Realtor.com®’s recently released National Housing Trend Report for September shows that Denver – along with three other metros – ranks third for homes spending the least amount of time on the market.
Homes in Denver as well as San Francisco, San Jose and Stockton-Lodi, Calif., spend an average of 45 days on the market, according to the report.
Realtor.com® noted that a handful of markets experienced very fast-paced sales cycles in September – some at roughly half of the national median of 93 days on market. Oakland, Calif., stands alone with the least number of days on the market at 28 days, and California cities make up half of the top 10 metros.
Median Age of Inventory
10 MSAs with the Shortest Median Days on Market
The report also identified Denver as a “major heartland market” that was spared the full force of the housing crisis, in large part due to local economic strength and a strong summer buying season. Like Chicago, Boise, Idaho, Minneapolis-St. Paul, Minn., Ann Arbor, Mich., Nashville, Tenn., Denver achieved a price appreciation of 12 percent or higher over last year.
Generally, the report’s year-over-year perspective also shows a strong performance in median list price and a decline in days on market, which signal a dramatic rebalancing compared with the beginning of this year, according to Realtor.com®. A return to year-ago inventory levels, though steadying, still implies broad housing-shortage conditions.
“Our September data on inventory counts, median list prices and median time on market has shown another month of steady leveling, but the recovery certainly remains uneven in some pockets,” says Errol Samuelson, president of Realtor.com®. “Some of the more industrial-based markets clearly continue to struggle, yet others are showing significant price gains over this time last year. While we are pleased to see a continued trend toward a healthy market balance, imminent economic factors could pose a significant threat to these improvements.”
According to Realtor.com®, the total U.S. for-sale inventory of single-family homes, condominiums, townhomes and co-ops declined slightly in September to a total of more than 1.9 million units, down 1.68 percent from August. However, after six consecutive months of steady growth, inventories are now just 2.04 percent lower than they were one year ago — a dramatic turnaround compared with earlier this year. Such a change may signal a greater balance between demand and supply.
The U.S. median list price fell slightly in September, but remains 6.40 percent higher than it was one year ago.
Owner and Founder
RE/MAX of Boulder