Fueled by demand, Boulder-area 2016 home sales increased for the month of April, while prices continue to rise in most of the area-markets and inventory remains tight.
Even so, year-to-date sales for 2016 lag last year’s robust statistics when compared year-over-year. And that trend is expected to continue, according to Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor® Association.
“Typically, sales increase over the four-month period beginning in March. We’re seeing that happen in the Boulder-area markets and expect to see it continue through July,” said Hotard.
Sales of single-family homes in Boulder County markets increased by 15 percent in April 2016 compared to March 2016 with 361 units sold versus 314.
Condominium and townhome sales also increased, rising 18.4 percent with the sale of 103 units versus 87 units for the same period in Boulder County.
But Hotard noted that, as expected, sales for this year are not keeping pace with last year. The decline is most pronounced in the townhome and condominium market, which saw a 28.4 percent drop in Boulder-area sales year-over-year through April 2016 compared to the prior year – 315 units versus 440.
Single-family home sales in Boulder County declined 11.4 percent year-to-date through April 2016 over the same period last year – 1127 units versus 1272.
He added that the decline in attached dwelling sales is likely due to the lack of units available to buy.
Inventory levels are mixed, as the spring selling season hits its stride. Inventory improved in single-family homes for sale in the Boulder-area markets, growing by 5.9 percent in April 2016 compared to March, with 665 units compared to 628.
But inventory for townhomes/condos for sale in Boulder County tightened in March 2016, dropping by 7.8 percent compared to March 2016; 84 units versus 91 units.
Hotard attributed the decrease in attached dwellings inventory to the strong increase in townhome/condo sales for April, which took some of the supply out of the market. He added that very few new condominiums and townhomes are being constructed to supply the owner-occupied markets.
Average and median sales prices continue to climb year-to-date, except in Lyons and the mountain area. In median prices year-to-date, Boulder saw an increase of 14.1 percent calculated across the sale of 268 homes. Longmont gained 15.9 over the sale of 385 homes.
From a national perspective, Hotard said data presented at the recent National Association of Realtors conference in Washington, D.C., shows that cities nationwide are faced with inventory shortages and are seeking solutions to the need for more housing and more housing options.
“This market will continue to be a challenge for buyers,” explained Hotard, who would advise both buyers and sellers in this fast-moving market to work with a Realtor®.
“On the seller side, it's a seller's market, but it's a tricky market and it's important to get expert advice on pricing a home and then field, in some cases, multiple offers.”
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