The April 2018 Statistics are here and the spring market is ON!
It’s still a great Seller’s market, and in fact May is one of the best months to list a home for sale, so it’s not too late to jump on the opportunity to sell this spring and summer.
Inventory continues last month’s trend of being bought up quickly for most areas but buyers should not despair. With three buyers going under contract in one week, I can advise you on how to successfully get into a home on your own. The newest rental reports show rising rents and with the for sale market being predicted to continue to grow, it’s better to jump in now rather than start at a higher baseline and at higher interest rates.
The Cherry Creek residential market is moving quicker, both looking at YTD and the month of April, with drastic decreases in days on market. Volume and highest price sold show close to double digit growth for April. Looking at YTD volume is down just over 9% but the highest price grew 16.4%. Average price is pretty flat for YTD and shows a decrease of 4.5% in April.
The condo market in Cherry Creek is finally in the green with some astronomical growth figures or April, but once again that is partially due to how few properties are in that category. Looking at YTD there’s also substantial growth across all categories, and the only negative aspect of that is the increase in days on market.
Cherry Creek continues to see some very high end homes come on the market, but we’re also seeing some price corrections in that end of the market, so if a property caught your eye it might be time for a second look!
The number of closed sales has gone up both for the month of April and YTD, with huge increases in volume and price, and almost 70% increase in highest price!
For detached homes, YTD and April show number of sales going down, as well as double digit decline in DOM, meaning that inventory is moving even faster. Sales volume shows 7.4-8.4% growth for sales volume, double digit growth for average sales price, and triple digit growth for highest price sold for both time periods!
Taking a look at luxury residential properties, there are large increases in number of sales for April and YTD, and large decreases in average days on market due to inventory being low.
Sales volume went up a lot as well, although small there are small changes in average sales price. Comparing April 2018 to 2017 the highest price sold showed a dramatic 130% increase and 33% looking at YTD.
The condo market is in the green across the board, which is great, except for luxury condos taking longer to sell.
The Denver metro market broke the record for prices again, with over an 11% increase from last year is yet again showing double digit growth, and almost 4% growth from March 2018!
For detached homes, month over month sales are down, and there’s over 12% increase in active properties and under contract properties, meaning that new inventory is being bid on quickly.
The Villages show quite a different image looking at April vs. YTD with large increases looking at April this year compared to 2017, but mostly in the red for YTD.
Land sold is basically red across the board, but like with previous months a lot of that has to do with few properties trading hands.