Condo data for Cherry Creek shows that prices rose by over 20% from May last year but saw a drastic decrease in volume and closed sales. What’s interesting is that while there’s a double-digit price increase YOY, price actually went down MOM with the average price in April being $1,148,976 and $1,045,050 in May.
Price wise we see a similar pattern for single family homes in Cherry Creek, except YOY price increase was over 70% but MOM the average price went from $2,619,091 down to $2,139,059. Volume for single family homes was up over 82% YOY with a small increase in closed sales from 15 to 16, showing that the huge YOY price increase is reflected in the increased volume.
City of Denver
Single family homes in Denver continued to appreciate YOY but at a slower pace than in April, or 11.32% vs. 24.13%. The increase in sales volume YOY was 18.4% in May and a 6% increase in the number of closed sales to 844. This was up from 814 closed sales in April 2022, and volume MOM held pretty steady around $755,000,000. Average price decreased from $922,731 in April to $894,620 in May.
Attached properties in Denver also showed an increase in price YOY of almost 9%, down from a YOY increase of 13.1% in April, and similar to other market segments there was a decrease in average price MOM from $585,882 in April to $571,344 in May. Volume was down 15% YOY but held steady from April at just over $399,000,000. Number of closed units was down 22% YOY.
Single family homes in the entire Denver metro area had an increase in average price of 15% from May 2021, coming in at $805,508 which is down from $825,073 a month prior. Volume was up over 12% YOY at $3,102,817,135 which is up over $200,000,000 form April 2022. The number of closed sales was down 2.38% YOY at 3,852, which is an increase of 400 units from the previous month.
Attached units in the Denver metro area continued to show a double-digit price increase of 10.64% YOY coming in at $494,419, slightly down from April’s average price of $495,078. Volume was up less than 1% YOY but went from $722,813,418 in April 2022 to $787,609,860. The number of closed sales was down over 9% from a year ago but at 1,593 it was up from the previous month of 1,460.
The luxury market data shows a modest increase in single family average price of 2.83% YOY to $1,627,899 which is down from April’s average price of $1,661,325. At the same time there was a huge increase of over 50% in volume YOY to $960,460,395, which is up from previous month’s volume of $912,067,174. Number of closed sales was up 46.4% YOY to 590 units sold compared to 549 in April and 403 in May 2021.
The luxury condo market is a much smaller segment of the market with 19 closed sales in May 2022, down from 33 in May 2021, but up from 15 previous month. Average price was down 9% YOY but showed a significant increase from April – from $1,322,650 to $1,513,421, which also explains that while volume was down almost 48% YOY, it increased from $19,839,755 in April 2022 to $28,755,000 in May 2022.