December RE Market Update! Although Opportunities for Buyers remain Strong!

New listings ​and price reductions have both decreased, but opportunities for buyers remain plentiful, which is typical for this time of year.

The local housing market showed strong resilience in November 2024, with key metrics reflecting a solid performance despite the seasonal slowdown. According to REcolorado MLS data, the number of closed listings in November was 10% higher than the same time last year, though it saw a 13% decline compared to October.

Median home prices in Boulder County and the Denver Metro area rose by 1-3% compared to last year. It’s impressive to witness the continued strength in home price appreciation, even with mortgage interest rates remaining in the 6-7% range.​ However, closing prices saw a slight decline from October to November, as sellers adjusted their asking prices to attract buyers.

Despite these shifts, buyer activity remained robust in November, showing a clear uptick from the previous month.

As ​far as rate, as of last week, interest rates were holding steady, but this week's jobs report was the real test. Spoiler: they passed.

The jobs report, officially called "The Employment Situation," is the most influential economic report each month and can have a major impact on interest rates. This report, in particular, was crucial in clarifying the mixed signals from previous data, especially with the market uncertain about whether the Fed will cut rates on December 18th.

Stay tuned next month for our 2025 real estate market forecast, where we’ll explore potential trends and insights for the year ahead—an exciting glimpse into what the future may hold.