Denver's Realty Market is at Bullet Train Velocity
Neighborhoods-Price Trends-Market Analysis
Denver's Best Neighborhoods
5280 Magazine ranked "The Best Places to Live in Denver" based on four variables: 1) home prices; 2) crime data; 3) school rankings; and 4) other factors that can't be easily quantified, such as open space, public transportation and restaurant options.
This map shows the top 25 neighborhoods using this system. The number one neighborhood is family-friendly Congress Park with a very low crime rank and an average sale price of $487,297. Hilltop came in second with a huge average sale price increase , jumping nearly $200,000 to the million dollar mark with new builds. It's located only a few blocks east of Colorado Blvd. with an impressively low crime ranking. Coming in third is University Park, an older established neighborhood with an average sale price of $464,467.
How Likely is it Your Home Will Sell in 2 Weeks????
Redfin developed an algorithm to identify homes that are likely to sell within 2 weeks - which they call "Hot Homes". Factors include: 1) days on the market; 2) median sale price; 3) homes sold above list price; 4) average sale to list price ratio; and 4) other various comparisons.
How do you tell if our Colorado housing market is hot? Check out the national results below showing that 5 of the top 20 hottest markets are in Colorado - with Denver as the #1 hottest housing market in the country, followed closely by other front range communities including Boulder, Colorado Springs, Greeley and Fort Collins!
Where Did All the Housing Go?
What's going on with Denver's housing market? Extraordinarily low inventories of homes for sale continues to fuel rapid price escalation and heavy buyer competition for newly listed properties - especially in the "affordable" range for homes listed under $400,000.
A distinct pattern has evolved with new listings coming on the market toward the end of each week with showings starting on Friday and multiple offers being reviewed and decisioned on Monday. Adding to the market frenzy is the widely reported figure of 15,000 new residents relocating to the Denver metro area monthly.
According to the National Association of Realtors, a healthy, balanced residential real estate market normally has an inventory of 20 to 25 weeks of homes for sale - Denver currently has a mere 4 weeks of for-sale inventory. The current number of homes under contract exceeds last years benchmark by 705 homes and when combined with the number of homes sold we are at a five year high.
Denver continues to maintain a front runner position as one of the hottest real estate markets in the country. Denver median home prices have now moved up to $370,000, which is 7.6% higher than last year at this time. In other words, a median priced home in the Denver market appreciated by $26,000 in the last 12 months.