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Metro Denver the second most competitive housing market in country after Bay Area

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Denver’s housing market is the second most competitive of the 50 metropolitan areas in the United States, with 7 out of 10 units sold above list prices in April. New report from OJO Lab..

The San Francisco Bay Area led the nation with 82% of the list sold above the initial asking price in April. There was Denver just behind San Francisco. Denver has risen in the rankings in recent months, now at 70%, up from 66% in March to 5th place, up to 59% in the previous year.

Homes in the Denver region averaged $ 33,464 above April’s list price, up $ 27,045 in March and $ 11,916 this time last year, according to Austin-based real estate technology. Nationwide, just over half of all homes, 52% are sold above list prices, with an average premium of $ 13,655 in the top 50 metropolitan areas. This is three times the premium seller I received a year ago.

“The pace and cost of competition continues to rise,” said report author Patrick Kearns.

Listed agents usually do their best to get the starting price right, and the rising share of homes sold at premium reflects how hot the market is. Buyers are actively involved in the bidding war, even if the 30-year mortgage rate is around 5.5%. This has significantly reduced affordability.

Seattle brokerage firm Redfin It is estimated that monthly mortgage payments for average US homes have skyrocketed from about $ 1,700 a month at the beginning of the year to over $ 2,400 in April. More sellers are getting discounts, according to Redfin, but overall premiums paid are also rising.

“Unfortunately, for buyers who want to find a deal as competition intensifies, sellers are withdrawing even faster (than buyers), which keeps the market deep in the seller’s territory. Despite price cuts becoming more common, most homes are still above the asking price and selling at record speeds, “Redfin Chief Economist Darryl Fairweather said in her report. I am saying.

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