Denver Housing Market: Home, Condo Sales and Prices Decline

Sales prices were down for single-family homes and condominiums in the Denver housing market through the end of June.

Statistics based on sales reported to Metrolist show that as of June 30, the selling price of a single-family home had fallen to $313,851 from $317,761 the year before.

At the same time, the average asking price for single-family homes increased to $430,223 from $399,666. Until this changes, Colorado mortgage borrowers are unlikely to make offers. Sellers need to be realistic.

The statistics show 5,628 homes sold as of June 30, down slightly from 5,635 a year earlier.

For condos, the average sales price dropped to $180,238 as of June 30 from $185,693 from the year before.

The average asking price for a condo rose to $241,476 from $205,557 during the same period. Sales of condos dropped slightly, to 19,885 as of June 30 from 19,824 a year ago.

Joe DeVito, a Colorado mortgage broker at Re/Max Alliance in Arvada who studied the Metrolist data, said the real estate market was “back in harmony” after last year, when the average selling price was up for a house and down for a condo.