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.

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