According to the Denver Post, Denver's real estate market is the fastest in the country. Denver had the highest share of homes selling within seven days or fewer in April among the U.S.'s major metro areas, according to a report Tuesday from ZipRealty.
Nearly four in 10 Denver-metro-area homes put on the market sold within seven days in April, up from 22 percent in April 2012. Of the two dozen metro areas that ZipRealty studied, the average share that sold within a week was 22 percent.
Denver homes spent a median 11 days on the market in April before selling, which tied with Washington, D.C., for the fastest turnover, according to ZipRealty, an online real-estate brokerage based in Emeryville, Calif.
"We're seeing sales close quickly — in 32 days on average — at nearly full list price," said Lanny Baker, president and CEO of Zip Realty, in a statement.
The tight market, however, isn't translating into strong gains for metro Denver in sales prices as much as elsewhere. The median home-sales price for metro Denver in April was $264,462, a 10 percent increase from a year earlier.
That gain was robust but lagged behind the 16.4 percent gain averaged in the 24 metro areas, which were led by a 46 percent increase in the San Francisco Bay Area and a 33 percent jump in Las Vegas.
Distressed sales, which include foreclosures, fell to 10 percent of the total from 19 percent a year earlier.
The number of new listings increased 10 percent to 8,636 in April compared with April 2012. But the month-end inventory was 34 percent lower than a year ago, reflecting the rising number of sales.
Nearly every sale, 98.9 percent, was at list price or higher in the metro areas surveyed, ZipRealty reported.