May 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.

With interest rates rising, the Denver market is currently undergoing a shift.

Even with a shifting market, central Denver neighborhoods are among Denver’s most desired.

May 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

The story of East Wash Park in May can be told by 1165 and 1166 South Vine Street, just a few blocks east of Washington Park.

1165 South Vine, a new-build at 6,300-square-feet which was listed at approximately $3.7 million, sold on April 12 for $4.18 million!

Around the same time, 1166 South Vine, a four-bed, two-bath bungalow just across the street, sold on May 9 at a teardown price of $1.5 million. This is the highest price I’ve seen for a 6,250-square-foot-lot interior lot in the neighborhood! The builder will likely aim to sell the home when it’s done at over $4 million.

Stat	April	% Change (M/M)	% Change (Y/Y)
New Listings	23	5%	76.9%
Closed Sales	16	-5.9%	33.3%
Closed Average Price	$1,980,200	-4.2%	34.6%
Sale / List (Median)	108%	3.8%	5.9%
Median Price Per Square Foot	$550	-8.5%	19.3%

West Washington Park

My milehimodern colleague Kelly Mauro has a West Wash Park home, 1163 South Corona Street under contract for what I believe will be a record price for the neighborhood: $3.1 million.

1163 South Corona Street.

I don’t know of any other sales in the neighborhood above $3 million.

Stat	April	% Change (M/M)	% Change (Y/Y)
New Listings	23	35.3%	91.7%
Closed Sales	17	30.8%	142.9%
Closed Average Price	$915,541	-12.7%	8.8%
Sale / List (Median)	108%	-3.6%	1.9%
Median Price Per Square Foot	$538	8.9%	14.7%

Cory-Merrill

There’s a new-build home under contract in Cory-Merrill, at 1059 South Josephine Street, that’s currently under contract at $3.5 million. The neighborhood just crossed the $3 million threshold in recent months and the upper-price trend is continuing.

Stat	April	% Change (M/M)	% Change (Y/Y)
New Listings	10	0.0%	-9.1%
Closed Sales	9	0.0%	0.0%
Closed Average Price	$1,961,222	37.5%	57.1%
Sale / List (Median)	104%	-5.5%	4.0%
Median Price Per Square Foot	$465	-2.7%	30.6%

Bonnie Brae

There’s a lot of construction in Bonnie Brae right now. I drive through the neighborhood everyday and see multiple projects under way.

Given its larger lots, and more secluded character, the neighborhood remains in high demand, with many homes selling in the $3 to $3.5 million price range. 930 South Columbine, a charming home with tons of charm and a great floorplan listed for $1.6 million, sold on April 19 for $1.925 million.

Stat	April	% Change (M/M)	% Change (Y/Y)
New Listings	3	-57.14%	0.0%
Closed Sales	7	75.0%	75.0%
Closed Average Price	$2,295,714	-10.4%	31.2%
Sale / List (Median)	109%	-0.9%	5.8%
Median Price Per Square Foot	$492	-26.0%	37.8%

Congress Park

Congress Park continues its demand. 1226 Detroit Street, a relatively modest four-bed, four-bath, home sold on April 25 for $1.95 million, originally listed at $1.6 million.

Stat	April	% Change (M/M)	% Change (Y/Y)
New Listings	23	64.3%	91.67%
Closed Sales	18	200.0%	28.6%
Closed Average Price	$961,250	-9.0%	-5.4%
Sale / List (Median)	109%	4.8%	3.8%
Median Price Per Square Foot	$500	18.2%	39.3%