This week RE/MAX of Boulder Radio discusses the 2014 end of year statistics and necessary numbers for everyone involved in real estate. Duane Duggan hosts real estate market expert DB Wilson to get to scoop on what’s been happening in Boulder County real estate.
Wilson reports the Boulder County stats by presenting the 10 vital statistics for single family homes and attached dwellings. These categories include information such as days on the market, average sale price, average sales to list price, median sale price, and months of inventory available. The stats for the end of 2014 are then compared to the stats from the end of 2013 to see how they measure up.
These stats clearly indicate the strength of the current market as well as what a great time it is to be a seller. This is demonstrated by looking at the months of inventory available at the end of the year. At the end of 2014 there were 2.1 months of inventory for single family homes and only .9 months of inventory for attached dwellings. A more balanced market would have 5 - 7 months worth of available listings.
However, not all price ranges face the same issues with inventory. While currently there is very little available, there is far less available for any property under a million dollars. Wilson informed us that last week there were only 11 properties in Boulder under a million dollars but around 50 available for over a million.
Although there have been less transactions in the last year than there was in the past, it is a result of low inventory and not any indication of a weak market. This has been an increasingly difficult issue for REALTORS® in the last year. Wilson and Duggan also addressed some of the things buyers should expect in this kind of market.
Finally, this episode takes a look back at the state of the market 5 years ago and how much it has changed. The stats demonstrate an incredible difference between the numbers then and now. For example, the months of inventory for an attached dwelling in 2009 was 5.7 month which is much higher than the .9 that it was at the end of 2014.
To hear the complete list of vital stats and learn more about how to address issues such as low inventory, please listen to the full interview at www.boulderco.com under the ROB Radio section of the blog.