The median price of a Denver area house has risen to $660,000, a few thousand dollars higher than they were this time last year.

The median price of condos and other attached properties, in contrast, has dropped more than $15,000 to $407,250.

That's according to the latest Market Trends Report from the Denver Metro Association of Realtors.

Why are condos selling for less?

In short, there are too many expensive fees involved and the value of these properties is not increasing as quickly as stand-alone houses.

"These properties experienced a three-pronged financial hit over the last year due to rising HOA fees, association assessments and property taxes," wrote DMAR market trends committee chair Libby Levinson-Katz in the report.

"Homeowners in the condo market are paying more to hold onto their properties," she added. "As a result, by and large, they are not appreciating as well as they once did due to buyer hesitancy to take on the financial burden."

Impact of Interest Rates
Mortgage interest rates, still hovering around a hefty 7 percent, have not deterred all sellers from entering the market.

The assumption among realtors earlier in the year was that the high mortgage rates would be cut by now, and more people would enter the housing market. But the Federal Reserve has kept those rates high.

Still, people are buying and selling homes. The number of active listings at the end of the month was up more than 75 percent from this time last year. With inventory up, buyers have more homes to choose from than they have in recent years.

Is this the summer when you become a homeowner in Denver? The time to start planning and searching is now. Contact Metrowest today and let’s explore what’s out there!