Single-family home prices in metro Denver have been setting records for months — and the same phenomenon is happening statewide. New statistics show that the median price for a single-family home in Colorado has topped $500,000 for the first time ever.
The stats include both the average and median sale prices for single-family homes across the state — but experts such as Jim Smith of Golden Real Estate think that the median price is a more telling number regarding the market as a whole. After all, the average price is derived from dividing the number of sales by the dollar amounts and can be inflated by a few huge properties at the top of the scale — but the median price is defined as the middle point for all sales, the very center of the data.
For example, note that the average sale price for a single-family home in Colorado in April was $661,511, a 36.4 percent increase over the same month in 2020. In contrast, the median sales price was $502,000, a 19.5 percent bump from the $420,000 median mark established a year ago.
Here are the stats in those and other categories for all of Colorado.
The figures compiled by the association for greater Denver are even more eye-popping. As seen in the following graphic, the median price for a single-family home in the metro area is more than $60,000 higher than in the rest of the state, at $562,250, and the average price is $683,623.
Here are the Denver figures:
As astonishing as these prices may seem, the ones calculated by the Denver Metro Association of Realtors for its May trends report are even higher. DMAR puts the median price for a detached home in greater Denver at $585,000 in April, up from $561,000 the previous month and $475,000 in April 2020.
And the average price? DMAR's number is just a whisper under $700,000, at $699,309.
The crazy price escalation has some buyers worried that the bottom of the home market is about to fall out in Colorado and beyond. Indeed, the Colorado Association of Realtors points out that the number of Google searches related to the question "When is the housing market going to crash?" rose 2,450 percent over the past month.
Jarrod Nixon, a Durango-area realtor, isn't among those sweating over the possibility. "Many industry experts believe there is no bubble," he says. "Instead, the demand for housing in the west, particularly in resort areas, is higher than ever due to the migration of people leaving big cities."
Right now, however, prices are spiking everywhere in Colorado — in cities big and small. Click to visit the Colorado Association of Realtors' regional and statewide statistics page.
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