The condo price in the Denver metro market set a record average price in May, rising to $195,567. Single family detached homes came in at $305,730 which was down from the previous month of $307,308.
The condo price appears to be high due to a larger number of high end condo’s selling, not so much that price of condos is increasing.
Larry D. McGee, a broker with the Berkshire Group, Realtors, Metro Brokers, agreed that it was the mix of condos that drove up the average price.
"I think what we had is a lot of expensive condos that happened to close in one month," McGee said. "That’s kind of the problem of looking at any data for just one month. I would expect that next month, we’ll see the average price of a condo fall back into the high $180,000s."
He said the most expensive condo to close this month was a 3,356 square-foot unit that sold in the Riverfront neighborhood in the Central Platte Valley for just under $1.66 million. That equates to $495 per square foot.
Larry D. McGee, The Berkshire Group, Realtors Metro Brokers
About the Author
Kristal Kraft
Kristal has been helping buyers and sellers in Colorado since 1984. She enjoys sharing her knowledge of the Metro Denver Real Estate market via blogging and in person while driving around the beautiful Rocky Mountain town of Denver! For fun, Kristal enjoys shooting things with a Canon. Visit Denver Photo Blog
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