Colorado Real Estate

The median price of a single- family home closed in April slid by 10.2 percent from a year earlier in the Denver area, according to reports released Wednesday.

The median price of a single- family home fell to $222,550 last month from $248,000 in April 2007, according to data from independent broker Gary Bauer of Coldwell Banker Residential and Ron Thorne of Ron Thorne Realty.

The average price of a single- family home dropped to $267,259, a 17.13 percent plunge from $322,510 in April 2007.

Bauer blamed the record foreclosures in the metro area for dragging down the overall market.

“Even though we’re seeing a decrease in our pricing, this decrease is relatively small compared to the rest of the nation,” Bauer said. “We’re still doing OK.”

Thorne said that the drop signifies the market could finally have reached bottom.

Bauer was not quite that optimistic.

“The only time you really know when we hit the bottom is six months down the road, when we’re seeing steady price appreciation.”

Thorne said homes that sold within 30 days of their closings went for 98 percent of their asking price.

“Homes that are priced correctly and are in excellent shape are selling fast,” Thorne said.

Bauer and Thorne were pleased to see that 6,287 homes were placed under contract last month, up 1.8 percent from the 6,173 under contract in April 2007.

There were 26,171 unsold homes on the market, 2.5 percent more than the 25,516 homes for sale in April 2007.

That equates to slightly more than a seven-month supply of unsold homes, according to Jack O’Connor, managing broker of Prestige Real Estate Group.

He said a buyer’s market, in which buyers have the upper hand, typically happens when there is more than an eight- month supply.

A seller’s market typically has less than a six-month supply, so the Denver market appears to be moving in that direction.

“I would still say it is a buyer’s market,” Bauer said.

“What we’re seeing is a return to a normal market in Denver,” said Leeann Iacino, president of Prestige.

“This is further evidence of the countercyclical performance of Colorado’s market, which went into a post- 9/11 slowdown faster than other national markets and now appears to be recovering faster, as well.”

By the numbers

Unsold homes on market * This month 26,171

* This month, last year 27,858

* Last month 25,516 Average price of single-family homes closed * This month $267,259

* This month, last year $322,510

* Last month $274,694 Median price of single-family homes closed * This month $222,550

* This month, last year $248,000

* Last month $224,900