The median price for condos and townhomes in the metro Denver area decreased 9.8 percent, year over year, in December 2011. According to home price information for condos and townhomes, released by the Colorado Association of Realtors, the median price in the region fell to $121,509 from December 2010's median price of $134,808. Statewide, the median price fell 30 percent, falling from December 2010's price of $132,404 to December 2011's price of $92,500. In the Pikes Peak region, the median price fell 0.3 percent to $120,769 during December, rising from December 2010's price of $121,250.
Condo and townhome prices remain well below peak median prices in each region. The statewide median price for condos and townhomes in December was down 60 percent from the March 2006 peak of $236,200. In metro Denver, the median price in November was down 25 percent from the July 06 peak of $163,300, and the Pikes Peak-area median price for condos and townhomes in November was down 25 percent from the September 2007 peak of $162,300.
The first graph shows the median home price in each area for each month since 2006.
Condo and townhome prices do not appear to have stabilized as single-family homes have, and median prices appear to be continuing a slow downward trend. The substantial declines in statewide median prices for condos and townhomes are likely being pushed downward by significant drops in median prices for condos and townhomes in many mountain regions following the 2008 financial crisis.
The second graph shows year over year changes in median home prices for condos and townhomes. October and November 2010 showed some small increases in all three areas, although all three areas declined again during December. Until October 2011, all three areas had reported declines in the median home price every month since February 2011. The overall trend in home prices among condos and townhomes over the past year has been down.