DENVER-Despite a sluggish economy and near-record inventory, the average price of a condominium sold and closed in November in the metro area set a new record. The average price of a condo is $172,034, shows separate reports by Coldwell Banker Residential and Jerry and Steve McGuire of RE/MAX Professionals.

That’s almost 8% more than the average price of $159,252 in November 2001, and almost $3,000 more than the average price in October.

There were 5,820 unsold condos on the market in November, slightly below the 5,929 unsold condos in October, but well above the 4,465 unsold condos available in November 2001.

Real estate experts agree that the increase in the average condo price–as well as for single family homes, which also set an average price of $275,304 in November–is due to the mix of homes that closed, rather than a sign of overall appreciation.

In November, 20 single-family homes in the area and one condominium–in tony Cherry Creek–sold for $1 million each, notes Gary Bauer, an independent broker and a real estate consultant.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt. Multifamily Fall 2023Event

Join the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.