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Front Range Real Estate Market Update, April 18, 2024

The national average rate for a 30-year fixed-rate mortgage is 7.43% today, dampening buyer demand and causing inventory to increase. Rates haven’t been this high since December 2023. 

Despite the upward trend in rates, the market is showing resilience. We’ve witnessed a healthy number of closings in the past seven days, and mortgage applications are on the rise. While it’s true that some sellers may face challenges in attracting buyers, it’s important to note that homes are still selling, indicating a strong underlying demand. 

Buyers we talk to want to time the market so they jump in when they can get the perfect interest rate and home prices aren’t higher than they are now. Nationally, prices were higher this March than any previous March. Locally, our average closed price in March was higher only in March 2022. 

In March 2010, we had over 25,000 homes for sale in our area. Last month, there were 10,785 – still below where we were as the pandemic began in March 2020, when 11,645 homes were on the market. From 1985 until now, there were an average of 13,376 homes on the market in March, so we are below average. That means that even if demand has stalled due to high rates, supply is also low, and thus, prices are likely to continue to rise or stay flat rather than decrease.

It’s important to bear in mind that the real estate market, especially during the months of May through August, can be highly competitive. Attempting to time the market perfectly may prove challenging, particularly given the unpredictability of interest rates. Unless inventory significantly exceeds historical averages, we anticipate that many homes will continue to be subject to bidding wars and high prices.

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Contact David and Tom at The Principal Team for a free, no-obligation consultation. Let's make it happen! Call us now at 720-782-2468 or schedule a time for us to call you.

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16214 Peregrine Drive, Parker, CO 80134
This home in Parker has everything you’re looking for – a fantastic location, ample storage and a terrific kitchen!
3 Bedrooms | 3 Bathrooms | 1,458 SQ FT 
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Metro Denver Real Estate Market Activity

During the last week:
New Listings – 1700
Back On Market – 278
Price Increase – 137
Price Decrease – 1413
Pending – 1527
Withdrawn – 132
Closed – 1078
Expired – 224

Two weeks ago:
New Listings – 1778
Back On Market – 268
Price Increase – 120
Price Decrease – 978
Pending – 1502
Withdrawn – 117
Closed – 898
Expired – 212

Based on data from REColorado®

“David helped us buy a 4-bedroom home for only $1,650 down! We used a down payment grant program and David helped us get a $5,000 seller concession to help pay the remainder of our closing costs. This allowed us to buy a home with almost no money down. We didn’t want to end up with a home we couldn’t afford. That didn’t happen! David respected our price limits and only showed us homes within our budget. We are able to afford our home perfectly!

We loved David’s attention to detail and the way he was always very honest instead of trying to act like a potential problem didn’t exist. He actually pointed out potential problems to us we had not yet noticed.

You are just going to love working with David, he is thoroughly prepared and provides you with lots of helpful information and is not pushy. We highly recommend David to all our friends, family and colleagues.”
– Amy and Brian P, Aurora

See what other clients have to say about the services we provide.