Washington Park Real Estate 2019 Review
How’d we do in 2019?
With the year coming quickly to an end, thought it time to do our annual year-end review of the Washington Park housing market. After a seven-year run of an extraordinary strong seller’s market, crazy bidding wars and ever limited inventory the market in 2019 finally shifted. Here are some highlights:
- After relentless appreciation where our home values nearly doubled in ten years the market decidedly cooled. The median value of a Wash Park home grew slightly (1%) from one year ago and now stands at $673,000.
- The total number of sales for the year was up 7% from a year ago indicating the market continues to show overall strength however what was uniquely different was on any given day there were more homes on the market than a year ago—often twice as many.
- The market for homes over one million dollars cooled a bit with 16 homes selling in this range. What was particularly interesting was that no homes sold for above two million whereas last we year saw three sales in that rarefied air.
- We also saw the return of the price drop with the majority of homes selling for 2-3% below list—something that rarely happened in the past years.
None of this is cause for concern and I think it is actually very healthy. Our home values have long been out-stripping the overall economy which has in itself been remarkably healthy here in Denver. We were bound to have a cooling off period sooner than later. Letting wages and the economy catch up a bit is good for all and bodes well for the future.
Happy to discuss this and how it relates to your home specifically. Just give us a call for this and any of your real estate needs.
See you around the neighborhood,
Tom & Denise Snyder