September core Denver neighborhood market report
This report 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 metro market post, the Denver real estate market is throwing confused signals currently. But not so confusing that we can’t see clearly that the city’s core neighborhoods remain extremely in demand.
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.
Interested in learning more about these great Denver neighborhoods? Reach out to me at firstname.lastname@example.org
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
In East Washington Park, where lots tend to be bigger and more spaced out, demand has continued to push prices higher, marked, most notably, by median price per square foot of $535 in August. That is extremely high and marks a new era in the neighborhood of homes going for premiums.
|Closed Median Price||$900,000||$1,312,000||45.8%|
|Sale / List (Median)||107%||100%||-6.5%|
|Median Price Per Square Foot||$487||$535||9.9%|
West Washington Park
In West Wash Park, where lots are smaller, the median price per square foot dropped 4.5 percent to $426.
|Closed Median Price||$1,529,625||$795,850||-48.0%|
|Sale / List (Median)||102%||102%||0.0%|
|Median Price Per Square Foot||$446||$426||-4.5%|
Cory-Merrill continued to see home prices rise, with median close prices jumping 4.8 percent to $1.54 million in August. The median price per square foot is also on the rise, up 18.4 percent month-over-month to $399. Cory-Merrill has stood as an attractive, and until recently, relatively affordable central Denver neighborhood option for buyers.
|Closed Median Price||$1,465,000||$1,535,000||4.8%|
|Sale / List (Median)||97%||101%||4.1%|
|Median Price Per Square Foot||$337||$399||18.4%|
Bonnie Brae, the smallest neighborhood in this bunch, saw the median price per square foot jump 20.0 percent from July to August to $480 on four sales.
|Closed Median Price||$1,376,800||$1,000,000||-27.4%|
|Sale / List (Median)||106%||103%||-2.8%|
|Median Price Per Square Foot||$400||$480||20.0%|
Congress Park, the large, wonderful neighborhood just to the north of Cherry Creek, saw a drop in listings, median close price and median price per square foot from July to August. But I can assure you this neighborhood remains in high demand. As we track this over time, this will bear out. Check out my blog post feature on the neighborhood here.
|Closed Median Price||$1,100,000||$947,000||-13.9%|
|Sale / List (Median)||100%||101%||1.0%|
|Median Price Per Square Foot||$419||$382||-8.8%|