Condos in Cherry Creek continued to increase in average price, with prices almost doubling YOY to $1,427,917 compared to $1,045,050 a month ago thanks to high end resales at 250 Columbine and the Laurel. This also contributed to a 49% increase YOY in volume and with 12 sales, down from 16 a year ago.
Single family homes in Cherry Creek saw an increase in average price as well, both YOY and from last month, but not as drastic as for condos. At $2,352,184, that represents just under 15% increase from last year and up from $2,139,059 in May 2022. With the number of closings remaining flat at 19, that means that volume increased by just roughly 15% as well.
City of Denver
Single family homes in the City of Denver continued to appreciate 17% YOY going from just over $800,000 in June 2021 to $943,228 in June 2022. This is compared to an average price of $894,620 in May 2022. Volume went down by 9% and number of sales went from 954 a year ago to 740 last month.
Condos and townhomes in the City of Denver also had an increase in average price at just under 15% YOY coming in at just under $600,000 at $594,907. This is compared to $585,882 in May this year. Volume was down 8.34% and number of sold units went down almost 20% from June 2021 to June 2022.
Single family homes in the Denver metro area continued a double digit increase in average price YOY of almost 12%, coming in at $810,415, which is up about $5,000 from prior month. Similar to the City of Denver, both volume and number of closings were down, 15.4% and 24.10% respectively.
Attached homes in metro Denver followed a similar pattern to single family homes. The average price increased from $435,695 to $504,193 YOY, which is a $10,000 more than in May 2022. The number of closed sales declined from 1,957 to 1,516, and volume was down over 10%
The single family luxury market showed a change from what we saw in May. The average price went down slightly, from $1,666,487 a year ago to $1,607,727 for June this year. This is also down from $1,627,899 . While May saw a large increase in both volume and number of units sold, but the gains were more modest at 3.15% in volume and 6.92% in number of units.
Luxury condos also had a reversal in trend from May, but a positive one. Average price for a luxury condo went up 42% YOY and volume by 29%. That’s at an average price of $1,866,585 which is about $350,000 higher than in May.
The single family home market in Evergreen showed similar price gains to other surrounding markets with average price increasing by 13.3% YOY, coming in at $1,239,110 compared to $1,093,654 in June 2021. At the same time there were fewer sales; 51 compared to 78 a year ago, and volume decreased by 26% to $63,194,605.
The stats for attached properties show that Evergreen is predominately a single family home market with only 7 properties sold in June, compared to 8 a year ago. This also means that the other two metrics, average price and volume, are heavily affected by each sale and any outliers.