Arapahoe townhouse and condo sales fell 20% in September as single-family sales dropped 11%
Townhouse and condo sales fell more sharply than single-family sales. Year-to-date median prices moved in opposite directions for the two property types.
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Arapahoe County recorded 169 townhouse and condo sales in September, down 19.9% from a year earlier, and 421 single-family sales, down 11.2%, according to the Denver Metro Association of REALTORS’ September county report. The monthly median price for townhouses and condos was nearly flat at $334,695, down 0.1% year over year. The single-family median fell 5.3% to $555,000.
Year-to-date trends also differed. Through September, townhouse and condo sales were down 13.5% from the same period last year, to 1,678, and their median price declined 2.6% to $341,000. Single-family sales totaled 4,364, down 2.0%, while the year-to-date median price edged up 0.4% to $592,250.
The September single-family median decline followed year-over-year increases in July and August. The July report put that month’s median at $605,000, up 2.4%, and the August report reported $600,000, up 3.6%. Those figures compare each month with the same month a year earlier, not with the preceding month.
Other September single-family indicators were also lower than a year earlier: 385 homes were under contract, down 22.7%; active listings fell 14.0% to 1,466; and new listings declined 4.7% to 624. Homes that sold took an average of 41 days, compared with 46 a year earlier, and sold for an average of 98.5% of list price, down from 98.8%. The average single-family sale price was $721,984, nearly unchanged from a year earlier.
The report cautions that one-month activity can sometimes look extreme because of small sample sizes. Median prices can also shift with the mix of homes sold and do not track price changes for the same homes. Reported sale prices do not account for seller concessions or down-payment assistance.