A chill may be blowing in the air, but metro Denver’s housing market has found a way to crawl back into top 10 for “hotness,” according to amonthly ranking from Realtor.com.
Metro Denver’s housing market was the country’s hottest in the country in the spring of 2015 and consistently claimed a spot in the top 5 or 10 until April of this year, when it began to show up more towards the mid-to-high teens, according to the “Market Hotness Index” from Realtor.com.
But after ranking 17th in August and 13th in September, metro Denver climbed its way to 9th, between Detroit and Modesto, Calif., out of the 300 or so metro areas that Realtor.com studied.
“It looks like the days on market has slowed,” said Danielle Hale, chief economist with Realtor.com, explaining why metro Denver slipped compared to other areas this year. Listings in October spent an average of 41 days on the market, compared to under 30 days when metro Denver was regularly in the top 5. But the 41 days is below the average 43 days listings spent on the market in October 2016, and rivals showed an even bigger drop between September and October.
Realtor.com looks at days on the market to measure how tight supply is and the numbers of views a listing receives as a measure of demand. Although Denver’s housing markethas softened this year, it remains robust compared to the nation as a whole and it is showing relative strength versus other metros heading into the off-season for home sales.
While prices and price gains don’t go into the hotness score, Hale said that Denver listings in October were priced only 4 percent higher than they were the same month in 2016. That indicates more modest home price gains are taking hold, which should help out buyers, she said.
Credit - Denver Post - Aldo Svaldi
Author:Pamela Primm Phone: 303-862-2500 Dated: December 15th 2017 Views: 112 About Pamela: After spending 15 years exploring the ins and outs of the real estate industry, Pamela has acquired ...
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