The median, or middle price, was $157,000 in January, and $155,475 in December. But it was down slightly from the January 2004 median price of $160,000.
Despite the flat prices, Mike Rinner of the Genesis Group, a local firm that tracks the housing market along the Front Range, tells GlobeSt.com developers are targeting the condo market in the metro area. "There seems to be a resurgence of interest and condos and lots for condos," Rinner tells GlobeSt.com. "A lot of capital providers and lenders are interested in doing business in Denver. A whole lot of them have placed Denver on the list of where they want to do deals. That's something we haven't seen for a couple of years."
He tells GlobeSt.com many of them are seeking transit-oriented developments along light rails including the T-Rex project along Interstate 25 set to open in 2006, and the $4.7-billion FasTracks that has yet to start construction and won't be completed for another dozen years or so.
"Developers are really starting to realize the potential of transit-oriented development," Rinner says. "There's a big boost of land values for transit locations." Future development will include affordable housing with subsidies, as well as luxury units, he says. "There's also a still relatively small, but growing market for people who live in the mountains, who are buying condos and lofts Downtown, so they will have a place to stay when attending plays or sporting events."
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