Condo and townhome prices remain well below peak median prices in each region. The statewide median price for condos and townhomes in October was down 51 percent from the March 2006 peak of $236,200. In metro Denver, the median price in October was down21.5 percent from the July 06 peak of $163,300, and the Pikes Peak-area median price for condos and townhomes in October was down 35.3 percent from the September 2007 peak of $162,300.
The first graph shows the median home price in each area for each month since 2006.
Condo and townhome prices do not appear to have stabilized as single-family homes have, and median prices appear to be continuing a slow downward trend. The substantial declines in statewide median prices for condos and townhomes are likely being pushed downward by significant drops in median prices for condos and townhomes in many mountain regions following the 2008 financial crisis.
The second graph shows year over year changes in median home prices for condos and townhomes. With the exception of the 2.4 percent increase during October 2011 for metro Denver, all three areas have reported declines in the median home price since February 2011. The overall trend in home prices among condos and townhomes over the past year has been down, although the recent increase in metro Denver does point toward some added stability in the Denver metro market.
