One Denver listing received 15 serious offers after 74 showings all in just three days. The winning buyer paid a 16% premium to snag the home. It’s just one anecdote reflecting the “insane” market in Denver where sellers received 104.1% of their listing price on average in March. One real estate professional called the market the most insane market Denver has experienced. Denver saw 13,807 home sales during the first quarter of 2021, where 56% sold for above asking price and another 18% at the listing price.
Of the 13,807 sales in the first quarter examined, 56% sold for above the list price and another 18% at list price. Of the 935 neighborhoods tracked, 158 or 17% had every listing go for above the asking price. Another 150 had between 75% to 99% of homes sell above the initial price.
Granted, many of those areas only had a listing or two come onto the market. But in the Seven Hills neighborhood in Aurora, all 17 listings went for above the list price, selling for an average of $401,000. And in Lakewood’s Friendly Hills West neighborhood, all 13 listings that closed went for above the initial asking price. The average closing price there was $475,000.
In Thornton’s Northhaven neighborhood, which had 53 sales in the first quarter, nearly nine out of 10 sales closed above the list price. Other locations with active sales and the highest share of homes going above the asking price were Founders Village and The Meadows in Castle Rock, Green Valley Ranch in Denver, Southcreek in Englewood and Reunion in Commerce City.