Undeterred by uncertain national economic trends, Boulder County’s housing market continues to hold fast and steady.
The latest statistics show July home sales moved forward in all markets. Sales of single-family homes improved 3.0 percent over June with 467 homes sold vs. 454. Condo/ townhome sales grew 12.23 percent with 165 units sold compared to 147 for the same period.
“It’s remarkable. Boulder-area real estate is the Energizer Bunny, it just keeps on going,” says Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor® Association.
“Economic headwinds just have limited impact on our market,” he added.
The continued growth supports recent reports that Boulder is the No. 1 most stable U.S. housing market for five years running, according to 20-year data analysis by SmartAsset.com.
Even so, there are fluctuations. Sales for 2019 have not caught up to those of 2018, with a year-to-date drop of 3.4 percent in single-family homes and 2.3 percent for attached dwellings. That’s 2,680 homes sold through July 2019 vs. 2,709 last year and 906 condo/townhomes sold vs. 927.
There are still enthusiastic buyers aplenty, but Hotard says demand is softening. “We’ve seen less demand for a good part of the year, which I expect to continue.”
The decrease in demand shows up in slowed price appreciation and homes staying on the market longer. He points to cumulative factors putting pressure on Boulder County markets: high prices, low inventory and seller/buyer behavior.
Boulder County’s slim inventory improved in July, up 3.4 percent in single-family – 1,227 vs. 1,187 homes for sale, and increased 7.9 percent in attached dwellings – 342 vs. 317 units. This represents just over two months of inventory, Hotard notes.
“Some say we’re transitioning to a balanced market, but a balanced market is thought of as having five to seven months of inventory,” he says. “Based on the low inventory numbers, I don’t detect any significant shift. As long as we have job growth and a beautiful place to live, our market will continue to hold and increase in value.”
By Tom Kalinski. Tom is the broker/owner of RE/MAX of Boulder, the local residential real estate company he established in 1977. He was inducted into Boulder County’s Business Hall of Fame in 2016 and has a 40-year background in commercial and residential real estate. For questions, e-mail Tom at email@example.com, call 303.441.5620 or visit boulderco.com.