With the “stay-at-home order” came an expected slow down in Cory-Merrill real estate. In the first four months of 2020, the number of neighborhood sales dropped 21.6 percent from 37 sales in 2019 to 29 sales this year.
Perhaps more telling, the average Cory-Merrill home sales price in that period dropped 8.0 percent, from $881,164 in 2019 to $811,036.
However, neighborhood real estate activity has picked up in May. Through the first 12 days of this month, four homes have gone under contract. I expect to see a gradual uptick in sales with the “safer-at-home” in place.
[See all active Cory-Merrill listings here]
I’ll be doing a few more features this year on Cory-Merrill, for several reasons: it’s a great up-and-coming neighborhood, it has a dynamic character and my family and I have lived here for several years and love it! (I’m hosting the first annual Cory-Merrill Dash! this summer. Go here for more details).
Cory-Merrill real estate status
Thanks to its great location and highly rated elementary school (Cory Elementary — where my daughter Maya is in second grade), Cory-Merrill homes always attract a lot of buyer attention.
Inventory remains low in the neighborhood, meaning sellers have the upper hand. As I sit here analyzing the numbers, the neighborhood has a two-month supply of homes (meaning at current rate all listed homes would sell in two months); a market where supply matches demand has six months of inventory, for perspective.
The neighborhood remains hot through quarantine. We had a record sale at 1105 S Milwaukee Street, which sold for $1.85 million in April. The home, built by Denver builder Dublin Development, featured modern architecture, large windows, three stories and an open floor plan.
[New-builds represent an up-and-coming trend in Cory-Merrill]
However, I think 1408 S Saint Paul, the 5,051-square-foot, over-150-window gem listed for $2.3 million, may challenge this record. I think this is just the beginning. Stay tuned for record neighborhood sales in 2020!
All this means that Cory-Merrill sellers stand in a great position in 2020. If you’re thinking of selling, or just curious about your home’s value, give me a call. I can give you free, expert advice from just down the street.
Email me anytime at email@example.com.