The Wash Park neighborhood real estate market finished out March 2020 with 31 home sales. The average price per square foot for a home in Wash Park was at $505.33. Last year the average price per square foot was $507.65, so Washington Park saw a slight decrease on average, but the median price per square foot saw a larger drop from $481.77 last year to $456.88 this March. Below are stats gathered from REcolorado.com (local MLS) from March 2020.
The luxury market in Wash Park remained steady with seven homes selling for over $1 million. The highest price in Wash Park went for $2,125,000 and the price per square foot above grade was $768 per square foot, including the basement finished square footage the price per square foot was $506. Compared to the next highest sale price at $1.5 million, the price per square foot above grade was $1142 and the finished price per square foot including the basement was $737.
The data shows that the last couple of years the ratio of Close to Original List Price is 96.06 percent this year compared to last year of 97 percent on average. This means that buyers have a little room to negotiate on price in Wash Park, according to the data about 4 percent. On a million dollar luxury home, that can amount to about $40,000 below the original list price. Below is the graph from REcolorado for home sales from 2019.
Looking back at the data from March 2018, there were 29 home sales versus 31 in March 2020. One thing that has come apparent over the past year and with COVID-19, homebuyers can negotiate a little on price. Compared to 2018, homebuyers can negotiate about 2 percent more on the original list price. It is hard to say if this will continue through the summer selling season. Below is a graph from REcolorado from March 2018.
* Please note the data does not include For Sale By Owners or off-market transactions. There may be some home sales that are not included in the data, because of data entry errors into REcolorado (local MLS) by local real estate professionals.