There are many moving pieces to Denver's real estate market and each of them continues to shift as we see changes to our interest rates, economy, buyer demand, and inventory. With so many moving parts constantly in motion, we wanted to stop time and give you a snapshot of what is going on all around Denver.
Using market data from February's closings and March's showing and under contract data, we took a deep dive into what the market stats are saying. To make things easy, we rounded up the ten most important facts that buyers and sellers should know in this current market.
10 Facts about Denver's Real Estate Market
1. The majority of listings become active on Thursdays, with showings and open houses scheduled on Fridays and throughout the weekend.
2. The hottest spots in Denver Metro currently are Littleton, Highlands Ranch, Lone Tree, Parker, southside Lakewood, Morrison, Central Park, Montbello, Green Valley Ranch and Thornton.
3. The coolest spots in Denver Metro currently are Ken Caryl Valley, Roxborough Park, Sterling Ranch and LoDo.
4. There continues to be a suburban surge in the outer suburban ring of Denver with homes only on the market for 3-4 days (versus 7 in the downtown Denver area).
5. Over 90% of homes are going under contract in 7 days or less. The homes that make it past the 7-day mark are great for buyers to find negotiating power with.
6. The average closed to list price for all homes in Denver is 104.8% which means placing an offer over list price is this market's "standard" if the home is priced correctly.
7. Certain areas in the suburbs like Lakewood, Arvada, Westminster, and Evergreen have a standard between 6-11% over the asking price.
8. In February, 70% of homes closed in a multiple offer situation. This means that 30% of homes closed without multiple offers so the opportunity still exists.
9. The west side of I-25 receives higher offers over asking price in a multiple offer situation versus the east side of I-25.
10. Around 10.5% of homes that closed in February had price reductions. The areas with the most price reductions are LoDo in Denver and Elbert County to the far southeast of Denver.
*All Denver Real Estate Market Information graciously provided by
Megan Aller, First American Title Company.
