In a bit of good news for area home buyers, the median home price in metro Denver remained unchanged in June, which may be a signal that the real estate market in the Mile High City is hitting its
How Long Does It Take To Close On A Denver Home
In the Mile High City, taking a home from listing to the closing table happens, on average, in as little as 41 days. According to Trulia, that’s one of the shortest turnaround times in the country.
In April, Denver had the fifth-fastest turnaround time, with Seattle and the California metro areas of San Jose, San Francisco and Oakland taking the top four spots, respectively. In these areas, homes went from sale to close in a speedy 36 days. While things are certainly moving quickly on the western side of the country, on the east coast, numbers are more like 144 in Syracuse, N.Y. and 132 days in Long Island.
Listing to sale is a broader measure than average days on market, which is tracked by real estate agents. That measure, which tied a record low of 18 days in metro Denver in May, represents the average days a home spends from listing to when it is put under contract.
When a market becomes as hot as Denver’s it can create a backlog in getting inspections done, home values appraised and loans processed. That was an issue here back in 2016 and into 2017 when high demand for appraisers caused major bottlenecks in the market and delayed mortgage approvals.
With competition so tight, experts advise clients to make strong offers with quicker closings in order to seal the deal. Those who don’t quickly learn the lesson after coming out on the losing side of a bidding war.
Not every market moves quite as fast as Denver’s, but industry trends show that overall closing times across the country are on the decline, which indicates this might just be the new norm.
If you’re house hunting in Denver, you need to be prepared to move quickly. Think you’re up for it? Give Metrowest a call today – we’d love to help make you a homeowner!
DAVE NELSON, 4-time 5280 Magazine 5 Star Real Estate Professional. Dave’s career in real estate has chronicled more than 15 years. Known as a true real estate professional, Dave is experienced i....