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
Denver Comes In High For Home Buying Competition
If you’re on the hunt for housing in the Denver metro area, chances are you’ve got some competition. With demand soaring and supply slowly increasing, it’s a good bet that the house you’re eyeing is also being perused by a handful of other potential buyers.
In fact, according to recent data from real estate brokerage Redfin, the Denver area has seven of the nation's most 30 competitive neighborhoods for home sales! We’re behind Seattle, who comes in at number 10 and Boston, which ranked eight. Overall, Denver had 10 total in the top 50 neighborhoods.
Redfin says that competitive neighborhoods are those having homes that spend fewer median days on the market, homes with a higher average sale-to-list price ratio, home price growth in the area, higher percentages of homes that sold for all cash, and homes that sold for more than their asking price.
So what’s the most competitive neighborhood in the Mile High City? Lakeside. The neighborhood near Wheat Ridge and also near Sloan's Lake is the area's most competitive neighborhood, with a median sales price of $370,000.
Lakeside by the numbers:
Homes stayed on the market for only six days
More than 58 percent sold for more than their asking price
Home prices grew more than 27 percent in 2016
The average sale-to-list-price was more than 102 percent
More than 32 percent of buyers paid all cash
Ready to check out what the Lakeside neighborhood has to offer? We’d love to show you around! Contact Metrowest today and let’s get started!
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