Nearly three out of four homes in metro Denver that hit the market in April went under contract within a week, putting the region neck-and-neck with Columbus, Ohio, for title of the country’s fastest-moving housing market, according to a new report from real estate portal Zillow.
Metro Denver has long been one of the country’s speedier housing markets, with residential listings going under contract in nine days on average versus 30 days nationally before the pandemic, said Alex Lacter, a spokesman for the Seattle-based company.
Housing markets across the country have picked up the pace, with nearly half of U.S. residential listings claimed within the first week, about double the share before the pandemic. Metro Denver’s market, rather than getting passed, has somehow found a way to pick up the pace.
A few years ago it ran near the front with the likes of hip cities Seattle and San Francisco. Now it is competing with a new crop of fresh challengers, places not as accustomed to ranking high in popularity with buyers.
Columbus saw 73.8% of listings sell within a week last month, while in Denver the share was 73.7%. Not far behind were Salt Lake City, Kansas City, Mo., Cincinnati and Indianapolis.
When it comes to high-end homes, Denver is the leader, with 75% of listings for the most expensive third of homes claimed within a week, according to Zillow. Columbus is second at 73% and Cincinnati third at 71%. Nationally, about 48% in the top third of homes were claimed within a week.
The metro area is in a tight race with Salt Lake City and Raleigh, N.C., for how quickly entry-level listings get snapped up, with 79% claimed in a week versus 78% for those two metros. Nationally, 50.5% of entry-level homes went under contract within 7 days.
Denver ranks third among metros for how quickly its middle-tier of homes are moving behind Kansas City, Mo., and Columbus, with 80% claimed within a week. Another 9% are gone within two weeks. Nationally, about 54.6% of middle-tier listings are claimed within a week.
Judging by how actively outsiders are scanning Zillow listings, migration doesn’t explain the surge in demand, Lacter said. In-market viewers accounted for 65.1% of the total views during the pandemic and 64.6% in March in metro Denver.
“That makes me think it’s likely the same factors driving the hot market in much of the country — millennials aging into prime home-buying age, low mortgage rates, remote work and stay-at-home orders pushing people to look for more space — that is also driving the Denver market more than in-migration,” he said in an email.
Selma Hepp, deputy chief economist with CoreLogic, said excess demand, more than seller reluctance, is pushing U.S. housing markets into high gear this year.
“While inventory challenges remain the focal point of housing market trends, it’s important to highlight the massive buildup in demand this year — which is trending 20% above 2017 to 2019 levels — and is contributing to widespread bidding wars among buyers,” Hepp said in an email.
So how desperate are buyers? Homes.com surveyed 1,500 visitors to its site and found that 42% said they would purchase a home without ever laying eyes on it in person if that is what they had to do.
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