In November we saw a slight drop in interest rates, but it didn’t give home buyers enough incentive to overcome the traditional seasonal slowdown. November’s sales volume was down 14% from last year in the Denver metro and 19 percent from October, according to the monthly report from the Denver Metro Association of Realtors.

The report also showed homes are spending more days on the market, and sellers continue to agree to price concessions as the close-price-to-list-price ratio dropped to 98.6%.

At the end of November, the number of active listings hit 6,684, down 11% from October’s 7,482 properties. Average active listings for November are 13,657.

The median days on the market climbed to 22 from 16 in October, and the median close price sat at $565,250, down from $581,000 in October.

Statewide, the interest rate reduction wasn’t enough to motivate sellers with locked-in low rates.

Consequently, available inventory is down 20% in the Denver metro and 12.5% statewide, according to the monthly housing trends report from the Colorado Association of Realtors.

Limited inventory kept prices high, with the median price for a single-family home at $600,000 in the metro and $559,000 statewide.

Industry insiders agree that as the year draws to a close, the real estate market struggles to hold its head above water as the interest rates and general consumer confidence affects buyers and sellers. Both sides are approaching with caution and anticipating more favorable interest rates before engaging in any transactions.

Many real estate pros are optimistic heading into the new year and prices are relatively stable, there is a slightly extended marketing time for houses as compared to previous years, and buyers have more options when selecting their preferred property.

If 2024 is the year you decide to become a homeowner, there are great opportunities to be found. Contact one of the experienced professionals at Metrowest and let’s see what’s out there!