The first month of the 2016 home buying season signaled that healthy spring sales are on tap for Boulder County.
Despite a snowy second half of March, Boulder-area buyers showed up in greater numbers than they have so far this year, and indications suggest that trend is likely to continue.
Single-family home sales in the Boulder-area increased by 25 percent compared to February 2016 – 314 units sold versus 251. Condominium and townhome sales also rose, marking 16 percent growth month-over-month with 87 units sold versus 75.
“Sales are off to a healthy start in Boulder-area markets,” said Ken Hotard, vice president of public affairs for the Boulder Area Realtor® Association.
He added that the slow down he is anticipating for the 2016 housing markets, which is reflected in year-to-date sales, “appears to be continuing through March.”
Year-to-date, single-family home sales in the Boulder-area fell 14.7 percent through March 2016, with 750 homes sold versus 879. Sales of condominiums and townhomes also dropped 24.8 percent year-to-date with 251 units sold versus 334 for the same period in 2015.
Inventory – one of the ongoing challenges in Boulder-area housing – improved for single family and attached dwellings. The number of single-family homes for sale grew by 9.8 percent compared to February 2016 – 628 units compared to 572 – while townhome and condo inventory improved by 18.2 percent – 91 units versus 77 – month-over-month.
Hotard noted that while housing prices “softened somewhat month over month in March, the upward trajectory continued year-over-year in all but a couple of market areas.”
Average single-family sales price declined in Lyons and Niwot year-over-year, 7.7 and 2.7 percent respectively. But in other single-family and attached dwelling markets, average sales price continued to climb.
“The Boulder-area housing market has been on a steady course for the last three years with inventory pressure and pricing challenges, and it's unlikely to change,” he said.
With inventory up in much of Boulder County and price increases slowing through March, he said these are signs that should signal buyers that this is a time to get into the market.
Nationally 40 percent of housing sales occur during March, April, May and June, and Hotard expects Boulder-area markets to show continued month-over-month growth in sales through the spring and heading into summer.
“From an overall stand point this is a very healthy housing market, and people that get into this market will do well.”
Owner and Founder
RE/MAX of Boulder