1st Quarter Stats Explain A Lot
I've been eagerly awaiting the 1st quarter stats to see if they contain some clues about the intensity of the current real estate market. After 5 years of steady appreciation, the market was expected to start leveling off in 2018. So far, it's done anything but.
The stats revealed that the number of new listings in Boulder County through the 1st quarter of 2018 compared to a year ago is down 14.1% for single family homes and is down 6.4% for attached dwellings. But, the number of sales increased 2.7% for single family homes and increased 0.3% for attached dwellings. It's no wonder we're seeing multiple offers and rising prices.
Fewer properties on the market combined with an increased number of sales means appreciation. The median price for a single family home in Boulder County is up 9.6% to $592,000 compared to a year ago, with the median price for an attached dwelling up 9.2% to $393,000.
If the inventory of properties for sale remains low, prices will continue to climb. If an increased number of properties are listed this spring and summer, the market could level out a bit. We'll see what the next few months bring and I'll be sure to keep you informed. In the meantime, don't hesitate to call at (303) 931-6979 if I can help with a real estate transaction or simply answer a question. - Rich