The median price for a condominium in Denver has dipped below $150,000 for the first time in two years.
The median price for a condo in February was $149,440, compared with $155,000 in January, according to statistics released Tuesday. The median price for a single-family home also dropped to $238,500, compared with $245,000 in January.
“This might signal that the high-end market is softening a little and causing prices to adjust downward a little bit,” said Steve McGuire of Re/Max Professionals in Highlands Ranch.
Independent real-estate analyst Gary Bauer said that while he’s surprised about the size of the decrease in prices, he doesn’t view it as a warning sign for things to come.
“Overall, activity is pretty good,” he said. “I do believe we’re seeing a decrease in realized value for higher-priced homes, but I don’t think it’s something to be overly alarmed about.”
Lower condo prices, he said, could be a positive sign.
“It means we have more condos available for first-time homebuyers, which keeps the market going,” Bauer said.
Meanwhile, there are 25,484 homes on the market, up 15.4 percent from the same time last year. The increase suggests people are feeling stress from higher interest rates, causing them to put their houses up for sale, said Tucker Hart Adams, an economist with U.S. Bank in Denver.
“This sounds like it’s a little bit more of a buyer’s market, or maybe the beginning of a buyer’s market,” she said. “I don’t see any sign of a bubble popping, but I think I hear air seeping.”
Staff writer Margaret Jackson can be reached at 303-820-1473 or mjackson@denverpost.com.
