Two reasons why East Washington Park’s real estate performance shockingly dipped from 2011 to 2012:
- Wash Park is so far ahead of the curve in terms of Denver real estate that the tony east-side neighborhood actually experienced its 2012 in 2011 (take a minute), and there’s no way any neighborhood could hold this kind of momentum.
- It didn’t.
I may have gotten some of you to think #2, since you wouldn’t expect deception from this blog. And you would be right.
Since 2010, average sales prices in East Wash Park have hovered between $650,000-$670,000. That part is no surprise. Check last year’s East Wash Park wrapup. Average prices in 2012 ticked up to $654,000 from $650,000 in 2011, and the price per square foot has crept ever closer to the $400/PSF, finishing 2012 at $394/PSF.
And, just to brag, 12 of the last 14 Wash Park homes that sold in 2012 went under contract in less than 30 days. Nine of those sold in less than a week. Boom.
A few trends from 2012:
- the 76 homes that sold in East Wash Park is more of an indication of the low inventory than ability to sell. That’s not much of a stretch.
- Lots that sold in East Wash Park hovered around 5422 SF, which shows a trend toward scrapes (double lots are 6250 SF), putting an emphasis on yard size with the house.
- Only one half-duplex sold in 2012.
- Days on Market averaged 47 days, still a month under the city average. That number included 13 homes that sat on the market for more than 100 days.
What can I say? Don’t mess with East Wash Park.
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 Washington Park.