2012 Denver Real Estate Statistics – Washington Park (East)

Two reasons why East Washington Park’s real estate performance shockingly dipped from 2011 to 2012:

  1. 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.
  2. 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.

East Wash Park has always been the bellwether of Denver real estate, and people tend to freak out if Wash Park starts to tank. I’m here to tell you: you may continue with the good times.

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.

 

2012 Denver Real Estate Statistics – West Washington Park

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.

Real Estate Statistics 2012Last 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.

2012 Denver Real Estate Statistics – Congress Park

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.