The Boulder Valley real estate market was a late bloomer this year, with the spring uptick in sales and inventory not showing robust growth until May.
“Things are looking pretty positive,” says Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor® Association. “We had a slow April but May turned out to be a strong month for sales and inventory gains for single-family homes as well as condos and townhomes.
“The month-to-month statistics are pretty solid.”
Boulder County saw 347 single-family homes sell in May, a 22 percent increase compared with April’s 284 sales. It also had 561 homes on the market, a 15 percent improvement compared with the 487 available homes the month before.
The condominium/townhome sales jumped 17 percent in May, with 139 units selling compared with the 119 that sold in April. And its inventory also improved nearly 15 percent, from 94 units available in April to 108 units for sale in May.
In comparing incorporated areas of Boulder County, the 328 single-family home sales in May was a 22 percent increase over the 268 units selling in April. And inventory improved 12 percent, with 530 homes on the market in May compared with 473 in April.
Townhome and condominium sales for the incorporated areas were the same as for the county, though inventory differed slightly, growing only 12.6 percent month over month for the incorporated areas.
Single-family home sales in those communities for the first five months of 2015 improved 8.5 percent compared with 2014, from 1,099 sales to 1,192. Condo/townhome sales also saw an 8.5 percent improvement, from 481 units selling in the first five months of 2014 to 522 units selling in the same time period this year.
All of Boulder County saw 1,262 single-family homes sell in the first five months of the year, a 7.8 percent increase compared with the 1,171 homes that sold during the same time last year. And 525 condos/townhomes sold from January through May, a 6.7 percent increase.
“The brisk upturn in May gave us a solid gain for year-to-date” statistics, Hotard says.
Colorado continues to see job growth, and the economy is on a solid track for improvement, he notes.
“This market is just a bit weird,” Hotard says. “The improvement in inventory is likely a contributing factor in the boost in sales: having new products in the market got some buyers off the fence and finding a greater selection of homes to buy.”
Hotard was not surprised to hear that the Colorado home prices appreciated 11 percent in the first quarter, considering countywide median sale prices of single-family homes increased nearly 16 percent and average sale prices increased 23.5 percent in May compared with a year ago.
“That’s certainly reflected in the prices we’re seeing,” he says. “Colorado is a highly desirable place to be, as we all know. We’re seeing strong job growth, encouraging people to move here, and historic limited inventory causes prices to rise.”
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