Homes in the Denver metro area are among the fastest selling in the nation, ranking fourth in pace of sales out of 100 metro markets, according to a report released Thursday by Trulia.
The fastest moving markets are seller’s markets where homes are snapped up almost as soon as they are listed, at higher prices, Trulia reported.
To develop the rankings, Trulia looked at how many homes were on the market on Feb. 14 and how many of those homes were still unsold on April 14.
In the Denver metro area, just 38 percent of the homes listed in February were still on the market two months later.
By comparison, 72 percent of the homes in Richmond, VA., were still on the market after two months.
Jed Kolko, chief economist for Trulia, said the two-month test is a more accurate assessment of the market than days-on-market.
Nationally, 55 percent of the homes listed on Feb. 14 were still on the market on April 14, which is down from 56 percent during the same period in 2013.
The report said that the slight quickening is the result of homes priced at the low end of the market going more quickly.
Also, the fastest moving markets also had both higher price levels and bigger price increases in the past year, and they have historically had tight housing supply because of little new construction.
During the two months measured, 49 percent of the lower priced homes nationally were still on the market two months later while 62 percent of the homes in the high-priced tier were still on the market after two months.
Leading the metro areas with fastest moving sales are Oakland, San Jose and San Francisco, Calif., Denver, Seattle, Los Angeles, Sacramento and Middlesex County in Massachusetts, which includes Boston’s northern and western suburbs.
In Oakland, 29 percent of the homes were still on the market after two months, compared with 31 percent in San Jose and 32 percent in San Francisco.
Howard Pankratz: 303-954-1939, hpankratz@denverpost.com or twitter.com/howardpankratz
