Condos & Townhomes Market Sees Slower Price Increases in February
The median price for condos and townhomes in Denver is growing at a slower rate than single-family homes. Condos and townhomes, a historically more affordable type of home, has still increased in price by 3.5%. And some condos are selling for 103.2% above the asking price. When that increase is compared to the same statistic for single-family homes at an increase of 20 percent, there is a reason. “It’s not that condos aren’t susceptible to price increases, it’s that they are rather capped in how much they can appreciate unless, say, 150 of the 200 were to go on sale at one time,” said CAR Spokesperson Matthew Leprino. “The long story here is that while freestanding homes are hitting the heavens, condos are lagging, if you can call it that. Demand remains palpable, but one is able to flex far higher than the other.”