The average price of a condominium sold and closed in October is $182,022, compared with $289,022 for a single-family home. And while the price of a single-family home in September was $291,430, almost a $2,000 drop, the average price of a condominium rose about $2,000. In October 2003, the average price of a condominium was $177,173, about 2.7% less than the latest figures, according to reports based on Metrolist data from independent local broker Gary Bauer and Coldwell Banker Colorado. Year-to-date, the average price of a condominium is $180,536, compared with $174,606 through the first 10 months of 2003.
The median, or mid-price, of a condominium rose even more than the average on a percentage basis in October. The median is often considered a better indicator of the average, because it is less skewed by expensive sales. The median price of a condo rose 1.9% from September and is up 2.9% from October 2003. Year-to-date, the median price is $157,250, compared with $154,000 through October 2003.
So far this year, $1.8 billion worth of condominiums have been sold, about 7% more than purchased through October 2003. By contrast, people have bought nearly $10.3 billion worth of single-family homes, 17.9% more than during the same period in 2003.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.