According 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.