The Boulder-area real estate market in July continued to show just how hot it is, posting year-to-date improvements in sales, inventory and prices despite a dip in month-over-month sales.
The 534 single-family homes that sold in the Boulder Valley in July represented a 2.5 percent drop compared with the 548 that sold the previous month. And sales of condominiums and townhomes were down 7 percent, with 173 units selling in July compared with 186 in June.
The market’s strength is more accurately reflected in the year-to-date numbers: 2,829 single-family homes sold in the first seven months of 2015 compared with the 2,576 sales in the same period last year, for a 9.8 percent increase.
Similarly, sales of condominiums and townhomes in the Boulder-area markets improved 8.5 percent through July 2015 – 953 units – compared with 2014 – 878 units.
“Month-over-month sales for July pulled back from a pretty brisk first six months of the year,” says Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor® Association, adding that the year-to-date statistics show that “the market’s still very strong. We continue to see a lot of active buyers.”
The inventory of single-family homes for sale in the Boulder area markets jumped 7.8 percent in July 2015 compared with June 2015 - 1073 units versus 995 units.
The inventory of condominiums and townhomes for sale in those markets increased by 9.2 percent in July 2015 compared with June 2015 - 143 units versus 131 units.
“If the market returns this fall as strong as July, we’re looking at a pretty good year,” Hotard says. “The market usually picks up again after Labor Day, moving into the balance of year.”
Average and median sales prices also bore witness to the strong market in July, with all Boulder Valley markets showing improvement in the single-family category. And Lafayette was the only community that did not have price increases in both median and average sale prices of condos/townhomes, and only then showed a miniscule decline (0.1 percent) in median sale prices of attached dwellings.
Hotard says the prices prove that it is still a competitive market.
“It’s still definitely a seller’s market,” he says. “The increase in prices shows that there’s still competition for homes that are available.”
And the continuing job creation and migration of people into the state mean demand for homes will remain strong while inventory remains tight and prices will keep rising, Hotard says.
“The Boulder area is one of the best real estate markets in the country,” he notes.
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