Although the Boulder-area market’s month-to-month comparisons of home sales and inventory aren’t much to brag about, the first six months’ worth of activity show the market is still holding strong.
Boulder County saw 393 single-family homes sell in June – just one more sale than in June 2014 and an increase of 0.3 percent. In the townhome/condominium market, the 172 units that sold in June represented a 4.2 percent increase compared with the 165 homes that sold a year before.
In the first six months of 2015, 1,657 single-family homes sold in Boulder County, representing a 6 percent increase compared with the 1,563 homes that sold in the first six months of 2014. And the 699 attached units that sold through June was a 6.4 percent increase compared with the 657 units that sold during the same period last year.
“The statistics this month are a little bit mixed,” says Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor® Association.
The city of Boulder saw only 115 single-family home sales in June – a drop of 4.2 percent compared with the 120 sales a year ago – but the 493 sales so far this year is a 7.9 percent increase compared with the 457 sales during the same six months last year. The condo and townhome market saw a drop of 13.8 percent in sales in June compared with a year ago – 94 versus 109 units – but year to date an additional four units sold – 413 this year versus 409 last year, representing a 1 percent increase.
Hotard says Longmont’s market did especially well in June, with a 13.6 percent increase in single-family home sales compared with June 2014 – 167 versus 147 – and a 9.1 percent year-to-date increase through June compared with the first six months of 2014 – 684 versus 627 sales. The 37 condos/townhomes that sold in June in Longmont represented a 48 percent increase compared with the 25 that sold in June 2014, and the 163 attached-unit sales through June represented a 39.3 percent increase compared with the 117 units that sold in the first half of 2014.
“We continue to see inventory challenges in a lot of the specific market areas but, overall, new listings for the Boulder County markets were up a little more than 6 percent for single-family homes,” while condo/townhomes inventory dropped 14.8 percent in June compared with a year ago, Hotard says. Single family inventory improved 1.5 percent and town home and condo inventory fell 11 percent year to date.
The 10 percent drop of single-family home median sales prices and the 3.8 percent increase in attached-unit median sales prices in June compared with June 2014 may be reflective of the relationship between inventory and sales prices, he explains: Boulder area markets saw more single-family homes come on the market while the attached-unit inventory shrunk.
Hotard says while interest rates inched up in June, they have yet to significantly impact the market and are still low and are expected remain low through the summer and into fall ahead of an anticipated rate hike by the Fed in October.
Even if they go up to 4.2 percent this year and possibly to 5.3 percent by next spring, as National Association of Realtors® Chief Economist Lawrence Yun predicts, “those are still extremely low rates,” Hotard says.
Owner and Founder
RE/MAX of Boulder