Boulder County real estate sales overcame March’s bomb cyclone, kicking off spring home buying with a significant increase in month-over-month sales.
Single-family home sales spiked 51.3 percent with 351 Boulder-area homes sold in March compared to 232 in February. Condo/townhome sales rose even more, jumping 62.8 percent for the month with 127 units sold vs. 78.
“It’s still early, but I’m glad to see March sales ended on a high note as we head into peak season over the next 3 to 4 months,” says Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor® Association.
Even with the significant March rise, sales year-to-date lag last year, dropping 9.3 percent through March 2019 for single-family – 786 vs. 867 homes sold, and 13.2 percent in condo/townhomes
– 282 vs. 325 units.
The drop is the result of only a few areas coming in behind last year’s sales. “Louisville, Lyons and Niwot slowed in single-family home sales, which resulted in the decrease compared to last year – all other areas in Boulder County showed gains,” notes Hotard.
Similarly, in condos and townhomes, Boulder, Lyons and Niwot sales slid, causing the year-over-year drop.
Hotard attributes the optimistic outlook in part to the strong local economy and job creation, which continues to outperform the rest of the nation.
“As long as demand holds and inventory grows, the Boulder Valley real estate market will continue to be strong,” he says.
Single-family inventory played its part by growing 13.8 percent in March due to 823 homes for sale compared to February’s 723. Condo/townhome inventory was virtually unchanged dropping .08 percent with 252 units sold vs. 254 in March compared to February.
To bolster inventory, Hotard points out the S’PARK development will be completed soon. According to the project’s website, S’Park is “an entirely new neighborhood coming to the heart of Boulder in early 2019.”
“There’s no doubt we could use more inventory to meet demand, especially in the lower and more moderate price range,” says Hotard.
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 Tom at firstname.lastname@example.org, call 303.441.5620 or visit boulderco.com.