The housing market doesn’t show any signs of cooling in the Mile High City as, to the dismay of many buyers, we set two records last month: record-high home prices and record low average days on
Denver Homes Fastest Selling In The Country
Would be home buyers in the Denver metro know all too well how quickly homes sell in the Mile High City. If you’re wondering if there’s anywhere else in the country where homes sell as quickly, the answer is no. At least according to a recent report from Redfin.
According to the report, Denver was the fastest market in the country last month, with half of all homes pending sale in a mere six days. That was faster than Seattle (seven days), and San Jose, Grand Rapids, Michigan, and Tacoma, Washington (nine days).
Over the past year, Redfin estimated that the median home sale price has risen 9.2 percent in Denver to $415,000. That's higher than the rest of the country, which saw the national median home sale price increasing 7.6 percent in April from a year ago, to a median of $302,200, according to the data.
According to a National Housing Report from ReMax, the metro areas with the lowest days on market were San Francisco at 19, Seattle at 21, and Denver at 23. Additionally, Denver is tied for markets with the lowest months supply of inventory with Boise, Idaho, San Francisco, and Seattle, at 1.0. To put that into context, a six-month supply historically indicates a market that's balanced equally between buyers and sellers.
Inventory numbers remain on the low side in Denver, and what is available moves quickly. However, there are still some great deals to be found, if you know where to look. If you’re ready to check out what Denver has to offer, contact Metrowest today – we’d be happy to show you around!
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....