BOULDER – May sales are up in Boulder-area markets, but unlike the usual seller-driven market, buyers are beginning to gain advantage.
“There has been a turn in the market,” says Ken Hotard.
He notes that inventory improved and prices are moderating across all areas as sellers adjust their prices to make homes more attractive.
“Prices aren’t declining but they are no longer increasing as they have been for several years. The median price is below $1 million, which we haven’t seen in a while,” says Hotard. “This shift has materialized over a number of years. But the market is steady.”
Month-over-month sales for May were strong across Boulder-area markets. Single family home sales improved 35.2 percent in May compared to April, posting 515 vs. 381 homes. Condo and townhome sales tracked along the same line, improving 37.2 percent with 166 units sold vs. 121.
While May was robust, sales weren’t as strong in March and April and year-to-date sales are down in both markets. Single family home sales dropped 1.2 percent May compared to the prior year – 1,717 homes sold vs. 1,738 – and condo/townhomes sales dropped 6.6 percent – 576 units vs. 617.
Inventory improved 19.1 percent for single-family homes and 19.9 percent for attached dwellings – 1,122 vs 942 homes and 319 vs. 266 attached units.
Hotard observes the market still has challenges: Prices are high even with the minor improvement in pricing and sales are lagging behind past years.
He expects that sales increases continued in June due to improved inventory and pricing. Yet, his outlook includes an earlier downturn than usual this summer. Typically, home buying season continues strongly through August and begins slowing in September. But this year Hotard says July will likely mark the beginning of the spring/summer market slowdown.
“If you’re a buyer, July would be a good time,” Hotard says.
By Tom Kalinski. Tom is the owner and founder 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 email@example.com, call 303.441.5620 or visit boulderco.com.