October’s real estate statistics for the Boulder area showed little has changed, which proves the remarket remains strong, according to Ken Hoard, senior vice president of public affairs for the Boulder Area Realtor® Association.
The 309 sales of single-family homes in October fell 6.9 percent compared with the sale of 332 homes in September, and they dipped 1.6 percent compared with 314 sales a year ago.
Although the sale of condominiums and townhomes increased 35 percent compared with a year ago – 131 units versus 97 – and 4 percent compared with 126 sales in September, Hotard says the statistics are skewed a bit by an abnormally weak month in October 2013.
And, he adds, when the comparative statistics represent less than a hundred sales, a difference of only a few can make the change appear much bigger than it is.
“Sales are holding up even though we have sinking inventories year over year and month over month,” Hotard says. “That suggests to me, potentially, that buyers have adjusted to the new market realities and becoming more competitive in pursuing property. They’re making choices based on what’s available: they may not always be perfect, but they’re going to meet their needs.”
The inventory of single-family homes for sale in October dropped by 5.4 percent compared with a year ago – 1,136 units versus 1,201 – and fell 13 percent compared with the 1,306 homes that sold in September.
The 264 condos/townhomes on the market in October represented a 5 percent decrease compared with the 278 units on the market a year ago, and a 15.5 drop compared with the 305 units for sale in September.
Hotard says that the Boulder area will likely see “moderately declining sales” through the end of 2014, though in years in the not-so-distant past sales have picked up in November and December.
“I believe we will have a more typical end of the year,” he says.
Nonetheless, “It’s a really interesting market and has been since we came out of Great Recession,” he says of the Boulder area. “The market has been unique and challenging on both sides of transactions.”
Owner and Founder
RE/MAX of Boulder