The Cherry Creek market is interesting for May. For residential sales, number of sales and closed sales volume move hand in hand with a drastic decline. Prices however are up, and homes are staying on the market for a shorter period of time, showing a stronger market in many ways than what we’ve seen so far this year. That being said, inventory has also increased but that is typical for the spring market.
In the condo market we see much more extreme growth figures, showing that more condos are selling, and for a higher price.
The City of Denver
Looking at attached properties, the numbers are overwhelmingly positive with the exception of a slight decline in number of sold properties in May this year from May 2017. This is mostly great news for sellers, but if you pay attention and look at how these properties are staying on the market longer, that should give hope to active buyers as well!
For the detached property market, properties are staying on the market for the same or shorter period of time, with both sales volume and average sales price showing double digit growth for both time frames, meaning that market is still on fire!
Luxury Real Estate
The luxury market is pretty flat on price for residential sold but shows an increase in both volume and sales, for May and YTD. Highest price differs between the two time frames; decreasing for May YOY, but increasing looking at YTD. Overall, properties are selling quicker, so that compared to increase in sales shows a strong luxury market.
Luxury condos show an even stronger picture with very large increases in all categories for both time periods, except for decreased days on market for May, but increased year to date.
It’s an excellent market for luxury sellers as the inventory is moving quickly, but also for buyers as price increases are now flat.
The average price for the metro market has gone up slightly from April, but over 11% from May of 2017. Both the number of homes sold average days on market have gone down since same time last year, which is interesting because inventory is up, both from last month and YOY. However, looking at the breakdown for single family homes and the condo market, we see that more properties are going under contract, which is made possible by the increased inventory.
The number of homes sold in the Villages in May was exactly the same as a year ago – 27. Volume and number of sales has an almost 4% growth, and average price per foot almost 5% for the same period. The highest price in May went down but properties are selling faster than in May 2017.
Looking at year to date compared to last year we also see properties selling quicker with days on market down 19.5%, and average price is up over 5%.
For land properties comparing May YOY doesn’t do much since May 2018 had only one sale. However, for year to date we see a sharp decline across the board and increased days on market signaling that this year has not been great for land sales in the Villages.