By Dr Denver H. Bubble
According to Realtor.com, the Denver, Aurora-Lakewood market is the 9th hottest market in the country. Some of the factors that make the market so hot are the low median days on the market. The metrics are a bit delayed from October 2017r, but they state the median days on the market is 44 for the Denver, Aurora-Lakewood market which is 35 days faster than the US overall. It is important to factor in the pending home sales which homes are under contract, but not yet sold as these homes sit on the market. You can't a get a mortgage in a day, no matter how much the shady brokers want to for their juicy commissions. This means that homes are roughly on the markets for 15 days or a little above two weeks before getting an offer and becoming under contract.
Bizarrely, the market is rated as cooling down slightly because of inventory moving 6% slower than last year. This effectively means that the median days on market increased by roughly 2.5 days. Some slowdown! Inventory is still sub 4,000, way below its longer terms average of 13,000 forcing price to rise to the stratosphere.
The last factor that used for the market hotness trend is that listings receive an average of 332 views on Realtor.com which is higher than the US average by 1.8 times. Compare this stat with the hottest ranked area in the country, San Francisco-Oakland and Hayward, CA market, Denver, Aurora-Lakewood is tied at 1.8
Digging in deeper to the Denver, Aurora-Lakewood market we can see that the Broomfield zip code 80021 is the hottest in the area. With a median day on the market of 21 days, meaning a lot of cash offers are coming into folks here. This zipcode is ranked 8th in the nation in terms of hotness.The coldest area being the Fairplay, CO with median days on the market of 117 days. As you can see, the hottest areas are north of the Denver metro, but the Denver, Aurora-Lakewood bubble all around is continuing to be blown bigger and bigger due to the low inventory forcing prices higher.