Denver is one of the nation’s hottest markets. Low inventory paired with the high demand of this popular city mean homes are staying on the market for fewer and fewer days and going under contract faster than anywhere else in the country.
A year ago the average days on market was 43, now it has dropped to a record low of 23 average days on market. One of the three best markets for home sellers, Denver homes are going faster than homes in other highly competitive cities like San Francisco and Seattle.
Denver is one of the fastest growing cities in the nation. Colorado was the fastest growing state from July 2014 to July 2015, with a 1.9% increase. From July 2015 to July 2016, Colorado had a 1.7% increase, adding 91,726 people, according to the Denver Post.
The city’s remarkable popularity and rapid growth means a highly competitive housing market. The desirable market paired with low inventory means homes are going at record speeds…and often for above asking price. Approximately one quarter of Denver homes sold in January went for above asking price.
Low inventory, a competitive market, and record low mortgage rates mean one thing: this is the ideal market for those looking to sell or begin investing in new properties. In such a hot market, homes often go for over asking price and are sometimes under contract within just two weeks of listing!
If you’ve been thinking of selling or are just interested in seeing what your home could go for, reach out to your Madison Realtor®! We’re here to help you. Our expert Realtors® will be with you every step of the selling and buying process, rest assured you and your home are in good, capable hands.
Read the full Denver Metro Association of Realtors® report here.
“I’m starting to see an increased trend with more single-family attached/condo properties entering the market. Property managers have reported that some rental property owners are starting to sell their rentals, taking advantage of record high prices. We had 17.06 percent more new condo listings hit the market this December compared to December 2015, which represents a five-year high for new condo listings. Looking a little deeper, over the last two years the City and County of Denver had roughly 30 percent more single-family detached properties for sale than single-family attached. We had a reversal this December with 33.1 percent more single-family attached condo properties for sale than single-family detached homes.”
– Steve Danyliw, Chairman of DMAR