However, July’s single-family home sales were down from the impressive 408 homes that sold in June.
"We are doing better than last year during this period,” says Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor Association. “This is the second consecutive month we’ve seen sales volume improvement. We’re seeing stability and progress and I’m expecting that to continue through the end of the year."
And while 461 fewer single-family homes have sold in the last 12 months compared with the previous 12 months, Hotard says he believes that this year’s sales will still beat last year’s.
"While sales in the condo/townhome market were in line with last month – 103 in July and 102 in June – they were significantly ahead of the 74 that sold in July 2010" to "Sales in the condo/townhome market were in line with last month - 103 in July and 102 in June - but they were still significantly ahead of the 74 that sold in July 2010"
Median sales prices of single-family homes continued to hold up in most market areas, with increases in every Boulder market area but Superior. While average sales prices dropped slightly in four Boulder market areas, Hotard says that’s more reflective of the varying mix of homes that sold than the state of the market.
Condo/townhome sale prices remained volatile in July, with Erie and Louisville especially seeing significant drops in both average and median prices.
"Inventory remains stable in most Boulder area markets, which have a five- to six-month supply of homes," Hotard says.
"Some areas, like the mountains and plains, are much higher,” he says. “In the incorporated communities, inventories are tracking well. Longmont and Boulder continue to be the two strongest areas as far as sales volume and absorption."
Hotard says it’s “interesting” that the Federal Reserve has stepped in and indicated it will keep interest rates low through (2013).
"This means qualified borrowers will continue to have historically low interest rates,” he says. “That’s a real positive sign.
Lenders are beginning to loosen credit and the pressure for them to continue going in that direction means credit will become available to larger pools of qualified borrowers, he says.
But on the downside, the lack of job growth continues to stifle the expansion of the housing market, Hotard says.
"Job growth and housing health go hand in hand, so we’ve got to see the economy turn around on the job front, not only nationally but also some significant improvement in Colorado,” he says.
And while some strides are being made in the Boulder housing market, Hotard says those looking to sell their homes need to know how to make them stand out.
"They’re in good shape, they are priced competitively and they’re located well,” he says. “Those are three ingredients that are hard to pass up."
Hotard notes he’s also seeing investors taking advantage of the competitive prices to purchase properties.