Denver rates 2nd in the nation for speed of selling homes according to the Denver Business Journal:
Denver home real estate scorecard for June: Low inventory, homes sell fast
Jul 17, 2017, 7:14am MDT Updated Jul 17, 2017, 8:09am MDT
A local national real estate company has issued a first-half scorecard for Denver's residential real estate market in 2017, highlighted by scarce inventory and fast-selling homes.
Re/Max Holdings Inc. (NYSE: RMAX) said Denver's residential real estate market was second in the nation for speed it took to sell a home in June: Only 21 days, behind only Seattle and Omaha, Nebraska, at 20 days on the market. Nationally, the average days on market was 47 days, which is the lowest in the history of the Re/Max report.
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And Denver ranked third in the country for having the lowest home inventory for sale: Just 1.2 months of supply of inventory, which is behind only San Francisco at one month and Seattle at 1.1 months. Nationally, the Re/Max report indicated there's only 2.8 months of supply inventory for sale, " a 6.0-months supply indicates a market balanced equally between buyers and sellers."
"Sellers continue to benefit from limited inventory, getting top-dollar for their homes, and as a result, overall sales are at a record high," said Adam Contos, Re/Max CEO, said in a statement.
Seattle-based real estate brokerage Redfin agrees that Denver homes are selling fast. It reported that Denver, Portland, and Seattle, tied for fastest sales market at seven median days on market. Redfin estimated the median home sales price (half sold for more, half sold for less) in June was $389,000, up 8.7 percent from a year earlier.
Last month, the Denver Business Journal reported that "metro Denver remains among the top four major U.S. markets for year-over-year gains in home resale prices, according to the latest S&P/Case-Shiller Home Prices Indices report."
Ben Miller contributes to the Denver Business Journal and compiles the Morning Edition email newsletter. Contact him at email@example.com.
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