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- Our client opens new branch near Union Station
- Colorado among 10 states with highest population boom; here’s the state’s fastest growing metros
- Le Central restaurant closes; prime restaurant real estate available — click here for property info
- ‘s biggest business (grocery sales) getting crushed by competition
- $134 million outlet mall coming to Thornton
- Indian cuisine gains traction in the US
- begins merger talk with
- Building boom hitting West Alameda corridor in Lakewood
- continues to spur development on Thornton’s north side
- Denver job growth is slowing, but it’s still above national average
- Why traditional retail balances restaurants
- Our clients & co-brand in Colorado
- Healthy restaurant chain promises 25 new Colorado locations
- Keep an eye out for our leasing signs to go PINK for Breast Cancer Awareness Month
Spring is generally regarded as the most popular time of year to buy a house, but with that comes a bit of a buyer’s problem: competition.
Home prices were up and inventory was down in May from last year, according to a monthly analysis from Realtor.com.
Meanwhile, property listings turned over at a much higher rate, contributing to the high-pressure situation that is finding and purchasing the right home.
Many of the places with the hottest markets in May will come as no surprise to consumers — most are in California. Realtor.com determines “hot” markets based on two factors: the median inventory age in the market and the number of views per listing on Realtor.com, and the 20 hottest markets rank in the top 50 in both metrics.
Nationwide, a home is on the market for a median 66 days, and in the hottest markets, inventory turns over eight to 45 days more quickly than in the rest of the country.
Based on data from the first three weeks of May, Realtor.com determined the 20 metropolitan statistical areas (MSAs, as determined by the U.S. Census Bureau) with the hottest markets this spring.
20. Stockton/Lodi, California
April 2015 rank: 38
19. Columbus, Ohio
April 2015 rank: 22
18. Manchester/Nashua, New Hampshire
April 2015 rank: 31
17. Oxnard/Thousand Oaks/Ventura, California
April 2015 rank: 13
16. Austin/Round Rock, Texas
April 2015 rank: 14
15. Los Angeles/Long Beach/Anaheim, California
April 2015 rank: 15
14. Fargo, North Dakota/Minnesota
April 2015 rank: 12
13. Boulder, Colorado
April 2015 rank: 17
12. Sacramento/Roseville/Arden-Arcade, California
April 2015 rank: 21
11. San Diego/Carlsbad, California
April 2015 rank: 10
10. Detroit/Warren/Dearborn, Michigan
April 2015 rank: 11
9. Ann Arbor, Michigan
April 2015 rank: 9
8. Santa Rosa, California
April 2015 rank: 7
7. Santa Cruz/Watsonville, California
April 2015 rank: 8
6. Boston/Cambridge/Newton, Massachusetts
April 2015 rank: 6
5. Vallejo/Fairfield, California
April 2015 rank: 5
4. Dallas/Fort Worth/Arlington, Texas
April 2015 rank: 4
3. San Jose/Sunnyvale/Santa Clara, California
April 2015 rank: 3
2. San Francisco/Oakland/Hayward, California
April 2015 rank: 2
1. Denver/Aurora/Lakewood, Colorado
April 2015 rank: 1
These markets have seen tremendous demand and turnover for a variety of reasons. In many of the California locales, economic growth, combined with limited supply and high demand, make homebuying a bit of a mad dash. For places like Detroit and Ann Arbor, the hot market is driven mostly by affordability, in conjunction with economic recovery.
No matter where you’re looking for a home, it’s good to know what you’ll face in terms of competition, so you can better prepare yourself to make an offer when you find a desirable property. Before any of that, it’s crucial you work to improve your credit to the best of your ability and make sure it’s in good shape before house-hunting or applying for a mortgage. The better your credit, the more options you’re likely to have, even in a competitive market. You can check your credit scores for free on Credit.com.
Retail Openings & Property Sales throughout Colorado:
New Supercuts locations will open at Westminster Crossing in Westminster and at E470 and Smoky Hill Road in Aurora. Broker: Rhonda Coy
Einstein Bros Bagels opens new location at Meadows Parkway & Limelight Avenue in Castle Rock. Broker: Rich Hobbs
Centennial Square in Centennial welcomes Corepower Yoga. Broker: Andy Buettner
Adorn Salon has leased space at 277 Broadway in Denver. Broker: Ei Boymel