active listings at month-end 3/2024 – 5849, increase of 6.13% MOM and 29.52% YOY

Days in MLS (median) – 11, down 52.17% MOM and up 10% YOY

Average Closed Price to List Price Ratio – 99.75%, essentially flat but up 0.54% MOM and down 0.03% YOY

$1M+ Market:

Active listings at month-end 3/2024 – 722, increase of 6.80% MOM and 5.56% YOY

Days in MLS (median) – 11, down 54.17% MOM and up 37.5% YOY

Average Closed Price to List Price Ratio – 99.09%, essentially flat but up of 1.01% MOM and down 0.31% YOY

What’s notable?

The most notable thing depicted by these metrics is the consistency between the two markets, specifically in their Days in MLS and their average CP/LP ratios. Also noteworthy is the percentage consistency in the active listings at month-end MOM, while there is a significant difference between the YOY percentages. These statistics show us that the metro market overall and the high-end market are performing along the same lines, and there is not a huge discrepancy between the two in terms of how long properties may take to sell and what sellers should expect to net on their asking prices. This information is immensely helpful to sellers when trying to price their homes appropriately and setting realistic expectations related to selling. 

Of course, Denver is a neighborhood-specific market. While overall metrics are nice to know, it’s most important to scrutinize the neighborhood-specific statistics for the most accurate picture and market gauge. 

Please reach out with any questions about these statistics or the market in general. And, if you know of anyone looking to get into the market, please feel free to pass along my name. I’m happy to help however I can.