It would be foolish to assume that West Wash Park home sales could improve upon itself, year-over-year, but then again, it’s foolish to underestimate the power of the Park… both sides.
Last year, West Wash Park saw 158 single-family home sales in the area loosely defined as Virginia Ave., Downing, Louisiana Ave., and the Lincoln/I25 combo on the west. Of these 30 were duplexes (attached homes, if you will) and the other 128 detached homes of varying prices and sizes.
While duplexes tend to hold value without major dips or rises – duplexes rose in value a mere .4% from 2011 to 2012 – the average time they spent on the market dropped significantly, shaving more than 3 weeks’ of time from list date to contract date. In 2011, duplexes took 109 days; last year, they spent only 86 days on the market.
Detached homes – the garden variety bungalow, Denver square or pop-top – also dropped their days on market by 22 days (77 to 55). WWP detached homes also enjoyed uncharacteristic rises in average sale price. In 2011, the average detached home sold for $393,975; last year, that number jumped 17.4% to $462,790. Part of this jump resulted in the volume of high-end home sales in West Wash Park.
Despite falling under the elite Wash Park banner, the west side had always been known as the more “affordable” side, with property values appreciating but never really skyrocketing in the same fashion as its East side counterpart. In fact, WWP has never had a $1 million-plus homes sale. Until last year. Last September 28, 801 S Downing sold for $1.1 million cash.
Welcome to the big leagues, West Wash Park. East Wash Park to come.
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.