The median of a single-family home sold in Colorado crossed above $500,000 for the first time ever in April and is running at an elevation 1.5 times higher than the U.S. median, according to a monthly update from the Colorado Association of Realtors.
“For the short term, there is no calm in sight. It’s a real estate storm and buying frenzy that does not appear to be burning out soon,” said Colorado Springs Realtor Patrick Muldoon in comments accompanying the report.
The median sales price represents the midpoint, or where half the homes sell for more and half sell for less. Colorado’s midpoint reached $502,000 for single-family homes last month, pushed up by a 19.5% price gain the past year.
Median prices get less skewed when high-end home sales become more dominant, which is now happening across the state, especially along the Front Range and in the mountain resorts. Reflecting a richer mix, the average price of a single-family home sold in…