Real estate statistics for the first eight months of 2017 from January to August reveal a marked shift compared to this time last year. And the changes are good, according to Statistician and Broker Associate for RE/MAX of Boulder, DB Wilson.
Photo by Bekir Dönmez on Unsplash
"It's still a seller's market, but we're starting to see a little more balance to that market," says Wilson, summarizing his analysis of 10 data points or “vital statistics” for Boulder County residential real estate.
Overall, Wilson says things are looking up for buyers, with inventory increasing and competition settling down. This gives buyers more choice and a relief from competing with 10-12 buyers on a property.
Perhaps most meaningful, year-to-date price appreciation has moderated significantly. For single-family and attached dwellings, median price appreciation slowed to 4.5 and 2.3 percent respectively through August 2017. This compares to the previous year's 14 and 29 percent rise.
"I think this is really a good sign that we're back to modest appreciation," he says, adding that last year's high price appreciation is not sustainable.
While single-family inventory is up 8.5 percent over a year ago, Wilson points out there are less than 1,000 properties in all of Boulder County. With only 3.2 months of inventory, supply is working on the seller's side.
"If I look at two years ago, we actually have less property on the market than we did then," he adds.
Attached dwellings have seen a "significant bump in inventory" with 253 condos and townhomes currently available. "That still sounds ridiculously low for all of Boulder County. But a year ago we had just over 200, so that's 21 percent more," he says.
Sales are still over asking price, indicating a strong seller's market for attached homes.
"We continue not to build enough property. It's difficult to find affordable land in Boulder County. But we're just not going to be able to absorb all the buyers. We've got a lot of jobs being created and the inventory is just not increasing sufficiently," explains Wilson.
While interest rates have increased, they are still a low 3.88 percent.
"It's a strong market [and] a great time for a buyer to get back into the market. We have the same number of listings as we did in the spring, but there are fewer buyers, so the competition is less and you have more selection."
See the statistics in an infographic and hear more from RE/MAX of Boulder Statistician DB Wilson on a podcast video at: http://ow.ly/auit30fVbcx
Data points are corresponding statistics are listed in charts.
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