Boulder County third quarter sales statistics show that low inventory and high buyer demand are driving price increases in all segments. Comparing today's market with 2009 is instructive, with inventory decreases every year since. Consider:
Single-family homes
The number of homes on the market in 2014 is down 49% compared to 2009The number of sales in 2014 is up 32.9% over 2009The median price is up 23.9% since 2009
Condos and townhomes:
The number of units on the market in 2014 is down 69.5% compared to 2009The number of sales in 2014 is up 13.2% over 2009The median price is up 14.1% since 2009.
I believe these stats demonstrate overall strength and stability in our market. A key figure to focus on is the median price of single family homes, which is up an average 4.8% per year over the last five years, and 3% in the last year alone. The median price of attached dwellings is up an average of 2.8% per year over the last five years, and up 3.5% in the last year alone.
The Boulder County real estate market appreciated steadily through the 2000's without any dramatic annual increases like were seen in other markets, which eventually crashed hard after 2008. Even though our market has been hot over the last few years with fast sales and multiple offers, steady growth, a strong jobs market, and limited inventory together create stability. What's more, our price increases feel rational. High buyer demand and low inventory do not seem to be driving an irrational rise. There are pockets within the market where prices have jumped into double digits in the last year, but overall the Boulder County market is increasing steadily and reasonably. Contact me to find out how to make the market work for you.