Comparing January 2019 to that of 2018, there was a decrease in both closed sales, and sales volume for residential properties; -27.3%, and -10.4%, respectively. However, the properties that did sell saw higher prices; average price was up 23.2% and highest price by 8.3%. Homes also sold faster, with average days on market at 91 days this year vs. 113 days in January 2018.
The condo market in Cherry Creek didn’t do as well with significant decreases in sales and prices and large increase in DOM (70.8%). Closed sales were down 54.5%, sales volume by 64.8%, average price dropped by 22.5% and highest price by 60.5%.
It’s interesting to see these stark differences but at the moment it seems that Cherry Creek is favorable for sellers of residential properties, while buyers can look to make some great deals on condos!
The City of Denver
Attached properties in the City of Denver slowed a bit in quantity in January, but not in price. Closed sales were down by 18%, and volume by 12.4%. Average price showed a healthy increase of 6.8%, while highest price sold increased by 246.8% due to the sale of an incredible $10,750,000 condo. Properties moved at a decent rate, staying in the market for 2 months, down by almost 13% from January 2018.
Looking at detached properties in the City of Denver, closed sales are down by 27.5%, volume by 23.2%, but average price went up almost 6%. Highest price sold decreased by 11.4% and average DOM increased by 8.7% but are still at under two months at 50 days.
Luxury Real Estate
The Luxury market for residential properties was pretty strong in January. Closed sales were down 6.3%, volume down by 8.4%, and average price declined slightly as well, by 2.2%. The highest price was up 16% and days on market decreased by almost 21%.
Condos in the luxury market was very strong in January. Although the number of closed sales decreased by 37.5%, volume was up by 36.5%, average price by over 118%, and highest price sold up a whooping 246.8%! However, although the numbers above show a great market for sellers, properties sold slower and stayed on the market an average of 116 days.
The good news for the Villages is that days on market were down almost 45% from 125 to 69 days, so much better movement. However, everything else is in the red for January.
Closed sales decreased 28.6%, volume by 54.4%, average price by 36.1%, highest price by 57.1%, and average price per sqft by 15.4%.
There were no land sales in January in the Villages.
The average price for a home in Metro Denver in January was $461,101, which was 2.89% higher than January 2018. The number of homes sold was down almost 15% from the same time last year, DOM increased by 20%, and inventory by 52%! This is clearly a large change but keep in mind the levels we are coming from were extreme, so this isn’t signaling a bad market, but a more balanced one. However, it’s certainly a relief for buyers that remember 2018 but didn’t buy then!