January 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.
After years of increases, home prices have begun to drop in the Denver metro in recent months.
https://kristinharrishomes.com/blog/news/december-real-estate-inventory-gets-a-fill/
January 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
Our listing at 695 South Gaylord is worth calling out this month in East Wash Park, listed for $3.085 million. Another great Milwaukee Development home, it sits on a corner lot and features great natural sunlight that pours in from the south. Even the basement gets bright sunlight.
| Stat | December | % Change (M/M) | % Change (Y/Y) |
| New Listings | 5 | -17% | 25.0% |
| Closed Sales | 5 | -44.4% | -68.8% |
| Closed Average Price | $1,708,000 | 1.5% | -11.9% |
| Sale / List (Median) | 100% | 9.9% | -2.0% |
| Median Price Per Square Foot | $474 | -3.7% | -21.9% |
West Washington Park
The cute bungalow at 1355 South Downing Street listed for $1.1 million on January 6, and, in a flash, received multiple offers and went under contract on January 7. This is an example of how certain properties are still getting a lot of attention from buyers.
| Stat | December | % Change (M/M) | % Change (Y/Y) |
| New Listings | 3 | -25.0% | -50.0% |
| Closed Sales | 8 | -11.1% | -33.3% |
| Closed Average Price | $1,206,370 | 35.8% | 4.9% |
| Sale / List (Median) | 90% | -6.3% | -13.5% |
| Median Price Per Square Foot | $407 | -7.9% | -3.8% |
Cory-Merrill
A sign of the changing market, some new construction homes have been hanging on the market for longer than they recently have, like 1337 South Steele Street, which was built by popular local builder Thomas James Homes and went on the market on December 21 and is currently listed for $2.395 million.
The floor plan is beautiful with a great use of space with an efficient, workable flow, and walking distance to popular Cory Elementary School. I’m surprised it has stayed on the market as long as it has.
| Stat | December | % Change (M/M) | % Change (Y/Y) |
| New Listings | 4 | 100.0% | 300.0% |
| Closed Sales | 3 | -40.0% | -62.5% |
| Closed Average Price | $1,206,667 | -34.6% | -17.7% |
| Sale / List (Median) | 85% | -14% | -14.1% |
| Median Price Per Square Foot | $452 | -1.95% | 16.2% |
Bonnie Brae
There’s not a lot available on the market in Bonnie Brae. There were two closed sales in December and no new listings hit the market. Still not a lot available in this market.
This zero activity is emblematic of some homeowners now — they’re in their homes, at a good interest rate and facing increased costs for move-up homes.
| Stat | December | % Change (M/M) | % Change (Y/Y) |
| New Listings | 0 | -100.00% | -100.0% |
| Closed Sales | 2 | -33.3% | -33.3% |
| Closed Average Price | $1,562,500 | -34.3% | 19.4% |
| Sale / List (Median) | 95% | 4.4% | -8.7% |
| Median Price Per Square Foot | $464 | -12.1% | -14.1% |
Congress Park
The stately, two-story home at 758 Fillmore Street sold on December 20 for $2.25 million, $50,000 over list price. It went on the market on November 19 and went under contract on November 21!
The location and style of this home exemplify its heat in this market. In this area, residents have walkability to Cherry Creek, on one of the best blocks in Congress Park. And the home — an original, two-story home — features a classic area architecture known as Denver Square. – . original Denver square – unique architecture. This is one of the exceptions to normal right now.
| Stat | December | % Change (M/M) | % Change (Y/Y) |
| New Listings | 4 | -33.3% | 300.00% |
| Closed Sales | 11 | 120.0% | 175.0% |
| Closed Average Price | $1,033,182 | 5.3% | 16.1% |
| Sale / List (Median) | 91% | -4.2% | -8.1% |
| Median Price Per Square Foot | $349 | -13.4% | 16.7% |