From most angles, there was very little difference between 2010 real estate sales and last year’s in Cherry Creek North. But, for the second year in a row, it wasn’t 2009. Or, as it’s known, The Year That Shall Not Be Named.
For example, 55 homes sold last year in Cherry Creek North, 15 of them being detached single family homes averaging $1.25 million. That would have been three more units that sold in the entire year of 2009, attached and detached single family homes combined. In fact, if it weren’t 411 and 415 Cook, which each sold just above $2M in 2009, there would have been less than $20 million in total real estate sold in Cherry Creek North during that dark year. Compared to the $46 million of inventory that changed hands last year, you can understand why nobody likes to talk about 2009 at Cherry Creek Grill or Second Home (unless you’re the seller of 411 and 415 Cook).
The year 2010 was an amazing turnaround in terms of volume, although all other major factors dipped, reflecting an urgency to not have a repeat of 2009, where only 22 units sold in Cherry Creek North. All told, 52 units sold in Cherry Creek North in 2010, the majority of them – 37 – traditionally being attached single family (ASF) homes. Those homes decreased in value nearly 20% from ASF homes in ’09, but Days on Market dropped from 232 to 202. Both numbers were terrible compared to the entire Denver market, but it started a trend that continued into last year.
In 2011, Days on Market (DOM) plummeted to only 89 days while jumping in value almost 10%. ASF homes sold in 2011, on average, for $711,000, up dramatically from the average price of $617k in 2010.
Here is the list of homes that sold in 2011 in Cherry Creek North:
While detached single family homes don’t exactly fly off the shelves – normally, they carry a 7- to 9-month sale cycle – their DOM actually went down to 212 days. Unfortunately, so did their average sale price. Detached single family (DSF) home prices didn’t come close to the 2010 average of $1.718M, coming in at $1.25M. For comparison, read how Denver’s Country Club neighborhood fared last year. Part of that can be attributed to the lack of million-dollar homes sales. In 2010, 17 homes sold for more than $1M, accounting for a third of the inventory; last year, only 13 (25%). Even in 2009, a third of anemic inventory was more than $1M.
What does this mean moving forward? The good news: there are 8 homes under contract in Cherry Creek North – 4 of them more than $1M; one over $2M! The bad: the average DOM is at 321, which means some of these houses were originally listed in 2010.
More bad: currently, there are 41 homes for sale (24 ASF, 17 DSF). You can find all of them here. That’s 9 months’ worth of inventory, and with more homes coming on the market this spring, all the overpriced homes in Cherry Creek North will quickly grow stale (currently, averaging 7 months on the market). But, for now, Cherry Creek Grill is still packed, Second Home still has terrible seating, and 2012 is looking less and less like 2009 every day.