Wednesday, August 1, 2012

NBC: Denver #2 fastest selling real estate market in the country

Denver just keeps doing it. It is the 2nd fastest selling real estate market in the country, at lightning speed of 33 days! Sellers, it is a SELLERS MARKET in Denver! Price your house right, and it WILL SELL!

2. Denver, Colo.
  •  Average number of days on market: 33
  •  Median home price: $269,000 (27th highest)
  •  Population: 2,543,482 (27th highest)
  •  Unemployment: 7.51 percent (67th lowest)
The 33 days to sell a house in the Denver area is actually up by 10%, one of the very few metro areas to see an increase in the time it takes to sell a home. Denver was not as hard hit by the housing bust as many other metropolitan areas. Home prices from their peak in the first quarter of 2006 to the fourth quarter of 2011 dropped just 11.1%, well below the national average of 34.2%. A median family income of $75,000 and an unemployment rate of 7.5%, both well below national averages, are positive signals for a housing market likely to remain on stable footing. The only bad news is that housing prices are not expected to jump anytime soon. Home prices are projected to rise 0.6 percent in the Denver area from the fourth quarter of 2012 to the fourth quarter of 2013, compared to 4.2% in the U.S. in general.
Here are the other top 4 fastest housing markets in the country. Notice the unemployment rates on each are very high:
1. Oakland, Calif.
  •  Average number of days on market: 24
  •  Median home price: $379,000 (12th highest)
  •  Population: 4,335,391 (16th highest)
  •  Unemployment: 9.56 percent (20th highest)

3. Anchorage, Alaska
  •  Average number of days on market: 43
  •  Median home price: $289,500 (23rd highest)
  •  Population: 380,821 (20th lowest)
  •  Unemployment: 6.13 percent (22nd lowest)
4. Fresno, Calif.
  •  Average number of days on market: 43
  •  Median home price: $174,900 (58th lowest)
  •  Population: 930,450 (62nd highest)
  •  Unemployment: 15.54 percent (2nd highest)
5. Bakersfield, Calif.
  •  Average number of days on market: 44
  •  Median home price: $149,500 (23rd lowest)
  •  Population: 839,631 (60th lowest)
  •  Unemployment: 14.14 percent (4th highest)