Since my last look into our neighborhood's sales performance (2007-2008), I was able to conclude that while the rest of the world seemed to be drowning in sorrow, Driving Park Historic District was decidedly middle-of-the-road sales wise. I'll take normal over recession any day of the week, but that's pretty where we've been for the past 6 months, and that's where we appear to be right now, even after a few distressed sales.
Based on the latest sales data from Metrolist Inc., Denver, as a whole, has about 6 months worth of inventory currently for sale. What does 6 months of inventory actually involve? For example, within Driving Park Historic District, where I live, 17 homes sold in 2008. That comes out to 1.41 homes sold per month. Currently, we have 9 active listings in DPHD, which, divided by the average sales per month, puts us right at 6 months as time it will take to clear out our current inventory. In actuality, three homes have sold in DPHD so far this year: 571 High, 450 Williams and 484 Lafayette, which means we're slightly behind the 6 month curve, but the balance is there, which is good.
To get an idea of the houses that are currently for sale, go to my search site and check out the addresses listed in the chart below.
The average sale price isn't so much of an indicator of neighborhood performance as is the sale price - to - list price ratio. Currently, we are holding steady at 94% of list price (that's based on the last list price, sale price - to - original list price is around 90%, which is also normal, but shows the inevitable price drop). Disregard the average sale prices for 2009, as 571 High really threw off the balance, dropping nearly $500,000 between its original list price and eventual sale price.The reason why I don't look at sale price for DPHD is because we have houses that sell between $250k and upwards of $2 million within a 14-block area.
If you have any questions about the chart below or about this neighborhood, feel free to contact Karl Lueders at 720-971-8267. You can also reach him at his Web site, www.KarlSellsDenver.com. Karl lives in Driving Park Historic District on Humboldt St. The neighborhood runs from 4th Ave to 6th Ave, and from Marion to High St. It is surrounded by Alamo Placita, Seventh Avenue and Country Club historic neighborhoods.
If you're interested in the historic significance of the Driving Park Historic District, give me a call or drop me a line. You can find more sales data at Denver Real and Beyond.
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