In a hot Boulder County real estate market, prices continue to climb, with the average sales price topping $1 million in the city of Boulder month after month.
Meanwhile, sales continue to roll-in across Boulder County, with a 13.1 percent increase for single-family homes in June compared to last month – selling 518 homes compared to 458. For the year, single-family home sales kept pace with last year’s strong market, falling a scant .09 percent through June 2017 compared to 2016 with 2,131 homes sold vs. 2150.
Noting there appears to be an uptick in 'move-up' buying, Boulder Area Realtor® Association's Vice President of Public Affairs Ken Hotard says this market presents no surprises. 'Move-up' buying refers to buyers who have a home and are buying a more expensive home.
“That’s a good sign,” says Hotard. “The market is active on both buyer and seller side. Though inventory is still tight despite the improvements we’ve seen lately.”
Inventory of single-family homes for sale in Boulder County improved 17.6 percent in June 2017 compared to May 2017 – 1,163 units vs. 989. Over the same period, condominium and townhome inventory increased 38.3 percent – 206 units vs. 149.
Despite the inventory growth in attached dwellings, sales fell 6 percent for the month of June – 140 condo/townhomes sold vs. 149. Year-to-date attached dwellings sales grew 12.4 percent – 715 vs. 636.
Hotard explains this seeming mismatch of growing inventory yet shrinking sales with one phrase. “Sales lag inventory. Last month, the condo/townhomes had only one month of inventory, so this month we see sales decrease. Now with inventory up this month, I believe we’ll see an increase in attached dwellings sales next month.”
With low inventory and strong demand putting upward pressure on prices – Boulder’s average selling price is $1.15 million this month – Hotard is confident the market is sound and will continue the stability it is known for. Recent analysis by SmartAsset’s showed Boulder as No. 1 in the nation for strong, stable price appreciation for the third year in a row.
“Demand outstrips supply and job growth is good,” says Hotard. “We still don’t see the new housing stock we need coming into the market, which keeps home prices stable and home ownership in Boulder County a solid investment. And if we did have new housing come into the market, it would only make more people able to enjoy living in Boulder County.”