DENVER (KDVR) — The real estate market is red hot in the metro area, for sellers. For buyers it can be very frustrating. The number of homes on the market is low when compared to years past and the homes that are available are selling for more than list price.
It is the basic law of supply and demand, when the supply is low prices tend to go up.
“One of the reasons that home prices are going up so much right now is people are really scrambling to get a home because most people think home prices will continue to go up,” Redfin Chief Economist Daryl Fairweather said.
Fairweather and her team have been crunching the numbers and they have the data from the metro area for the month of April, these numbers are great for sellers.
They also show people are leaving the metro area and heading out to the suburbs. Redfin broke down the numbers to show which areas homes are selling for more than list price and here are the top 10, starting at number 10.
- Thornton 3.2% over list price
- Littleton 3.8% over list price
- Centennial 3.9% over list price
- Westminster 4.2% over list price
- Arvada 4.2% over list price.
- Highland Ranch 4.3% over list price
- Ken Caryl 4.4% over list price
- Northglenn 4.6% over list price
- Columbine 4.7% over list price
- Dakota Ridge 6% over list price.
The city of Denver came in towards the bottom of the list out of 25 at #20 with the average sales price around 2% over list price and all homes were on the market just 4 days before they were under contract.