The properties in Metro Denver are promoting such a quick market and making a sonic growth
Nearly three out of four homes on Metro Denver that hit the market in April were signed within a week. This brought the region up to par with Columbus, Ohio to earn the title of the fastest growing real estate market in the country according to a new title report from real estate portal Zillow.
Metro Denver has long been one of the fastest housing markets in the country. According to Mark Lacter, a spokesman for the Seattle-based company, residential real estate contracts take an average of nine days, compared to 30 days before the pandemic nationally.
Real estate markets across the country have accelerated the pace. Almost half of U.S. home listings were reported within the first week, roughly double the pre-pandemic percentage. The Metro Denver market somehow found a way to pick up the pace rather than being overtaken.
A few years ago it ran near the front line with the hip cities of Seattle and San Francisco. Now it is competing with a new group of new challengers, places not so used to being very popular with buyers.
In Columbus, 73.8% of listings were sold in a week last month, while Denver sold 73.7%. Not far behind were Salt Lake City, Kansas City, Mo., Cincinnati, and Indianapolis.
When it comes to high-end homes, Denver leads the way with 75% of listings for the most expensive third of homes claimed within a week, according to Zillow. Columbus ranks second at 73% and Cincinnati third at 71%. Nationwide, around 48% in the upper third of households were used within a week.
The subway area is in a close race with Salt Lake City and Raleigh, NC to see how quickly entry lists are being snapped up. 79% are reported in a week, compared to 78% for these two subways. Nationwide, 50.5% of the entry-level houses were signed within 7 days.
Denver ranks third among the metros when it comes to how fast mid-range homes move behind Kansas City, Missouri, and Columbus. 80% are stated within a week. Another 9% disappeared within two weeks. Nationwide, around 54.6% of medium-sized listings are used within a week.
Judging by how actively outsiders scan Zillow entries, migration doesn’t explain the surge in demand, Lacter said. In-market viewers accounted for 65.1% of total views during the pandemic and 64.6% on Metro Denver in March.
“That makes me think that it is likely the same factors driving the hot market in much of the country – millennials aging to buy homes in their prime, low mortgage rates, remote working and home-living assignments, that makes people look for more space – That also drives the Denver market more than immigration, ”he said in an email.
Selma Hepp, deputy chief economist at CoreLogic, said excessive demand, more than sellers’ reluctance, is driving US real estate markets into high gear this year.
“While inventory challenges remain at the center of trends in the property market, it’s important to highlight the massive surge in demand this year, which is 20% above 2017-2019 levels, and too widespread bidding warfare among buyers contributes, “said Hepp in an email.
How desperate are the buyers? Homes.com surveyed 1,500 visitors to its website and found that 42% said they would buy a home without ever seeing it in person if they had to.