Posted: May 10, 2021 / 5:03 PM MDTUpdated: May 10, 2021 / 6:22 PM MDT
DENVER (KDVR) – Price is driven by supply and demand, and in Denver, demand for residential property is above the rooftop, according to real estate data.
Nationally there are fewer and fewer houses on the market. According to Nerdwallet, there were just 1.07 million homes for sale in the U.S. in March 2021, 200,000 fewer than the previous year.
Home Out Of Reach: 65% of Denver homes sell above asking price
Colorado’s real estate boom began long before the pandemic. Prices have been on a steady upward trend since the nation emerged from the Great Recession and didn’t accelerate until the late 2010s.
At the time of the pandemic, Colorado’s real estate market was already one of the hottest in the country. After COVID-19 and its restrictions hit, this accelerated. At the national level, citizens no longer saw the point in living in clustered inner cities and bought more spacious homes in the suburbs and suburbs, especially in sunbelt cities like Nashville, Austin and Denver.
House out of reach: the price of a house
Real estate data shows that immigrants from other states and new Coloradan homeowners nearly bought up the state’s inventory of homes over the course of the pandemic.
Data from the Denver Metro Association of Realtors showed a dramatic decline in the housing stock. There were 8,677 single-family homes on the Denver subway in March 2020.
In March 2021 there were only 1,749 entries.
The Denver real estate market breaks 16 records in April 2021
Houses also sell very quickly. During the pandemic year, new homeowners and new Coloradans added inventory at a record pace. Two sets of data show that the average number of days a home has been on the market has decreased.
Nationwide data shows that the number of market days fell by an average of 28% over the course of the pandemic year. The number of market days has almost halved since 2016.
City-specific data show even less time.
In the cities around the Denver and Boulder subway areas, homes are on average 10 days to go on sale.
The Denver Metro capitals are leading this trend.
Denver, Arvada, Lakewood, Littleton, Aurora, Westminster, Highlands Ranch, and Thornton are each among the 15 most populous cities in Colorado and together make up a large portion of the subway population.
In any case, a homeowner could sell their family home within a week. In each city, four or five days have recently been brought to market for an average single-family home.
Suggest a correction
Suggest a correction