Hottest Market in the Country

iStock_000043176542_MediumAccording to a recent ranking from realtor.com, Metro Denver is the hottest home-buying market in the country. We believe it. It seems that, when we submit an offer for a client in the Denver market, we are almost always competing with multiple offers.

Realtor.com took the following factors into consideration when determining the ranking: supply and demand, the number of views per listing on its website, and the median age of inventory in each market.

Denver was ranked in the No. 1 position in both April and May, 2015.

The median price of a home nationwide rose 7 percent to $228,000. In April, the median price of a home in metro Denver was $361,000.

Average home prices in metro Denver hit yet another new high in May, with average prices for a house topping out at an all-time high of $420,630.

House prices increased about 4 percent over April, when they set a new record and reached above the $400,000 mark for the first time in Denver’s history.

Average prices are up 12 percent in May from a year ago.

Average prices for condominiums and townhomes grew by about 15 percent year-over-year in May to around $262,000.

The lack of inventory that has plagued Denver for the last several months continued, with only 5,657 active listings in the area in May, a 24 percent drop from the previous year.

Time on the market also dropped, from an average of 31 days on the market a year ago to 25 days this year, a 19 percent decrease.

We have moved into the busiest part of the year for residential real estate: summer. If you are ready to buy or sell a home, give us a call at 303-526-7400. We can help you analyze the market to maximize your results.

Be sure to follow us on Twitter where we Tweet about these kinds of topics and others that affect our real estate market. You can read about our brokers here.


 
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