The latest monthly update from the Denver Metro Association of Realtors says that median home prices dropped annually for the first time since 2012.
In February 2019, the median sale price of a single-family home in the metro was $430,100, a 2.18 percent year-over-year drop. Jill Schafer, chairwoman of the DMAR market trends committee and a Denver-area real estate agent tells The Denver Post, “Buyers are getting more power and sellers are not loving it. But there is something for both sides to love. Sellers are still doing OK.”
Barring a future surge in prices, it appears the high for this real estate cycle was likely reached in April of last year for single-family homes at $455,000. For condos, the high came a month later at $306,331. Single-family prices are down 5.5 percent from that peak, while condo prices are down about 3 percent. Median prices fell month-over-month in the second half of last year, so the annual drop wasn’t completely unexpected.
Advertisement
Related Stories
Market Data + Trends
Vacation and Investment Home Market Insights
A recent report finds beach homes to be the most sought-after vacation-home type and that the investment potential of a second home is an important factor in the purchasing decision
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable