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 numbers were crunched by the Colorado Association of Realtors, whose just-issued market trends report shares data from April, the most recent month for which final numbers are available.
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.