Home prices in metro Denver continue to rise, posting a 9 percent year-over-year increase during the second quarter, according to a statewide report released Wednesday by the Colorado Association of Realtors.
Double-digit gains were reported in the median price of townhomes and condos, which rose 13 percent from the second quarter of last year. Those median prices stood at $284,000 for a single family home and $164,000 for condos.
The association defines the metro Denver area to include Denver, Jefferson, Adams, Arapahoe, Broomfield and Douglas counties.
The report noted that, using its affordability index (which shows median household income against median priced homes using current interest rates), that “the affordability index for metro Denver has dropped steadily during 2012 and into the second quarter of 2013. By this measure alone, condos are significantly more affordable in the metro area than single-family homes,” the report states.
Sales of single family homes in that region increased 3 percent, while the number of condos sold soared 20 percent over the second quarter 2012.
They days-on-market average continued to drop for metro Denver, to 45 days — the lowest average in the state — and posted the largest quarter over quarter decline of any region in the state.
There was an inventory of 12,450 homes and condos during the second quarter, representing just less than a three-month supply. The statewide active listing count stood at 33,256, which is a 4.6-month supply of single-family homes and a 4.1-month inventory of townhouses and condos.
“These figures are very encouraging, continuing trends we reported last quarter and in some instances showing even stronger improvement in our regional markets,” said Karen Levine, spokeswoman for the association. “Beginning this quarter we are able to report results separately for single-family and townhouses-condos. Drilling down even further on the statistics and market intricacies will help consumers better understand market trends.”
Statewide numbers showed a 16 percent year-over-year increase in home and condo sales to 28,068. Year to date, sales rose 17 percent over the same time period last year.
Median sales prices rose 8 percent, to $260,000, for single-family homes compared to Q1, and to $170,000 for condos.
The report showed sales of distressed, or REO, properties “declined strongly as a percent of all sales, adding to the sense of recovery.”
The report covers 91 percent of all sales using multiple listing service data, but doesn’t include information on “for sale by owner” properties.
