No Cause For Alarm…
There was a 26% drop in the number of sales in Washington Park this year. On the surface, that seems alarming but it really is a function of the low inventory. Homes sold quickly with it only taking an average of 21 days in East Wash Park and 15 days on the West side. However, there were fewer homes to choose from thus the drop in numbers. This is likely a function of the low interest rates that many homeowners now enjoy and a move would mean giving up that rate so more are staying put.
If you look at the breakdown of sales in the area between Emerson and Sherman I don’t think the 1% increase in median sales price was reflective of what really happened there. In 2022, we saw many sales of the smaller multi-family units in the lower part of that market. This makes sense from a Covid standpoint as those who spent the lockdown in the smaller units became ready for something bigger and as rates rose, first time buyers who could no longer afford a single family snapped them up. The average and median price per square foot rose 11% and 12% respectively which is a very healthy increase.
There were many record highs this year as one sale on Corona topped the $3 million mark for the first time, a sale on S Ogden set a record for that street at $2,650,000, two sales on S Emerson exceeded $1.7 million for the first time, a sale in East Wash Park hit a record $1440/SF and one on S Franklin St, facing the park, exceeded $5 million for the first time ever. Wow!
It remains a great time to own or sell property in Washington Park. After 42 years of living and working in the area, we know the market. If a move is in your future, let us know how we can help.
Your call to The Bridge Team at 303-331-4589 for any of your real estate questions will be warmly received.