As warm weather washes over the Rockies, home buying is notably hot in two Colorado cities. Denver and Colorado Springs are respectively the Nos. 3 and 12 hottest real estate markets in the U.S. for April 2016, according to realtor.com® in their most recent analysis of realtor.com data. That means would-be home buyers in Denver and Colorado Springs face a continuation of the competitive market that has existed for many months now, with homes for sale being on the market for a dwindling number of days. Here are the local statistics for Colorado cities in the top 20 as reported by realtor.com: Denver – No. 3 Median listing price: $ 515,000 Price per square foot: $ 235 Median closing price: $ 305,000 Homes for sale: 1,999 All rentals: 771 Colorado Springs – No. 12 Median listing price: $ 295,000 Price per square foot: $ 104 Median closing price: $ 220,000 Homes for sale: 3,257 All rentals: 472 No. 1 ranked San Francisco shows the following statistics: San Francisco – No. 1 Median listing price: $ 1.2 million Price per square foot: $ 799 Median closing price: $ 1.2 Homes for sale: 1,424 All rentals: 1,884 While many of the top 20 metro areas have been hot in months past, some Midwestern cities are just appearing. That’s indicative of a strong U.S. recovery, says Jonathan Smoke, chief economist of realtor.com. “The Midwest region is representative of the status of the broader U.S. recovery,” he says. “When Columbus, OH, is the 10th hottest market in the country, you know that the Midwest—and the U.S. overall—is back and doing well.” Inventory across the country grew in April to nearly 550,000 new listings, growing inventory by 2 percent compared to March. But the growth is not enough to keep up with demand as home sales are accelerating quickly, according to Smoke’s analysis. Four percent fewer homes are available for sale compared with this time last year, and homes are selling five days faster. “Pent-up demand, lower mortgage rates, and strong employment continue to power the strongest and healthiest real estate market we have seen in a decade,” Smoke said in a statement. In most cases, the data includes the metro area surrounding the individual cities. The top 20 is based on major metropolitan markets where homes are selling fast and demand is high, as measured by listing views on realtor.com. Cities on the hottest markets list receive two to three times more views per listing compared with the national average and see inventory move 17 to 45 days more quickly than the rest of the U.S. The Hot List San Francisco, CA Vallejo, CA Denver, CO Santa Rosa, CA San Jose, CA Dallas, TX Santa Cruz, CA Sacramento, CA Ann Arbor, MI Columbus, OH Boston, MA Colorado Springs, CO San Diego, CA Stockton, CA Raleigh, NC Lafayette, IN Fort Wayne, IN Oxnard, CA Modesto, CA Sioux City, IA For the full report, visit: http://www.realtor.com/news/trends/hottest-markets-for-april-2016/ .
RE/MAX of Boulder Real Estate Blog
* Article originally posted on RE/MAX Boulder website at http://www.boulderco.com/blog/