While single family home prices continue to set records in the metro area, condos and townhomes   are creeping in price as well, just not as quickly. Condos and townhomes are traditionally more affordable; however, they have increased in price by 3.5%. And some condos are selling for 103.2% above the asking price.

According to the February report from the Colorado Association of Realtors (CAR), in the seven-county metro area, single-family homes hit a record median sale price of $615,000, a 20% increase from February 2021.

Just between January and February, median prices of single-family homes in Denver County rose by 14.6% (or $84,000) from $575,000 to $659,000, an increase higher than what occurred in the entire year of 2016. In addition, Denver County homes started selling for 106.3% above asking price, which broke a month-over-month record.

By and large, extremely low inventory of available housing is what’s causing these record-high numbers. Statewide, Colorado home buyers had 4,114 active listings to choose from, as well as 1,087 townhomes/condos, a 63% decrease in active listings from last year.

At the end of February, 1,486 single-family and 452 townhome/condo listings were available in the entire Denver metro area. That’s a 50% and 71.6% decrease for single-family and condos/townhomes, respectively, from February 2021.

Around the state, the median home price has jumped to $555,540, a 7% increase from January to February and $90,000 more from prices last February. For townhomes/condos, that number shot up 17% from last year, to $402,390.

If becoming a homeowner is one of your 2022 goals, it may be worth it to consider a condo or townhome. While these properties are still on the pricey side, they’re more affordable than single family homes and often have a great number of amenities! If you’re ready to check out what the metro area has to offer, give us a shout – we’d be happy to discuss your options.