Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-The average price of a condo sold and closed in Denver rose to a record $182,884, according to reports released this week. This marks the first time the average price of a condo has topped $180,000, according to reports released on the last week of each month. The Metrolist data is adjusted for the number of weeks in each month.

The previous record was set in May at $174,382. The year-to-date average of condos sold in the first half of the year of $175,113 also is a record.

Jerry McGuire, a broker with RE/MAX Professionals, tells GlobeSt.com that he suspects a few very expensive condo sales in June skewed the numbers. On the other hand, condos also provide an alternative for single-family homes, which hit an average price of $277,672 in June.

The median, or middle price, of a home was also a record at $230,164. However, the median price of a condo of $152,250 was not a record. The average is more likely to be affected by the mix of houses being sold than the median.

And Michael Kone, an economist and analyst for the locally based Genesis Group, said with mortgage rates at a 45-year low, it’s not surprising that condo prices are rising. Indeed, people who bought lower-priced condos at higher rates may have higher monthly payments than those buying them at today’s low rates, he tells GlobeSt.com.

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?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.