According to a recent Denver Post article, new and active listings climbed in January, making Denver area realtors optimistic for the spring selling season despite the Federal Reserve not planning to cut interest rates in March.

Libby Levinson-Katz, chairwoman of the Denver Metro Association of Realtors Market Trends Committee said that as we kick off the new year, buyers are ready to put themselves back in the real estate market as they finally have more choices.

The number of new listings hit 3,280, up 15% from 2,859 in January 2023. Active listings hit 4,871, up 18% from 4,120 a year earlier.

The median closed price hit $565,000, up 5% from $539,250 in January 2023, while the close-price-to-list-price ratio at 98.4% was up .25% from 98.2% a year ago.

In December 2023 buyers seemingly put the brakes on their home searches, and sellers seemed to be strongly attached to their low-interest rates. In January; however, buyers shifted into high gear as sellers started to break their bonds with those low-interest rates. The spring buying and selling season seems to be ramping up early in 2024.

Many buyers are waiting on the fence for interest rates to continue their downward descent. However, trying to time the market for lower interest rates before the market heats up may result in buyers paying more in the long term if they find themselves in a bidding war.

For homes priced $1 million and above, January saw a flurry of new listings, up 40% over last January. Many buyers were just as ready, with pending home sales up 23% over a year ago.

Industry insiders anticipate competition between buyers is picking up and will continue to do so in the months ahead as we enter our busier time of year in Denver Metro and can expect buyer and seller activity to ramp up further in the coming weeks.

If you’re ready to see what’s available this spring, reach out to one of the experienced professionals at Metrowests – we’d be happy to show you around!