Cherry Hills Village Real Estate Market News May 2018
The value of homes in Cherry Hills Village have always been higher than most of the Denver area. The number of active listings in Cherry Hills Village, just like the rest of Colorado, have drastically decreased in the last 5 years. Summer 5 years ago there were over 140 active listings in Cherry Hills Village. Now there are about 40 homes for sale in Cherry Hills Village. This is pretty similar to the rest of the Denver and Denver Foothills real estate market. It is out pacing the rest of Colorado by a little bit. There is a bit of an uptick over the last month or two in the number of listings but we are still on a downward trend and the highs and lows of number of listings are going in the direction of a sellers market still. There is still a buying frenzy in the Denver.
Cherry Hills Village Days on Market for Home Sales
Cherry Hills Village is considered a mostly luxury market. This usually means longer days on market for listings. The obvious reason is more people can afford a $500,000 home than a $3,000,000 home. The buyer pool or market for luxury homes is smaller than the average priced home market. In the Denver Foothills the average days on market for luxury homes is pretty comparable to the Cherry Hills Village market. Although the number of active listings have gone down a lot, the days on market are pretty consistent through the last 5 years. This is usually because the luxury market is pretty steady through most the ups and downs of the real estate cycles. In the average home price point the market would usually see more ups and downs and peaks and valleys on the chart. This is because as inventory lowers the days on market tend to decrease for obvious reasons.
Cherry Hills Village Average Homes Sale Price
Over the last five years, once again like Colorado, We have seen an increase in the average purchase price of the homes in Cherry Hills Village. About 5 years ago when Cherry Hills Village had the most amount of homes for sale, the average sale price was around $1.5 million. Now the average sale price is just over $2.5 million. That is a drastic increase in the market value in the luxury market. Usually in that price point the homes will increase in value in a steady fashion not nearly that fast. This is in step with the rest of Colorado and with the decrease in inventory. All of Colorado has seen huge growth in the past few years. There is great demand for housing in Colorado. This trend should continue for at least the summer if not for another year. It isn’t too late to buy a home in Cherry Hills Village because the way this real estate selling season is starting there seems to be more room for the market to increase over the next few months to a year at least.