DENVER — Nearly three-quarters of homes that hit the market in Denver in April lasted less than a week before they were scooped up, according to a new study.
According to a study from Zillow, 74% of homes in Denver sold within a week in April, and 91% sold within a month.
Over the past six months, agents reported submitting nearly four offers per client before one was accepted, according to a survey.
Denver was neck-and-neck with Columbus, Ohio, and Salt Lake City to be the U.S. market with the fastest home sales, with all three seeing more than 70% of homes off the market within a week.
> Video above: Avoiding buyers remorse in a hot real estate market.
Agents said that buyers looking for advantages in the market should make all-cash offers, but they acknowledged that is not feasible for most buys. Other recommended strategies include offering a higher down payment, more earnest money, submitting an offer before the review data or offering leaseback terms, Zillow said.
Nationwide in April, 47% of U.S. homes were on the market for less than a week before going pending, and 76% were on the market for less than a month.
Overall, 27 of the nation's 50 largest metro markets were seeing a majority of homes under contract in less than a week, and homes going pending in less than two weeks increased in 49 out of the 50 markets.
Lack of inventory was a big driver for the quickness of the market. In Denver, inventory was down 44.5% in April from a year ago, with 7,210 homes going on the market, according to Zillow data.
But 69% of economists and experts surveyed said they expect inventory to begin growing again later this year or early in 2022, which would hopefully provide some much need relief to the real estate market.
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