REAL ESTATE

Yet these buyers, despite their means, are still facing a shortage of properties to purchase. “Cherry Creek is very competitive. The most desirable listings sell above list price and go pending in around 3 days, with 25% of the total listings in 2023 selling above list price thus far,” Hendley says. According to DMAR (Denver Metro Association of Realtors), on average, homes in Cherry Creek sell after 8.5 days on the market.

As the central banks attempt to control inflation by increasing interest rates, they’ve also created a dip in the housing market. Yet in Colorado, an expected slowdown has yet to materialize. “It may feel to many that the marketing is cooling off, but the rapid growth that the real estate market was on for over a two-and-a-half-year period was unprecedented. Anything but that scenario is going to seem like a cooling off, which simply isn’t the case.”

Indeed, the luxury market continues to thrive. “The luxury market did the opposite of what headlines were predicting,” Hendley says. “Instead of plummeting prices, we continue to see appreciation month-over-month.” Because luxury buyers rely less on credit, their buying decisions are typically less impacted by spikes in interest rates and more so by the stock market or inflation.

“We’ve experienced an incredible run in real estate since the market downturn early in the decade and the consumer sentiment continues to show signs of stability,” Hendley concludes. “Like any other industry that ebbs and flows, we will see a slowdown at some point in the future. But the overall outlook is overwhelmingly positive.”