Along with Portland and Seattle, Denver was one of Redfin's three hottest housing markets in the U.S.
How much have Denver, Portland and Seattle heated up? In April 2012, a typical home in Denver found a buyer in 36 days and in Portland it was 65 days and in Seattle it was 50. Last year, homes in those markets found buyers in 14, 18 and 10 days, respectively. This year, homes are finding buyers seemingly the day they are open for tours.
It's not unusual for a home in Denver to have more 100 showings in one weekend, with sellers having their pick of up to 30 offers, reports Redfin agent Karla Kirkpatrick Adams
"The market is moving so quickly that I can no longer use recent sales as a guide for what my clients should offer on a home. Instead, I call listing agents of similar homes that are under contract but haven't yet sold. I ask them the contract price, which is a more up-to-date reflection of the current market than the prices of homes that have already sold. That way, I can advise my clients accurately," said Kirkpatrick Adams. "In a more balanced market, that doesn't happen."
Read the rest here