As can be seen in the first graph, the larger trend is one in which condo prices continue to be down from peak levels reached back in 2006. Unlike single-family prices which quickly fell in 2009 and then immediately rebounded somewhat, condo prices have seen a long slide over the past several years and have only recently begun to move up again. The largest decline is seen in the statewide condo prices, and this is likely due to large dropoffs in prices for condo found in several mountain communities.However, we seen fairly large increases in statewide the median prices since May 2012.
As expected, the data shows that prices in condos and townhomes are significantly lower than single-family home prices. In recent months, the statewide median price had fallen below that found in both metro Denver and in the Pikes Peak region, but surged in March and April and remains above the other regions.
The second graph shows year over year changes in median home prices for condos and townhomes. August 2012 was the fifth month in a row to experience year-over-year increases in the median condo price. Growth has been weaker in the pikes peak region than in metro Denver or statewide, although all three regions have begun to show the most sustained growth trend experienced since before the 2008 financial crisis. As noted in the article on condo sales closings, low interest rates are having a significant impact on overall demand, and this demand would be impacted by any substantial increase in rates.