In terms of real estate values, I have always thought of Congress Park as central Denver’s bellwether neighborhood. It’s far from Washington Park‘s irrational exuberance (I shall prove this about Wash Park shortly) and Cherry Creek‘s roller coaster resale; it’s a smaller swath of land than Park Hill so it’s easier to define, and with the emergence of 12th Avenue as a destination for people outside the boundary (for purposes of this argument, 8th Avenue to Colfax and Josephine to Colorado Blvd mark the territory; different than last year), Congress Park is starting to lose its best-kept-secret sheen.
Which is great for real estate. Consider these simple statistics: in 2011, 105 homes sold in Congress Park. Last year, 135 homes sold. That’s easy, happy math. Interestingly, the difference came in the form of attached homes, duplexes, if you will. Detached single family homes remained constant from 2011 to 2012: 101 to 104. But duplexes increased 750% from 2011! Only 4 sold in 2011; 31 duplexes sold last year.
We haven’t talked about double-digit
increases for a long time, much less 12.2%.
Part of this increase can be attributed to low interest rates and buyers coming out of their bomb shelters from the last few years. We are also seeing buyers recovering from the foreclosure scars suffered in the mid-2000s, ready to get back in the game. Traditionally, duplexes are about 25% cheaper than their detached counterparts. And while duplexes enjoyed a modest increase in value year over year (from $282k to $295k in 2012), detached homes skyrocketed in comparison.
In 2011, the average Congress Park home sold for $381,313 (the most expensive home award going to 1044 Milwaukee), but in 2012, 936 Fillmore sold for $765,000 – the highest in Congress Park – helping raise the average sale price to $434,069. We haven’t talked about double-digit value increases for a long time, much less 12.2%.
It wouldn’t hurt to mention that it average days on market (known by real estate nerds as DOM), have dropped by about half the time for Congress Park. So, is it a good time to move in or out of Congress Park? How about both?
Karl Lueders is a Denver Metro Association of Realtors Million-Dollar Roundtable honoree, as well as a 5280 Five Star Realtor. He can be found in traditional ways: if Twitter, G+ and LinkedIn are the new traditions. Calling Karl Lueders 720-971-8267 also works. Especially if you’re planning on living in or leaving Congress Park.