The residential market in Cherry Creek for the month of July was much stronger than it was a year ago, with average prices rising over 30%, and properties spending 30% less time on the market! Looking at YTD the numbers are a bit different with sales and sales volume being in the red, which is explained by a slower market in this area earlier in the year. Overall, average price is still up 8.1% and highest price by 16.4%.
For condos in Cherry Creek 12 units were sold both in June 2018 and 2017, took two days longer to sell this year but had double digit price growth. YTD for the area shows large increases across the board, pointing to a much stronger condo market than in 2017 as not only have prices gone up, but number of sold units have increased significantly at almost 30%.
The City of Denver
Attached properties in the City of Denver had fewer sales and volume this June compared to 2017, but average price is up 6%. However, the highest price sold is down significantly and the properties are taking longer to sell this year looking at the same time period.
YTD also has an increase in average price – almost 12%, and number of sales, volume, and highest price is up as well. Like for June, average days on market are up, and in this case significantly at a 76.9% increase!
Detached properties in Denver show a similar trend in number of sales, volume, and average price as the attached properties did for June, but highest price and days on market are reversed, with a 13.4% increase in highest price, and properties staying on the market for a shorter time.
Looking at YTD, there’s a slight decrease in number of sales but almost 10% increase in volume, and therefore it makes sense that the average price has gone up by 11.1% and is now $568,542 for a detached home in the City of Denver. The highest price sold shows a huge increase thanks to an $8M sale earlier this year.
Luxury Real Estate
The luxury market for June 2018 compared to last year differs quite a bit between residential properties and condos. For residential the market has gone up in volume, sales, and average price and huge increase in highest price sold, with properties showing fewer days on the market. However, luxury condos had one more sale than in June last year but volume and price (average and highest) are down. The one similarity is that DOM are down for condos as well.
Looking at YTD comparison, the market has been a lot busier for residential, although average price being almost flat at a 0.3% growth. Highest price sold this year has gone from $6M to $8M showing that Denver is seeing an increase in ultra high-end homes.
For condos there’s an even larger increase in sales and volume YTD, and almost an 8% increase in average price.
Looking at the Denver Metro Area, average home prices continue to grow at almost 9% from last year, and just over 1% from May this year. Fewer homes sold in June this year, both compared to last year and prior month, but inventory is up significantly, especially month over month. The increased inventory, growth that might be slowing, and the traditionally slow month of July makes now an excellent opportunity for buyers that have been waiting to make offers!
For the Villages, the market has really picked up for residential properties, both comparing the month of June, and YTD. In June the largest growth factors were number of closed sales and sales volume, up 71.4% and 123.6%, respectively. The average price grew 30% and highest price by 78%. What’s interesting is that average price per square foot was almost flat, meaning that larger properties have been selling compared to last year.
Looking at year to date we see a similar trend but less extreme percentages due to the longer time frame. Properties are staying on the market for fewer days in both time periods.
For land in the Villages there were no sales in June 2017, and two this year, but while June saw that increase, looking at year to date, only 6 land parcels have sold this year compared to 9 last year at the same time. That also explains the decrease in sales volume. Finally, the average sales price for land is up 4.3% and the properties selling are moving quicker spending 15% less time on the market.