Itâs a sellerâs market in Denver
According to the latest figures from the National Association of Realtors (NAR), Denver has become a seller’s market. Demand has risen for homes priced between $250,000 and $400,000, resulting in plentiful offers for many sellers on the market between those points, reports the Denver Post.
The median listing price was $259,900 in March 2012, which is up 8.34 percent in the last year and 3.96 percent since February 2012, according to the NAR. In addition, the average time a house spent on the market before being sold was 33 days - far below the national median of 89 days. This makes Denver second only to Oakland, California, which had a median list time of 28 days.
"There's no such thing anymore as a weekend home tour," Patty Kupfer, a prospective buyer, told the Denver Post. "Because if you wait till the weekend, nothing's going to be there. If you're just looking casually, you're not really in the market."
Houses for sale in Denver are going fast in comparison to national averages or even the areas’ real estate market one year prior. There were 10,325 homes on the market at the end of March 2012, a drastic 42 percent drop from March 2011.
Areas such as Park Hill, Congress Park, Curtis Park, Mayfair and the Highlands are in high demand, according to Michelle Ackerman, a Denver-area housing expert, and it is easy to see why.
Capitol Hill and Congress Park offer a vibrant cultural hub to inhabitants. Capitol Hill’s historic mansions bump up against new condos, apartments and homes to create a diverse and youthful community that holds the Denver Botanic Gardens, shops, bars, restaurants and live music venues. It is also referred to as the center of the city’s GLBT and punk scene.
If you enjoy south-of-the-border cuisine, consider the Highlands. This quaint neighborhood has a distinct Hispanic heritage and as a result offers access to high-quality Mexican and Caribbean fare. The Tennyson Street Cultural District hold a number of art galleries that provide local artwork to the plentiful bungalow-styled homes in the area.
While it may be a seller’s market in this city, a buyer can find the right house for them by checking out the MLS listings in Denver and quickly making an offer if they find the right property.