August core Denver neighborhood market report
This month, I’m debuting a new report that analyzes the 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.
As I covered in my market-wide post this month, the Denver real estate market is cooling. But activity in Denver’s core neighborhoods remains hot. I’ve seen this trend — Denver core neighborhoods deviating from metro-wide trends — for the last year or so.
Because so much of my business centers on this area, I wanted 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.
This report will cover 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).
The central Denver neighborhood real estate market is hot relative to the wider Denver real estate market. A notable amount of the activity comes from out-of-state buyers jumping into the market. For example, a June sale in East Washington Park, at 528 S Corona Street, listed for $2.4 million and sold for $2.5 million. The sellers received eight offers, half of which for all-cash. Until recently, that has been extremely rare for the central Denver areas.
More detail on the neighborhoods below. Stay tuned for more insight on these neighborhoods each month.
East Washington Park
In East Washington Park, where lots tend to be bigger and more spaced out, the number of sales jumped from 17 to 20 in July from June, while the median sale-to-list-price ratio jumped to 107 percent. This is high. The closed median price dropped 17.1 percent to $900,000, but that has more to do with the grouping of homes that sold that month than any longer term trend.
|Closed Median Price||$1,085,000||$900,000||-17.1%|
|Sale / List (Median)||105%||107%||1.9%|
West Washington Park
In West Wash Park, the number fo sales dropped from 16 to 10, while the sale-to-list-price ratio dipped as well. Median close prices were high, however, at $1.53 million.
|Closed Median Price||$1,570,000||$1,529,625||-2.6%|
|Sale / List (Median)||103%||102%||-1.0%|
Cory-Merrill saw a plunge in sales but a huge jump in closed median price (89.0 percent) in July to $1.47 million. That jump, while representing only nine closed sales, sustains a longer-term trend of Cory-Merrill standing as an attractive, and until recently, relatively affordable central Denver neighborhood option for buyers.
|Closed Median Price||$775,000||$1,465,000||89.0%|
|Sale / List (Median)||104%||97%||-6.7%|
Bonnie Brae, the smallest neighborhood in this bunch, saw just five sales in July, but six new listings. Listing performance jumped 2.9 percent in July from June with sold homes closing for a median of 6 percent over list price.
|Closed Median Price||$1,342,000||$1,376,800||2.6%|
|Sale / List (Median)||103%||106%||2.9%|
Congress Park, the large neighborhood just to the north of Cherry Creek, saw a big jump new listings in July from June, from 10 to 21. The median closed price for the month, at $1.1 million, represents a 22.2 percent increase from June, on 11 sales.
|Closed Median Price||$900,000||$1,100,000||22.2%|
|Sale / List (Median)||104%||100%||-3.8%|