According to data from Redfin, as published last week by the Denver Business Journal, the Denver metro area has 10 of the 50 most competitive neighborhoods in the country. Four of them are in Aurora, four of them are in Jefferson County, and two of them are in the City and County of Denver.
Competitiveness was determined by looking at a combination of factors including the percentage of homes that sold above asking price, were on the market under a week, and that sold for cash and above asking price.
Nationally, only Seattle and Boston had more competitive neighborhoods.
The top ranked Denver neighborhood is College View, coming in at #13 nationally. The median sales price in this neighborhood was $230,000, reflecting an average price growth of 31.4% over the previous year. The ratio of sales price to listing price was 100.7%, with 56.6% of listings selling above asking price. The median days on market was 5, and 41.7% of sales were cash.
The other Denver neighborhood in the top 50 was Mar Lee, which ranked #40 nationally, with a median sales price of $260,000. The average increase in sold prices over 2015 was 15.6%. Average sale-to-listing price ratio was 101.8%, with 53.2% of homes selling above the listing price. Median days on market was 6, and 27.2% of sales were cash.
If median prices seem low in some of the most competitive neighborhoods, it’s because of the high number of condos and townhomes vs. single family homes there. The greatest increases in sales prices due to competitive bidding is in the lower price ranges populated primarily by condos and townhomes.
These neighborhoods may have ranked higher than the City and County as a whole, but Denver did pretty well itself and would probably rank pretty highly nationwide if the data were compiled by county instead of neighborhood.
In the City and County of Denver as a whole, the median days on market was 8 and the average home sold for 100% of listing price. The median sales price was $365,000, which was 9.0% above 2015. Citywide, 24.6% of the listings sold for cash.
In Jefferson County, the median days on market was 7 and the average home sold for 100.4% of listing price. The median sales price was $360,844, which was 12.8% above 2015. Countywide, 15% of the listings sold for cash.
Highest rated in Jefferson County was the Lakeside neighborhood, ranked #8 nationally, where the median sale price was $370,000, an increase of 27.6% over 2015. 58.4% of listings sold above their listing price. The average home sold for 102.1% of the asking price. Median days on market was 6, and 32.3% of homes sold for cash.
Next highest, rated at #12 nationally, was the West Pleasantview neighborhood, just east of the City of Golden, where the median sales price was $350,000, 20.1% higher than in 2015. 47.8% of homes sold above their asking price, with an average differential of 102.3%. Median days on market was 6, and 38.5% of the homes sold for cash.
The next Jeffco neighborhood in the top 50 nationwide was the Union Square section of Lakewood, rated #23 nationally. There the median sales price was only $194,500, but that was 18.8% higher than in 2015. 52.5% of listings sold above their asking price, with an average differential of 101.2%. The median days on market was 4, and 32% of homes sold for cash.
The last Jeffco neighborhood to rank in the top 50 nationally was Bear Creek, at #42, with a median sale price of $225,000, up 17.4% from 2015. 64.7% of homes in this neighborhood sold above listing price, with the average differential being 102.4%. Median days on market was 4, and 18.8% were cash sales.
In Aurora, the median days on market was 6, and the average home sold for 100.8% of listing price. The median sales price was $275,000, which was 12.2% above 2015. Citywide, 14% of Aurora listings sold for cash.
The four Aurora neighborhoods which ranked among the 50 most competitive nationally, according to Redfin, were Hoffman Town (#14), Highline Villages (#17), Horseshoe Park (#27), and Northwest Aurora (#38).
Published Jan. 5, 2016, in the YourHub section of the Denver Post and in four Jefferson County weekly newspapers.