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Mark Harden News Director Denver Business Journal Mar 18, 2013, 8:34am MDT
Denver ranks in the top 10 in a new evaluation of the nation’s most affordable housing markets.
The Emeryville, Calif.-based online real estate brokerage (Nasdaq: ZIPR) said it compared median home sales prices in U.S. markets to median household income levels.
Denver No. 8 among major U.S. markets for 2013 with a home-price-to-income ratio of 6.31.
It said the nation’s most affordable housing is in Dallas-Fort Worth, with a price-to-income ratio of 5.27, followed by Houston (5.43) and Minneapolis (5.5).
At the other extreme is Washington, D.C., with a price-to-income ratio of 16.78, followed by Brooklyn, N.Y. (16.58) and San Francisco (13.81).
In other new residential real estate rankings:
– Realtor.com, the website of the National Association of Realtors, places Denver among a handful of cities (including Phoenix and Seattle) with the highest recent increases in home list prices coupled with the largest declines in inventory of homes for sale.
It also says that “median age of inventory” — the typical amount of time a home is on the market before selling” — is at a record low in Denver and Seattle, averaging 28 days, 51 percent lower than a year ago. (Realtor.com’s full report is here.)
– Redfin ranks Denver No. 9 among cities with the most recent “flash sales” of homes in 24 hours or less. The Seattle-based real estate site counted 115 flash sales in the Denver area over a five-month period. Boston Marathon.
Dennis Huspeni Reporter- Denver Business Journal Apr 3, 2013, 3:13pm MDT
A trio of monthly housing reports Wednesday all paint a picture of a smoking-hot residential real estate market for metro Denver, with increasing sales prices and near-record volume of sales.
Metrolist Inc.’s March report shows a 46 percent increase in sales from February and a 20 percent increase from March 2012.
Meanwhile, CoreLogic Inc.’s home price index for metro Denver shows prices increased by 11.7 percent in February from the same month a year earlier. That’s the 13th month in a row for year-over-year price gains. That index included distressed, or REO (real estate owned), sales.
And Metrolist’s chairman, Gary Bauer, compiled historical data showing March’s 6,682 available homes for sale was the lowest the inventory level in at least 28 years, driving sale prices to near historic levels and creating a frenzied market for buyers. It was the ninth month in a row the inventory level as fallen.
“Buyer demand continues,” Bauer said. “It’s not stopping. … The strength of the market really showed itself in March.”
There were 5,976 homes put under contract in March, according to Metrolist, up 19 percent from February and 12 percent from a year ago.
The average days on the market plunged again, 16 percent month-over-month to 67 days in March — a 35 percent decrease from March 2012.
But the average sold price statistic, $295,330, told the real story: That was up 7 percent from February and 19 percent year-over-year.
“Our brokers are seeing a strong increase in ‘flash sales,’ where homes are coming under contract within days or even hours after being put on the market,” Kirby Slunaker, CEO and president of Metrolist, said in a release.
Bauer said the average sales price, median sales price and under-contract numbers in March were all in the top five for record-setting months since 1990.
CoreLogic’s report showed Denver home prices, excluding distressed sales, increased 10.9 percent from February 2012.
Nationally, prices increased 10.2 percent year-over-year including REO — the biggest year-over-year increase since March 2006 and the 12th consecutive monthly increase in home prices nationally.
Greenwood Village-based Metrolist provides the area’s multiple listing service data.
CoreLogic (NYSE: CLGX) data include resales of single-family houses and condos. The Santa Ana, Calif.-based company provides consumer, financial and property information, and analysis to business and government.
Mark Harden News Director- Denver Business Journal Mar 29, 2013, 9:13am MDT