The improving economy and increased buyer confidence is sustaining a strong Boulder-area market with only modest movement in sales and inventories, July’s real estate statistics show.
“Not much in the way of market indicators is changing,” explains Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor® Association.
The market remains strong with little movement in sales volume or inventory, he notes.
Single-family home sales fell 4.8 percent year-over-year, with 491 units selling in July 2013 compared with 467 last month. Yet July’s sales were a 3.5 percent increase compared with the 451 units that sold in June.
Meanwhile, condominium and townhomes sales fell by 5.1 percent in July compared with July 2013 – 165 units versus 174 units – and dipped 4.1 percent compared with the 172 units that sold in June.
The inventory of single-family homes for sale dipped 2.5 percent in July compared with July 2013 – 1,542 units versus 1,582 units, respectively – and July’s inventory was 2.9 percent below that for June, which saw 1,588 units for sale.
Year-over-year, the inventory of condominiums and townhomes for sale grew 3.7 percent in July – 391 units on the market – compared with July 2013, with 377 units for sale. The month-to-month inventory of attached dwellings for sale in July fell 4.6 percent compared with June 2014, in which 410 units were on the market.
However, one surprise – and a pleasant one, at that – in July was the fact that all Boulder-area communities saw increases in year-over-year average and median sales prices.
“We have had a strengthening economy in our market for going on two years,” Hotard says. “People’s expectations for the future are positive; they’re more confident with their residential real estate investment.
“I don’t see any indication for a negative view of the market” and short of an international incident or national disaster Boulder-area markets should perform well through the fall, he adds. “If there’s a weakness out there, it’d have to be continued stagnant wage growth that’s holding people back from moving up or entering the market as first-time buyers.”
Hotard does expect the autumn slowdown to affect next month’s sales, but it won’t be significant.
“I suspect that we’re going to see a little bit of a slowdown in August heading into fall,” Hotard says. “It’s evident that demand remains strong in our market area and the positive direction of our economy has strengthened our residential housing markets.”
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