January 2024 Denver Porch Report

Happy New Year! With changes and challenges in the market last year, you can trust that I’m staying on top of what’s coming next to provide you with expert guidance. If you’re thinking about buying or selling soon, feel free to reach out. Let’s catch up over coffee and discuss your goals.

Reflecting the seasonal slowdown, new listings of detached, single-family homes coming on the market in December decreased by 26.1% compared to the prior month while pending sales were 5.02% below November’s numbers.

With less activity, home prices decreased from $626,550 in November to $613,500 last month. Year-over-year, that's only a modest increase of 2.25% but still moving in the right direction for homeowners looking to gain equity.

As for 2023 home prices as a whole, the year-to-date median home price of $635,000 was lower compared to 2022. However, that’s well over the YTD median of $454,500 back in 2019.  

The dynamics of a Homeowners Association will impact your experience as a homeowner, so it’s vital to consider all aspects before making an offer on a home within one of these communities.

Pros of an HOA:
     • Improve Your Quality of Life
     • Preserve Your Property Value
     • Streamline Your Monthly Bills
     • Get Help with Disputes

Cons of an HOA:
     • You’ll Pay More Than a Mortgage
     • More Uniformity, Less Individuality
     • Possible Fines and Fee Increases 

What will home prices do in 2024? It’s a big question in the mortgage industry every year, and especially so at a time when affordability in the housing market is a hotter topic than ever.

“The price of real estate only ever does one thing: goes up,” is a familiar, oft-repeated refrain, and it is based in some truth. Increases in value over time are the general trend. But that truth may get tested in 2024 as some analysts are predicting a decline in home prices in 2024.

The latest forecasts from nine housing authorities range from -1.7% to 4.1% growth in home prices over 2024, with an average rate of 1.34% of positive growth among them.