Student-related sales waned and Boulder-area real estate saw a seasonal slowdown in August, marked by a significant but somewhat expected pullback in condominium and townhome sales and inventory.
Boulder County condo/townhome sales dropped 15 percent in August 2015 with 147 units sold compared to July’s 173.
“The 15 percent sales drop is notable and inventory constricted further, with a sizeable decline of 23.7 percent,” says Ken Hotard, vice president of public affairs for the Boulder Area REALTOR® Association.
In contrast, single-family home activity held steady with modest changes. August 2015 single-family home sales remained brisk with a robust 514 sales, though the pace slowed 3.7 percent from last month’s 534.
Single-family homes inventory gained a slight 1.8 percent increase month-over-month, growing to 1,093 homes in August 2015, compared to 1,073 in July 2015.
“The most interesting change in August is that prices softened for the first time this year. Until now, prices have continued to climb over the course of 2015,” says Hotard.
“A handful of markets – Boulder, Longmont, Superior, the Plains and Lyons – saw August reductions in average and median sales prices from the prior month, indicating that demand may be softening,” he says.
“At the same time, year-to-date sales are up almost 12 percent in single-family housing and almost 10 percent in condos and townhomes.”
Noting that August sales slow historically and the pace picks up in September informing year-end sales expectations, Hotard says annual figures tell a more accurate story of continued strength in Boulder-area markets.
In the city of Boulder, median sales price for single-family homes shows a year-to-date gain of 12.4 percent, with an increase from $660,350 in August 2014 to $742,500 in August 2015.
The greatest year-to-date gains in Boulder-area single-family home median sales prices are in the same cities that saw month-over-month declines, with the Longmont year-to-date rise at 16.1 percent, Boulder and the Plains at 12.4 percent, Superior at 10.8 percent, and Lyons at 8.9 percent.
“The market is still very strong, very healthy, and I don't see anything unusual or alarming,” Hotard adds.
“If we stay on track, by the end of December this year will outperform last year. Boulder Valley is holding strong as one of the best real estate markets in the country.”
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