The condo price in the Denver metro market set a record average price in May, rising to $195,567. Single family detached homes came in at $305,730 which was down from the previous month of $307,308.
The condo price appears to be high due to a larger number of high end condo's selling, not so much that price of condos is increasing.
Larry D. McGee, a broker with the Berkshire Group, Realtors, Metro Brokers, agreed that it was the mix of condos that drove up the average price.
"I think what we had is a lot of expensive condos that happened to close in one month," McGee said. "That's kind of the problem of looking at any data for just one month. I would expect that next month, we'll see the average price of a condo fall back into the high $180,000s."
He said the most expensive condo to close this month was a 3,356 square-foot unit that sold in the Riverfront neighborhood in the Central Platte Valley for just under $1.66 million. That equates to $495 per square foot.