Cherry Creek

 

2019 was a great year for the Cherry Creek housing market, both for condos and single family homes. The biggest change is a month to month comparison of December 2019 vs. 2018, but there was also significant growth looking at the whole year.

There’s double digit increases in number of closed sales, sales volume, and average price for residential properties, both YOY and MOM. Highest price was up almost 18% for December and was $3,650,000 in both 2018 and 2019. Days on market decreased by 36.2% in December but showed a slight increase of 5% for the year as a whole.

Condos in Cherry Creek showed an even more extreme change with TRIPLE digit growth for number of sales, volume, average price, and highest price! Days on market decreased by 62.6% and was at only 17 days for December 2019.

Looking at the year as a whole for condos, Cherry Creek had over 55% increase in number of closed sales, a whooping 176% growth in sales volume, almost 80% in average sales price, and highest price sold up by about 150%. Days on market decreased from 56 to 48.

I believe that with a lot of construction being completed, and great new businesses in the area, Cherry Creek showed that it remains one of the most desirable neighborhoods in the city for a lot of people. With 50% less inventory than a year ago, it’s a good market for sellers, but buyers still have some great options to choose from.

 

The City of Denver

The City of Denver also had a wow year in 2019! While there has been talk of a balancing market, it’s very interesting to look at the year-end statistics for 2019 vs 2018 for the City. Whether it’s comparing the month of December, or the whole year, there was very significant growth. Both attached and detached properties had double digit increases in all sales and price categories with shorter DOM for the month of December.

The changes are more modest when looking at the year as a whole, but detached properties showed a 3.7% increase in number of units sold, 7.5% in volume, 3.6% in average price sold and 6.3% for highest price. Days on market went from 26 to 34 and combined these numbers do indeed show a pretty balanced market in 2019.

For condos, the growth numbers have a similar trend as detached properties for the year as a whole, with slightly higher growth numbers, except for highest price sold, which was $10,750,000 for a luxury condo at the Four Seasons.

Inventory for both attached and detached properties in the City of Denver is much higher than in the beginning of 2018, so it’s a good time for buyers to get out there and look!

Luxury

The luxury market certainly didn’t show any recession signs in 2019! December was a busy month for detached luxury properties, with a 37.6% growth in number of sales and 48.7% in volume. Average price was up a healthy 8%, and highest price sold by 71% at $11,625,000, which was also the highest sale of the year. Days on market went down by 19.2% and is now at 97 days.

Year to date for this segment had 12.7% growth in number of sold units as well as volume. Average price was flat with 0.1% decrease, but highest price increased by over 45%!

Luxury condos had an incredible month in December 2019 compared to December 2018! While December 2018 only had 3 luxury condo closings, that number was 26 last month, or an increase of 766% Similarly, closed volume increased by over 690%. Curiously this did not translate to growth in average price, which was down by 8.7%, but highest price up by 14.6%. Days on market are extremely low at only 14 days in December 2019.

Looking at the year as a whole for luxury condos, the numbers are still big. Number of closed sales more than doubled, and volume was up over 115%. Average price increased by just over 5%, but highest price by 138%. Days on market fell from 118 to 98.

Looking at inventory, it’s at very similar levels to what it was a year prior, but with the demand for condos, those remaining will most likely be in high demand.

Denver Metro

Inventory in the Metro area fell by 28% in December from the previous month, but that is to be expected with the holidays. Comparing it to the previous year it was down by almost 10% but we also saw the number of homes sold go up by just over 10% for the same time frame.

Average price increased by 4.93% compared to December 2018.

A lot of the inventory decrease seems to be explained by lack of detached homes on the market, but that was down by 13.67% YOY, while it only decreased by 0.47% for attached properties. Both categories showed an increase in number of units going under contract and sold.

The Villages

December was a great month for home sellers in the Villages. Number of sales only increased from 16 to 17, but volume was up over 44%, and average price by 36%. Furthermore, highest price increased by 71% and average price per square foot by 20%. The only statistic that wasn’t in sellers favor was DOM increasing by 20.7%

Overall the year as a whole was good as well, but much more stable with over 3% increases in number of sold units and volume, a slight decrease of 0.9% in average sales price and 0.9% decrease in average price per square foot. The market moved quicker with days on market down by 18%. The biggest change during the year was a 55% increase in highest price sold.

The figures for land sales for December are insignificant as there was one sale in December 2018 and none in December 2019.

Land sales for the year as a whole show an increase in number of sales from 14 to 17, or by 21.4% and volume was up over 17%. The jump in sales did not translate into higher prices as average price was down just over 5%, and highest price by 10.4%. Average days on market were almost the same with only a 2% increase.