Washington Park Homes Recover From Slow Down

The more expensive Washington Park homes market

, which mostly includes inventory requiring the larger jumbo loans, was one of the hardest hit segments during the recent slowdown. This is not typical of Washington Park Homes which is considered one of Denver's most stable sub-areas due to the fact these owners tend to have permanent jobs. Because of the overall extended global recession, which has caused many employers to suspend or delay hiring, Washington Park Homes have experienced one of their first value drops in recent history.

Statistically from the Denver MLS stats, two years ago there were 144 detached single-family Washington Park homes listed above $500,000. I used $500,000 as a sales price, since jumbo loans start at $417,000. Therefore, you start seeing Wash Park homes with jumbo loans when the sale price goes above $500,000. A year later, 127 Washington Park homes were sold under the same parameters. This was a bit of a downturn but nothing like what the Washington Park Homes area saw at the start of 2010.

From January to March, only 15 Washington Park homes sold that were listed above $500,000. This number puts Washington Park Homes projected sales activity at around 60 homes for the year - under half of what sold all of last year. This lack of activity was a big scare to Washington Park homeowners. Listing agents were seeing only 0-1 showings per month, and it appeared that Washington Park homes were experiencing a slowdown in demand, which typically leads to a decrease in home value.

It is not all bad news for Washington Park homes. Washington Park sales activity has picked up in the past three months with 43 Washington Park homes selling. This is a nearly 300% increase from the first three months, putting the market back on pace to close nearly the same number of homes as it did a year ago. According to many of the higher-end Washington Park Homes listing agents, showing activity is also increasing. One agent said they were getting just one to two showing a month at the beginning of the year, but in the past three months they have been getting one to two per week.

With buying activity and jobs finally starting to come back to Denver and the surrounding areas, there is hope that the first three months of 2011 will put the Washington Park Real Estate on track for one of its best years ever.

by: Allan Armbruster

POST COMMENT

Your Dream Home Coming To Reality Drywall Ceiling: How To Build It And Tips To Make The Job Easier Where Did Plumbing Come From? Benefits Of Lake George Real Estate Think Twice About Preventative Maintenance When It Comes To Your Plumbing Are You Cut Out For Plumbing? Saving Money To Purchase A Home - Items To Know Clay Soil Affects Your Plumbing, But You Can Minimize Harmful Effects You Can Plumb Your Own Bathroom! - Tips On Diy Quick And Useful Tips When You Buy A Home How To Get A Flat Stomach With Different Methods Don't Let Those Small Plumbing Problems Go - They'll Come Back Bigger Than You Expected On Providing The Help Of The Right Bathroom Remodeling