Times they are a changin', as they say. There is no question that the last few years have changed the landscape of our little town and those changes have been primarily for the benefit of Edgewater residents and surrounding neighbors. We have seen the development of the new Edgewater Civic Center, which was a drastic improvement for our municipality as well as the reclaiming of the neighboring land to the south to expand Walker Branch Park. Currently there's the much needed additions and renovations taking place at Jefferson High School. The last few years have also brought new locally owned thriving businesses to 25th Ave. The recent addition of the businesses at the Edgewater Public Market have brought even more attention to our neighborhood.
The change that many longtime residents may have more mixed feelings about though, is the housing market here. In 2020, there were 78 residential properties sold within Edgewater city limits (including condos, townhomes, multi-family, and single family homes.) The average sales price in Edgewater last year was $518,521 (still almost $30,000 less than the Denver Metro average of $547,461). The prices ranged from $307,667 to the first sale that has broken through the $1 million threshold for a single family home in Edgewater. A new 3,837 sq ft home built at 2458 Chase St. was listed for $1,100,000 and sold quickly for $1,115,000 in December with competing offers and appraised for at least that amount according to the listing agent.
The previous record sale for Edgewater was a 3,616 sq ft home that sold for $934,900 in 2019 at 2544 Chase St. Currently, there are 3 pending sales for new construction attached properties that were listed from $739,900 to $985,000.
Just 5 years ago, it was almost unheard of to see a home sell in our neighborhood for over $500,000. Last year 39 of the 78 sales were $500,000 or more. That has been a drastic change in a relatively short time for a number of factors.
A primary driving force of any economy is the supply and demand relationship and much of the country has been experiencing high demand and short supply for a few years. The absurdly low interest rates we're seeing is also giving buyers more purchase power so they are able to keep offering to pay the higher prices while still staying within their monthly budget.
The Denver Metro in particular has been an extreme seller's market for years now and buyers have had to look to moving to areas they might not have otherwise considered to make their budget work. Since many buyers have been priced out of Sloan's Lake and Highlands neighborhoods, they've expanded the search west and found our little town with the proximity to amenities they are wanting.
Developers who once wouldn't have taken a gamble on an area that didn't have a strong track record of higher priced sales, are now seeing opportunities to buy up the last bits of remaining land or original homes that are beyond repair to build new homes that are equipped with all the modern conveniences that buyers dream of. These new homes are helping to push up the average sales price in the community to these new heights. The older existing homes are benefitting from the appreciation but sellers still need to be realistic in what buyers will be willing to pay for their home based on the size and condition.
If you would like more stats on Edgewater's or other neighborhood home sales, or if you would like to learn more specifically about the value of your home right now, please contact me at [email protected]
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