With bigger lots in high demand, a Denver neighborhood analysis
The pandemic has had a huge influence on the types of homes Denver buyers are looking for.
As I’ve chronicled in blog posts over the past year, Denver buyers are looking for bigger lots, where they can spread out, have more space from neighbors and have a generally more expansive feeling; looking for bigger homes, where they can have ample room for work-from-home setups and home gyms; and worrying less about commute.
With these clear trends in mind, I decided to do a lot-size analysis from some of the most popular neighborhoods in my core operating area: East Washington Park, West Washington Park, Bonnie Brae and Cory-Merrill (East and West Wash Park are technically part of the single Washington Park neighborhood, but, as I note in the neighborhood overview, they’re different enough to treat separately here).
Note that the third trend noted above — people moving farther out as they can work from home more — is happening, but won’t be permanent as the city center still offers a vibrancy and a proximity to amenities that have remained in demand and will only increase once the pandemic ends (please!).
The below data refers to homes sold in each neighborhood in the 12 months through January 2021. Also, keep in mind that the analysis just focused on lot size and did not take into account the size and condition of homes, which, of course, affects prices to a large degree. This was meant to be a broad overview of lot size and price by these four neighborhoods.
In short, East Wash Park had the most expensive lots and Cory-Merrill offered the most land for your money. See how they stacked up in the charts below.
Bonnie Brae had the largest average lot size at an average lot size of 8,163 square feet. That was about 30 percent more than the neighborhood with the next-largest lot sizes, Cory-Merrill and 80 percent more than the one with the least, West Wash Park.
Over the 12 months through January 2021, East Wash Park had the highest average sales price at just under $1.5 million. This was just 2 percent more than second-priciest Bonnie Brae and approximately 84 percent more than the average sale price of West Wash Park homes at $814,363.
When analyzing the price per lot square foot, Cory-Merrill offers the most land for the money at $158.50 per lot square foot. That’s 84 percent less than the most expensive neighborhood in the analysis, East Wash Park, which came in at $291.67 per square foot.