March 2018 Market Update

The March 2018 real estate statistics are here, and Denver set a record for average price in the metro area for the second month in a row. The average single family home is now priced at $522,277. In March, 6,335 new listings hit the market but were scooped up quickly by buyers, with 5,674 listings going under contract.

Below is a breakdown of the statistics for March, and the first quarter of 2018 for four different areas.

April_Cherry_Creek_Stats

The Cherry Creek market continues to see properties selling faster than a year ago, spending fewer days on the market with inventory levels being very similar to what they were in February. Looking at residential homes, the number of sales and sales volume are down significantly, both comparing year over year, and year to date compared to 2017. Both average price and highest price sold for this category have a strong upward trend, with the exception of highest price for March, which is almost flat.

The condo market in Cherry Creek shows a downward trend pretty much across the board for number of sales, volume, and prices. This can partially be explained by the fact that some of the condos representing the active inventory are still under construction and thus cannot close yet.

I believe that the combination of the spring market and many of the construction projects getting closer to completion will see the Cherry Creek market appreciate across the board.

Cherry Creek has been one of Denver’s most sought after neighborhoods for quality living, dining, and retail, and the renewed Cherry Creek will only enhance that, making now a great time to buy here before prices rise again.

 

April_City_Of_Denver_Stats

Condos and townhomes saw a slight increase in number of properties sold in March compared to that month a year ago, with steady increases in sales volume and average sales price, while the highest priced soared by over 50%.

Looking at year to date compared to the same time period in 2017, closed sales are up almost 4% with volume and average price both showing double digit growth, and the highest price sold is up almost 70%. Both periods show a huge increase in days on market year over year, meaning that those types of properties are selling at a slower rate than last year.

For detached single family homes the number of sales is down both year over year, and comparing the first quarter to that of a year ago. Closed sales volume and average price shows a similarly rising trend for both time periods. As with attached homes, detached homes show a huge boost in highest price, especially looking at the month of March year over year at 80% increase. The number of days on market is down, at around 20% overall.

 

April_Luxury_Stats

The luxury market shows a double digit growth for closed sales and sales volume, and a 3.5% increase in average price for residential homes in March. The highest price sold drops by 17% while properties are selling quicker with days on market almost 30% less than that of a year ago.

Looking at year to date the appreciation of number of sales and sales volume is even stronger than for just the month of March, at almost 23% and 19% respectively. The average price decreases by almost the same amount as it increased for March – 3.4%. The highest price sold is down for this time period as well, but properties are moving faster.

For luxury condos, the statistics show a large decrease in number of sales and sales volume, and big increases in average price and highest price sold with condos staying on the market a lot longer. Keep in mind that the sample size is very small for this category.

Looking at luxury condos year to date we see very positive figures, with enormous growth in number of closed sales, volume, average price, and highest price, with a range of 19%-70& increases! Number of days on the market goes down 7.5%

 

April_Villages_Stats

The Villages show a similar trend year over year, both for the month of March, and for the first quarter of 2018. The numbers are down significantly, with the exception of average price per square foot, which is up almost 7% in March, and the decrease in average sales price are down around 5%. However, days on market figures are down by around 40% meaning that homes in the Villages are selling a lot faster than they did a year ago.

Land figures show astronomical increases in days on market, but if you look closer, only 2 land properties have sold so far in 2018, making for an insignificant sample size.

 

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