Here's what's been going on the past month in Colorado real estate.
The average price for a home in Metro Denver hit an all-time high.
Home prices in Denver have been in the rise for the past few years, but the the average price for a single-family, detached home remained below $400,000...until now. At the end of April, the average price for a home set a new record, reaching $402,302--up 11 percent from 2014 and 3 percent since March. Currently, a quarter of the homes in metro Denver are selling for over $500,000.
The real estate game is changing.
With homes flying off the market, sometimes in a matter of days, Colorado home buyers and their real estate agents are taking a new approach: tracking down prospective sellers before they list their homes for sale. A Denver Post article suggests that up to 20 percent of home sales in Metro Denver are happening outside the multiple listing service, REColorado.
Sellers who do list their homes are treating the sale process more like an auction, creating a window in which they'll accept and evaluate offers and then announce the winner. And they aren't always choosing the highest bidder. Potential buyers are making all-cash offers, waiving inspections and even writing "love letters" or sending videos to edge out their competition.
Things are heating up in a long-neglected corner of Denver.
Southwest Denver has always been a little gritty and rundown with its roads seemingly always under construction. But things are taking a turn in this pocket of town that, for years, managed to avoid the rampant gentrification happening elsewhere. Today, a southwest Denver 'hood once referred to as "Denver's least desirable," by Westword, is feeling the effects of this booming real estate market. Barnum West is bordered by the Sixth Avenue Expressway and Alameda on the north and south and Federal Boulevard and Perry Street on the east and west. In early 2013, homes there sold for an average of $116,584. Now they are selling for over $200,000. In Valverde, home prices have increased 76.1 percent and in Ruby Hill, 58.9 percent.
Zillow no longer has access to Colorado listings.
The REcolorado Syndication Program launched in April, giving brokers and agents the ability to choose where each of their listings is syndicated. At the time of launch, Zillow and Trulia no longer had access to listing data from REcolorado. That means, those sites will not have accurate or timely information about the Colorado real estate market. COListings receives updates from three local MLSs every 15 minutes, and in a red-hot market where home inventory is less than a month--and often just a few days for homes below $400,000--up-to-date information is essential.
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