65% Of Denver Homes Are Selling Over Asking Price
Home prices in the Denver area have been on the raise, but is now being exacerbated by a huge influx of buyers from other states, driving prices even higher as inventory wains. We were one of the hotter housing markets before COVID hit, and now with more people working from home, home buyers are moving from inner city areas to more spacious homes in the suburbs, of which Denver is a huge draw.
Active Single Family Home Listings In Denver
Data provided by the Denver Metro Association of Realtors shows a severe drop in available inventory for home buyers to choose from. Inventory in the Metro Denver area fell from 8677 active listings in March of 2020 to 1749 active listings in March of 2021. New home construction didn't provide much relieve as most builders had waiting lists or lotteries for buyers, and were only releasing a few lots a month.
Record Fewest Days On Market Before Selling
Homes were also selling at a record pace. In Douglas County, homes averaged 18 days on market, which is 55% faster than homes were selling in Douglas County a year ago.
City specific data is even more revealing. In many of the cities that surround Denver, most homeowners could sell their single family home in less than a week. This made it difficult for home sellers who didn't already have a solid plan on where they were going to be going. While sellers have more power in today's market with requesting rent backs after closing, most buyers would not give sellers unlimited amounts of time to secure a new residence. In addition, most buyers were having to pay up over list price, in addition to waiving appraisal and limiting their inspections.
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