Fall has arrived, as is evident by another month-over-month slowdown in the Boulder area’s real estate statistics for September.
However, sales of single-family homes last month exceeded those of September 2013, proving that the market remains stable.
The sale of 314 single-family homes in September was a 1.7 percent increase compared with the 308 sales a year ago, but an 18.2 percent drop compared with the 384 sales in August.
Condominium and townhomes sales improved 9.5 percent in September 2014 – 126 units – compared with the 115 units sold in September 2013. But with 164 units selling in August, September’s sales represented a 23.2 percent decrease.
“We saw very small to modest gains to sales year over year while the percentage of attached-unit sales is quite a bit higher than the single-family (sales),” says Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor® Association.
He notes the number of condos/townhomes sold is much smaller than that in the single-family home market, which “makes (the difference) look outrageous, when you’re only talking about 11 units.”
September’s statistics are “a continuation of what we saw and anticipated in July when we had a relatively flat month compared with June” and is typical of the seasonal slowdown, Hotard says.
“(There’s) nothing out of the ordinary here,” he adds. “Inventories remain tight” with available homes down both month over month and year over year, but by less than 10 percent in every category.
The 1,306 single-family homes available in September was a 4.6 percent decrease compared with a year prior, and 9.2 percent less than the 1,439 units available in August.
Inventory in the attached-unit market fell 6.1 percent in September compared with a year ago – 305 units versus 325 units – and 8.4 percent compared with the 333 units available in August.
And, not surprisingly when inventory is so tight, both median and average home sale prices increased for both single-family homes and condo/townhomes in nearly every community and market.
“Boulder’s prices reflect not only inventory but wealth and a high-number of well-paying jobs in the community,” Hotard notes.
Hotard is confident that, even though sales and inventory continue to drop, 2014’s sales are on track to surpass 2013’s.
“Overall the market is continuing to show very strong, very healthy resilience,” Hotard says. “There’s no sign on the horizon that much is going to change in the short run.
“We’re well positioned going into the fourth quarter,” he adds. “I’m optimistic that we’ll see some inventory improvement going into the New Year. The market has been performing strongly and steadily over the past year and a half and we should all be pleased about it.”
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