Cherry Creek is a Denver neighborhood with a vibrant atmosphere, upscale shopping, dining options, and outdoor recreational activities. One of the defining features of Cherry Creek is the Cherry Creek Shopping Center, a premier shopping destination in Denver. Cherry Creek also boasts plenty of outdoor spaces and recreational opportunities. Overall, this lively area is known for its upscale amenities, premier shopping, and outdoor recreational opportunities. If you want to invest in Cherry Creek real estate, here is what to expect in the current market and what this could mean for the future.
Cherry Creek housing market forecast 2023
When analyzing the Cherry Creek real estate market, the main focus will be on the overall market of Denver. In Denver, there has been a decline in new listings, with the number decreasing from 987 listings in April 2022 to 685 in April 2023. This decrease suggests less seller activity, leading to a limited supply of available homes. When further analyzing the market, there was a decrease between April 2023 and the previous month, March 2023, where there were 732 new listings, showing not just a decline over the year but also on a monthly basis.
In terms of days on the market, there was an increase from eight days in April 2022 to 22 days in April 2023, indicating homes took longer to sell during the latter period, reflecting a shift in market conditions. However, comparing April 2023 to the previous month, March 2023, where homes spent an average of 32 days on the market, there was a decrease in the number of days. The shorter selling period in April suggests increased buyer activity or a more favorable market environment.
Overall, these trends in Denver’s real estate market indicate a market with reduced seller activity and increased time to sell properties. However, when comparing April 2023 to March 2023, the decrease in the days on the market suggests a potential improvement in market conditions.
Home values increase monthly but not yearly
Home values in Denver exhibited mixed trends when focusing on the median sales price. There was a decrease from April 2022, when it stood at $715,000, to April 2023, when it dropped to $650,000. When looking at the median sales price in March 2023, which was $628,000, the price in April increased significantly.
Similarly, the average sales price declined from April 2022, when it reached $920,083, to April 2023, when it fell to $838,014. Yet, in March 2023, the average sales price was $845,314, showing a smaller decrease in the average sales price.
These contrasting trends suggest some volatility in the Denver housing market, as the median sales price decreased overall, showing an improvement compared to the previous month. The average sales price also declined, but to a lesser extent when compared to the last month. These fluctuations indicate home values in Denver experienced variability, possibly due to the market attempting to balance itself after the past few years.
Denver County housing market trends
Denver County experienced similar trends to the city of Denver, although the numbers vary slightly. In terms of new listings, there has been a decrease from April 2022 to April 2023, with 912 new listings in April 2022, while in April 2023, the number dropped to 637. Additionally, compared to March 2023, where there were 687 new listings, April 2023 saw a slight decrease.
The median sales price, however, has shown an upward trend, as in April 2022, the median sales price was $750,000, which increased to $668,750 in April 2023. Furthermore, compared to the median sales price in March 2023, which was $650,000, April 2023 saw an increase. The average sales price, however, experienced a slight decrease from April 2022 to April 2023. In April 2022, the average sales price was $947,800; in April 2023, it dropped to $860,232. Similarly, April 2023 saw a decrease in the average sales price versus March 2023, when the price was $875,245.
When looking at how many days homes spent on the market, there was a similar pattern in Denver County as in the city of Denver. This pattern is reflected in both the monthly and yearly changes for Denver County.
These trends suggest that the market may be experiencing a shift due to balancing the market dynamics from the last few years, which have heavily favored buyers. It is crucial for both buyers and sellers to stay informed and work closely with a knowledgeable real estate professional to navigate these market changes.
Cherry Creek real estate market: Should you invest?
Investing in Cherry Creek real estate is an excellent opportunity, despite less inventory of houses on the market. Even though the amount of time homes remained on the market decreased between March and April, there was a significant increase between April last year and this year, indicating less demand from buyers. This trend could also explain why the average sales price decreased between March and April this year, as buyers had more leverage than last year.
It is also important to remember that the real estate market is balancing itself out after the past few years when sellers had more leverage. Overall, these market shifts indicate buyers are gaining power again in the real estate market, making it an ideal time to purchase a property.
Living in Cherry Creek
Are you searching for Cherry Creek homes for sale? Look no further than Mandy Stehle, a seasoned expert in luxury real estate. With nearly 30 years of full-time experience as an award-winning broker, Mandy possesses the knowledge and skills to make your homebuying experience seamless and successful. Mandy's extensive expertise, unwavering integrity, and dedication to her clients will ensure your goals are achieved while exceeding your expectations.
Contact Mandy today and let her expertise open the doors to your dream home in the Denver metro area.
