August core Denver neighborhood market report
This report analyzes the current real estate activity in a few of my core central Denver neighborhoods, where I do a bunch of my business, and where I experience market changes first hand, daily.
The latest stats reveal that the Denver real estate market shift is official, and the impact on Denver’s central neighborhoods is real.
In particular, there are a lot of listings coming online in the luxury market — homes priced between $2 and $4 million. New construction is coming online. Buyers in this price range now have many options.
August Denver neighborhood market report
Because so much of my business centers on this area, I want to dive in to provide readers a better understanding of what’s happening in this extremely popular, unique aspect of the Denver real estate market.
Interested in learning more about these great Denver neighborhoods? Reach out to me at kharris@milehimodern.com
This report covers East Washington Park, West Washington Park, Cory-Merrill (where my family and me live! :)), Bonnie Brae and Congress Park. (This report leaves out Cherry Creek for now).
East Washington Park
1251 South Williams, which closed at $3.7 million in August, is a good example of what’s happening in the market. The home hit the market in April, went under contract in July and closed in August 12 percent below original list price. I haven’t seen that before in East Wash park, revealing the shift has happened.
| Stat | July | % Change (M/M) | % Change (Y/Y) |
| New Listings | 7 | -50% | -58.8% |
| Closed Sales | 10 | -16.7% | -50.0% |
| Closed Average Price | $1,843,000 | -24.5% | 12.9% |
| Sale / List (Median) | 102% | 2.0% | -4.7% |
| Median Price Per Square Foot | $547 | -6.8% | 12.3% |
West Washington Park
Some inventory has gotten absorbed in West Wash Park. There were 28 listings a month ago, now 22 listings active.
| Stat | July | % Change (M/M) | % Change (Y/Y) |
| New Listings | 13 | -23.5% | 0.0% |
| Closed Sales | 11 | -8.3% | 10.0% |
| Closed Average Price | $1,234,780 | 5.0% | 20.3% |
| Sale / List (Median) | 99% | -4.8% | -2.9% |
| Median Price Per Square Foot | $500 | -0.8% | 12.1% |
Cory-Merrill
The wonderful Thomas James Homes-built home 1344 South Monroe Street in Cory-Merrill represents a record sale for the street when it sold in late July for $2.695 million. It features 5,339 total square feet on a 6,250-square-foot lot.
| Stat | July | % Change (M/M) | % Change (Y/Y) |
| New Listings | 4 | 0.0% | -60.0% |
| Closed Sales | 8 | 166.7% | -11.1% |
| Closed Average Price | $1,572,500 | 53.4% | 37.9% |
| Sale / List (Median) | 98% | -2.0% | 1.0% |
| Median Price Per Square Foot | $428 | -11.20% | 27.0% |
Bonnie Brae
I have always loved this mid-century modern home at 1050 South Cove Way in Bonnie Brae, which is now pending at $3.699 million. Check out the pictures of the indoor/outdoor space and back yard — the entertainment space is on point!
| Stat | July | % Change (M/M) | % Change (Y/Y) |
| New Listings | 1 | -87.50% | -83.3% |
| Closed Sales | 2 | 100.0% | -60.0% |
| Closed Average Price | $2,887,500 | 52.0% | 85.6% |
| Sale / List (Median) | 98% | -18.3% | -7.5% |
| Median Price Per Square Foot | $536 | -11.1% | 34.0% |
Congress Park
1275 Clayton Street stands out to me. I love the potential of this home. It features a fully permitted ADU (so hard to find in Congress Park) to generate rental income and offset your mortgage. Listed at $1.6 million.
| Stat | July | % Change (M/M) | % Change (Y/Y) |
| New Listings | 8 | -46.7% | -61.90% |
| Closed Sales | 10 | -44.4% | -9.1% |
| Closed Average Price | $1,141,150 | -5.5% | 8.9% |
| Sale / List (Median) | 96% | -6.8% | -4.0% |
| Median Price Per Square Foot | $356 | -21.2% | -15.0% |