Washington Park’s Real Estate Snapshot
Denver’s iconic residential neighborhood Washington Park — where I do a lot of my business — represents some of the best living Denver has to offer.
And, as I chronicle in my lead blog this month, Denver real estate has officially entered eye-popping status — I’m repeatedly surprised by what I see happening in the market, including in my core market of Washington Park, so I decided to dive into the numbers and share some of how the neighborhood’s real estate is evolving.
The average sale-to-list price % jumped, for all price levels
From April 2020 to April 2021, the average sale-to-list price percentage in Washington Park jumped to over 100 percent all four price points I analyzed: $750,000-$999,999, $1 million – $1.49 million, $1.5 million to $1.99 million, and over $2 million.
Interestingly, homes at the highest price tier, jumped the most percentage points, 8, which is surprising, because usually higher price tiers show less demand than lower ones. This shows just how hot Washington Park is and just how much prices have jumped.
Data source: REColorado
Price per above-ground square foot shooting up
In April 2021, the average price for an above ground Washington Park home square foot stood at $699, a 12.6 percent jump from April 2020 when it was $621.
In East Wash Park, where there are bigger lots and homes go for more, I’ve been beginning to see some above ground per square foot numbers of $1,000. That is remarkable. Just a few years ago, a corner penthouse suite in one of Cherry Creek’s new luxury buildings went for that. Washington Park is embarking on a new real estate era it seems.
Median days on market plummeting
The already low median days on market for Washington Park homes of 6 days in April 2020 dropped by a third to 4 days in April 2021.
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