The average price of a condo sold and closed in December is 7.6% higher than it was a year ago, when it stood at $169,159. The median, or middle, price of a condo sold in December was $157,000, compared with $155,000 in November. A year earlier, the median price was $151,000.
By contrast, the average price of a detached, single-family home sold and closed in the Denver area in December was $273,700, almost $10,000 less than the $283,515 in November.
But independent broker Gary Bauer says that the record price of a condo doesn't mean that the market for them is skyrocketing.
"It simply has to do with the mix of homes sold this month," Bauer tells GlobeSt.com. "There were a number of expensive condos that sold in LoDo, as well as in Cherry Creek, this month, which drove up the average price."
Condos also remain attractive to empty-nesters downsizing and first-time buyers priced out of the single-family home market, he notes.
In all of 2003, the average price of a condo sold was $175,215, compared with $168,226 at the end of 2003. The median price of a condo sold in 2003 was $154,000, compared with $149,500 in all of 2002.
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