BOULDER – Home sales are heating up alongside record-breaking summer temperatures in Boulder County.
And experts say these month-over-month double-digit increases in both single-family and attached dwellings countywide are right
“There’s really nothing unusual here. You would expect to see sales improve as they have,” says Ken Hotard, vice president of public affairs for the Boulder Area Realtor® Association.
Hotard is referring to the usual increase in sales that accompanies the home buying season. But that’s not the only factor. He says there’s an ongoing Boulder County trend of sales volume mirroring inventory availability.
This month, Hotard notes condo and townhome market sales in particular benefitted from strong inventory gains. Condominium and townhome sales in Boulder County rose 35 percent month-over-month from May to April 2017 – 149 units vs. 110, while inventory grew 16.4 percent with 149 units vs. 128.
For single-family homes in the Boulder area, sales increased by 29.4 percent in May 2017 compared to April 2017 – 458 homes sold vs. 354. Inventory for the same period grew 14.9 percent, with 989 single-family homes for sale in May compared to 861 in April.
Year-to-date sales of single-family Boulder County homes stayed relatively even compared to last year, decreasing a scant .9 percent through May 2017 compared to sales through May 2016 – 1591 units sold vs. 1605.
By contrast, the condo/townhome year-to-date sales grew 23.5 percent over the same period with 568 units sold compared
to 460 units.
While purchasing demand continues to be strong, Hotard echoes the perspective of other experts, calling the market “bifurcated.” Hotard is referring to the two distinct market characteristics that exist for homes over $1 million and homes under $1 million.
“The over $1 million category has 10 to 12 months of inventory, and is more of a buyer’s market in terms of length of time on market and offer-to-asking price comparisons. While the under $1 million market has much less inventory relative to demand and quicker sales. It is a seller’s market,” explains Hotard.
Looking ahead, Hotard is watching June statistics closely. Attached dwellings start the month of June with a single-month supply of inventory.
“Our housing market continues to be strong and shows no sign of change. We live in a desirable area and Boulder County has the lowest unemployment in the country. The only solution for meeting our housing demand is to create new housing stock.”