Condo sales in the Denver metro are down 6.2 percent compared to August of last year, according to the Denver Metro Association of Realtors’ September report.
That’s despite a meager 1.6 percent increase in condo inventory from last year.
More desirably priced condos – from $200,000 to under $500,000 – have seen sales volumes 12 percent higher than last year. So there’s definitely demand for affordable condos, beyond just Mayor Michael Hancock.
Of course, the biggest jump was a 76 percent increase in sales of condos priced from $750,000 to $999,999. So if you’re wondering why developers are building luxury condos, the numbers seem to bear them out.
Well, sales of condos priced under $200,000 fell considerably.
Here’s what all that looks like:
At any rate, given that DMAR sees a consumer preference for walkable housing, combined with larger homes not performing well, I’d bet that condos will remain desirable. Perhaps not quite as desirable as the Hunger Games apocalypse that is single-family home sales, though.