According to a new report from OJO Labs, Denver’s housing market was the second most competitive out of the nation’s 50 largest metro areas, with seven in 10 homes selling for above the list price in April.

If you’re wondering who took the top spot, that would be the San Francisco Bay Area where 82% of listings selling for above the initial asking price in April. Right behind San Francisco was Denver, which has shot up the ranking in recent months and is now at 70%, up from 66% in March, which ranked fifth, and 59% a year earlier.

On average, Denver-area homes sold for $33,464 above the list price in April, up from $27,045 in March and $11,916 at this time last year, according to the Austin-based real estate technology company. Nationally, just over half of all homes, 52% sold for above the list price with the average premium paid at $13,655 in the 50 top metros. That is three times the premium sellers received a year earlier.

The Colorado Association of Realtors doesn’t track what share of homes are going for above list price, but it does track the premium paid above list price for all homes sold in a given month. That premium above list for a single-family home in Denver County reached a record 108.5% in April.

In January, the Denver premium above list price was 102.6%, in February it was 106.3%, and in March it was 107.8%. The last time Denver sellers in the aggregate had to take a discount was in May and June of 2020, when the market was opening up again from pandemic-related restrictions on showings.

While it’s true the Denver market is extremely competitive, inventory is beginning to creep back up and giving buyers some relief. It doesn’t appear the market will slow down any time soon, so if you’re thinking of becoming a homeowner, it’s best not to wait. Contact Metrowest today – we’d love to discuss your options.