While June was a very strong month for Cherry Creek, July was the complete opposite. It is typical for things to slow down for that month, but comparing it to July 2017 the number of sales, volume and highest price are down significantly and average price showing a decline of 7.6%. The only upside is that properties moved much quicker.
Comparing YTD shows a similar picture although with less extreme changes, except for average price, which is up 6.1% compared to a year ago.
The condo market for Cherry Creek shows prices being almost flat looking at the month of July, but very extreme figures in other categories, which can largely be attributed 2 condos selling in July 2017, but 13 this year. For YTD, the growth is very strong across the board except for days on market.
The City of Denver
Attached homes in the City of Denver showed a slight increase in sales volume and average price comparing July to last year, and a very minor drop of 1% in number of closed sales. Highest price sold shows a large drop but that’s due to a much higher than average priced property sold in July 2017. Days on market increased by 12.1%.
Looking at YTD for attached homes we see that average price is still showing a double digit growth but properties are staying on the market much longer, signaling a slowing down in this category.
Detached homes in Denver show a drop in every category except average price sold (which is up almost 9%) for the month of July. However, comparing YTD for detached homes we see a very strong market. While there’s a small drop in number of closed sales, volume is up, average price still has double digit growth, and the highest price sold was an $8M property! Days on market decreased by over 15%, so unlike for attached properties, this market is still very active.
Luxury Real Estate
Curiously, the luxury market had a much stronger July this year than in 2017 for residential properties in terms of closed number of sales and sales volume, and selling faster. Both average and highest price decreased. Looking at YTD we see the same trend with the exception of highest price sold due to the $8M property that closed this July.
The luxury condo market had one more condo sale this July but volume, average price and highest price are all down significantly, with a 150% increase in days on market.
Year to date for luxury condos has been better, with an over 30% increase in closed sales and volume with average price staying flat.
Home prices continued to rise in metro Denver with a 7.58% increase from July 2017 although there was an almost 2% decrease from June this year. However, the number of homes sold is declining quickly, and with rising inventory and days on market increasing, it points to a slowing market, finally starting to favor buyers, a shift we started to see about a month ago.
This trend seems to go for both detached and attached home, except an increase in detached single family homes going under contract.
The July comparison is interesting for the Villages as exactly the same amount of properties were sold and sales volume and average price was virtually unchanged at a 0.4% growth. While highest price sold for July decreased by 21.8%, average price per foot increased by over 10% and properties moved much quicker.
For YTD the numbers look strong for the Villages with growth for all metrics except days on market, which is how sellers like to see it!
Land sales are up 100% for July – from 1 to 2! Due to such little volume it’s hard to gauge anything from the numbers for comparing just July. That being said, looking at YTD there’s quite a change from what we saw in June with everything showing a double digit decline and almost 50% increase in days on market indicating a significant downturn in land sales.