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

Denver’s housing market was the second most competitive out of the nation’s 50 largest metro areas, with seven in 10 homes selling for above the list price in April, according to aThe San Francisco Bay Area led the nation with 82% of listings selling for above the initial asking price in April. Right behind San Francisco was Denver, which has shot up the ranking in recent months and is now at 70%, up from 66% in March, which ranked fifth, and 59% a year earlier.

On average, Denver-area homes sold for $33,464 above the list price in April, up from $27,045 in March and $11,916 at this time last year, according to the Austin-based real estate technology company. Nationally, just over half of all homes, 52% sold for above the list price with the average premium paid at $13,655 in the 50 top metros. That is three times the premium sellers received a year earlier.

“Unfortunately for buyers hoping to find a deal as competition cools, sellers are pulling back even faster , which is keeping the market deep in seller’s territory. So even though price drops are becoming more common, most homes are still selling above asking price and in record time,” said Redfin Chief Economist Daryl Fairweather, in her report.

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