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One day can tell us much about the real estate market now

A day in the life of Metro Denver real estate

One day can tell us much about the market right now.

Let’s take a look at Friday, April 23rd and see what happened in the seven metro area counties of Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas and Jefferson.

151 homes came on the market.

There were 352 closings.

Of the 352 properties that closed, 237 spent less than five days on the market. 131 spent less than 3 days on the market and 69 spent less than 2 days on the market.

About 64 of these sellers will stay in their homes at least 30 days after they close on the sale. These “rent-backs” are becoming more common, as sellers need time to get an offer accepted on a home they’ll purchase.

124 homes went “pending” on Friday, April 23rd. That means the buyers and sellers signed an agreement.

Let’s look at some properties that went pending quickly – in less than 4 days – and closed last Friday. (These weren’t our listings – we just picked random homes from the MLS.)

2695 S Lafayette Street, Denver, CO 80210 is a single-family home built in 1939 with 4 bedrooms and 3 bathrooms and 2,069 finished square feet. The original list price was $735,000 and the closed price was $760,000. This closed 3.4% over the original list price.

1470 Rogers Street, Golden, CO 80401 is a single-family home with 1,724 finished square feet, 3 bedrooms and 2 bathrooms. The original list price was $525,000 and the closed price was a whopping $686,000 – 30% over the list price. (it’s worth noting that the seller paid $7332 of the buyer’s closing costs. Still, that’s quite a lot above the asking price – still 29% higher.)

16459 Zuni Place, Broomfield, CO 80023 closed at 8% higher than it’s original listing price; it closed at $510,000 with an original list price of $469,900. This 1,637 square foot, 3-bedroom, 3-bath home spent just two days in the MLS.

18851 E Dickenson Drive, Aurora, CO 80013 was originally listed for $450,000 and closed at $509,500 – 13.2% higher than asking price. This 4-bedroom, 3-bath home with 2,800 square feet of finished space was in the MLS for just 3 days.

As you can see, homes that are priced right get a lot of interest in the first day or two on the market. That interest translates into showings and offers well above asking price.

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Metro Denver Real Estate Market Activity

[one-half-first]During the last week:
New Listings – 1320
Back On Market – 140
Price Increase – 249
Price Decrease – 239
Pending – 1904
Withdrawn – 71
Closed – 1691
Expired – 113[/one-half-first][one-half]Previous Week:
New Listings – 1115
Back On Market – 125
Price Increase – 225
Price Decrease – 224
Pending – 1855
Withdrawn – 91
Closed – 1536
Expired – 122[/one-half]
Based on data from REColorado®

Trends in Metro Denver

Real Estate News: 
Colorado grew at twice the rate of the rest of the country over the past decade – 14.8% vs. 7.4%