The real estate market in Boulder and Broomfield counties continues to motor out of the national housing slump, with total numbers of homes sold up about 20 percent over the last year and the number of days houses spend on the market down significantly. Read more here.
The current inventory of properties on the market remains low, creating a sense of urgency for buyers. This is especially the case in Boulder, Louisville and Lafayette, with 42% of median priced properties on the market under contract. This is a high percentage of contracts. The average number at any given point during the year is usually around 30% - even in the summer months.
The current inventory of single family homes as well as townhomes/condos is at the lowest point since 2000. With that in mind, now is a good time to act if you're considering selling. Buyers should be cautious about waiting for more inventory, as current demand may result in price increases. Buyers can take advantage of low interest rates and favorable pricing for now.
Overall there were fewer sales in Boulder County in 2011 compared to 2010, but each city within the county varied somewhat. The number of single family homes that sold in the City of Boulder was down 7.3%, but the median price was up 2.8%. Throughout the rest of the county, sales of single family homes were up slightly (between 2% and 5%), but the median price was down slightly (between 3% and 4%).
The change in the number of sales of condos and town homes was more dramatic. In most areas of the county, sales were down between 13% and 20%, with the exception of Superior which saw a decrease in sales of 41.9% and Longmont which saw an increase in sales of 6.4%. Even with the dramatic change in the number of sales, prices were amazingly stable and basically flat throughout the county, including Superior where the median price dropped just 1.3%. I attribute the drop in condo sales this year over last year to the 2010 Tax Credit which drove up sales in 2010 at the lower end, which in our market means condos.
With low interest rates, buyers are remaining active in the market as we head into the holidays.
As a matter of fact, I have several clients who are eager to buy but the inventory is low in their desired area, so we are actively seeking sellers. In addition, I have two properties currently under contract that were not listed. In those cases, the buyer pursued the seller because the buyer could not find a property on the market that suited their needs. I feel that this is a good sign for an active market in 2012. The current inventory is the lowest since 2000 and is helping to keep prices stable.
