The condominium/townhome market is the “big news” in Boulder County real estate, with 180 units selling in August – a 47.5 percent increase over the 122 that sold a year ago.
Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor® Association, says the market is indicative of what’s happening around the country: home buyers are finding attached dwellings more affordable and easy to get into.
Single-family home sales of 450 also outpaced those in August 2012, jumping 19.3 percent, while they decreased about 8.4 percent compared with 491 sales in July 2013.
“That’s consistent with the trends you would expect to see in the market – slowing as you head into the fall,” Hotard says.
Attached-dwelling sales increased 3.4 percent from July to August.
“It’s a strong close to the summer buying season for attached dwellings, which is really positive,” Hotard says. “Overall the market is effectively unchanged from the first half of the year. It continues to show ongoing strength.”
That’s reflected in the Boulder-area market’s single-family average and median sales prices, which were increased in every community, and condo/townhome prices improved in the majority of communities, as well.
“Prices are holding up exceptionally well,” Hotard says. “Local economic gains have been helpful to maintain a strong housing market throughout the Boulder area.”
The biggest challenge remains the declining inventory, he notes. The 1,502 single-family homes on the market in August represented a 15.5 percent decrease compared with August 2012 and a 5 percent decrease compared with July.
And the number of condos/townhomes for sale in August dropped 28.2 percent compared with a year ago, and 5.5 percent compared with the previous month.
But Hotard’s perception of why people are not putting their homes on the market may be changing. Instead of their concerns with the uncertain economic situation holding them back, perhaps they are just home and have no desire to move, he says.
“It’s possible that there’s been a change in housing markets in general in how people view their homes,” Hotard says. “They may now view their home primarily as a place to live rather than as a short-term investment, so that the tendency to sell and move more frequently may be dampened.”
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