I believe that this current trend of fast offers is another symptom of the lower than average inventory and buyers wanting to get in on the lower interest rates. The other “symptom” of this market is that home prices are continuing to rise. So more people fishing in a smaller pool.
I have personally seen an increase in the number agents with clients that are overlapping showing times at residential homes. Last Saturday, every house that my client and I went to we either met another buying group already there or had a group show up while we were looking at the home. Generally this happens occasionally but this has become a regular occurrence in January. Another thing that I am seeing more often is multiple offers coming in very quickly on homes in good condition that are in the Denver median price range. (between $240 and $280).
Last year, 2012, the number of days on market (DOM) was averaging around 104 days, now we are down around 55 days on market.
The following article shows that Denver is #4 in the top 10 fastest selling metro areas. This article was just released by National Association of Realtors (NAR) on 1/25/2013.
10 Metros Where Homes Are Selling the Fastest
Daily Real Estate News | Friday, January 25, 2013
California listings are seeing some of the shortest times on the market nationwide, according to new data released by Realtor.com. In a couple of markets in that state, listings are averaging about a month or less before being sold.
Nationally, for-sale listings sold in a median 111 days in December 2012, which is about 10 percent below the median at the same time one year ago, according to Realtor.com data.
The following are the 10 metro areas with the shortest median days on the market in December 2012:
- Oakland, Calif.: 27 days
- Stockton-Lodi, Calif.: 32
- Sacramento, Calif.: 45
- Denver: 54
- Fresno, Calif.: 55
- Bakersfield, Calif.: 61
- Phoenix-Mesa, Ariz.: 61
- San Jose, Calif.: 61
- Riverside-San Bernardino, Calif.: 65
- San Francisco: 68
Meanwhile, some of the metros with listings that linger the most days on the market are in the coastal areas of the Carolinas and other vacation destinations such as Santa Fe, N.M., (153 days) and Ashville, N.C. (146 days).