Denver housing market 'sizzles'
A recent article in Forbes revealed that Denver is among its list of the top 10 "Sizzling Real Estate Markets" for this summer. Those looking at MLS listings in Denver might find it useful to understand what characteristics are looked for when talking about a "hot housing market in the post-bust era."
Forbes looked at fast-rising prices and fast-moving houses as the two main indicators of a "hot housing market" as the publication explored the major metros across the nation to put the list together.
Denver was the No. 2 metro for fast-moving homes, and Forbes cited research showing homes to stay on the market for only 33 days on average before selling. Author Ken Harney, an established columnist for Forbes, explained that in a depressed market, the amount of time homes remain on the market can be more than 90 to 180 days and in "peppier" markets, one can expect homes to stay on the market for 60 to 70 days.
Harney stated, "Since what’s lacking in virtually all these local markets is sufficient inventory … maybe the moment has come for sellers to get out of their multi-year funk about it being a buyer’s market and think about getting into the game."
Real estate in Denver is in high demand, and the short "listing-to-sale times" observed is strong evidence to support Harney's findings and encourage buyers and sellers to follow his suggestions.