Fall is officially here, bringing a chilling seasonal slowdown to month-over-month residential real estate sales in the Boulder area, made evident by declining statistics for September.
But year-to-date sales in Boulder County tell a story that surpasses the typical, showing strong growth that continues to outperform 2014 and is on track to deliver a strong yearend.
Month-over-month single-family home sales for September 2015 were hit hardest, dropping 25.7 percent – 382 homes sold compared to 514 in August.
Condominium and townhome month-over-month sales also slid, dipping 5.4 percent with 139 and 147 units sold in September and August, respectively.
Despite the September decrease, year-to-date single-family home sales grew 11.4 percent when compared to the first nine months of 2014, with the sale of 3,747 homes versus 3,352.
Condo and townhomes also clocked strong year-to-date growth, increasing a healthy 9.6 percent -- 1,248 units sold through September 2015 over the 1,171 units sold in the same period in 2014.
“The slowdown we are seeing in monthly sales is typical for fall. The bigger pullback in single-family sales is probably related to tight inventory,” says Ken Hotard, senior vice president of public affairs for the Boulder Area REALTOR® Association.
“But we had a very robust first and second quarter this year, even through July. In August, year-to-date single-family sales were ahead by 11.7 percent; this month by 11.4 percent,” says Hotard. “Similarly, in condo and townhomes, this year’s August year-to-date sales were up 9.7 percent and September’s were up 9.6 percent over last year at this time.
If we stay on this track, we should finish this year 7 to 10 percent ahead of last year in terms of total sales both in condo townhome and single-family.”
Hotard says the robust demand for housing in Boulder and the surrounding area is fueled in part by job growth and improved economic conditions.
He adds that CU-Boulder’s record-high freshmen enrollment also may be affecting demand. “There's no doubt that increased enrollment at CU-Boulder is impacting sales.”
One question is if – or how significantly – the rental market for single-family homes might have impacted September’s sales decrease.
With single-family home rents increasing dramatically in Boulder County, “I think it’s fair to say that increased numbers of single-family rentals may be a factor in tighter for sale inventory,” says Hotard.
And inventory in Boulder County remained tight again in September. Single-family home inventory dropped 5.6 this month compared to last – 1032 units versus 1093. Condominium/townhome inventory dropped even more significantly – 10.6 percent – with 118 units for sale in September compared to 132 in August.
Hotard says the tight inventory and high prices make this “the type of market in which home buyers and sellers see the true value of having a real estate professional’s help and guidance in making the best choices.”
Given all of the factors, he says, “The market is still excellent – among the top 10 in the nation.”
Owner and Founder
RE/MAX of Boulder