BOULDER – Spring home buying season is off to a bright start in the Boulder-area real estate market with sales and inventory improving for the month of March.
“We’ve had such beautiful weather, people have been very active in the housing market,” says Ken Hotard, vice president of public affairs for the Boulder Area Realtor® Association.
“We saw a good bump in inventory both for single-family homes as well as condo/townhomes and sales went through the roof,” says Hotard.
Sales of single-family homes jumped 77.7 percent in March 2017 compared to February; 334 versus 188 units. Condominium and townhome sales rocketed 105.1 percent month-over-month with 160 units sold vs. 78.
Inventory for single-family homes grew 29.8 percent with 754 homes for sale in March compared to 581 the previous month, while condo/townhomes inventory increased 17.9 percent with 132 units for sale vs. 112.
Even with the inventory increases, Hotard says Boulder County still has less than three months of inventory. “This inventory pressure has been going on for at least five years. We just don’t see lot of product coming on line,’ he adds.
Year-over-year, sales in Boulder County are mixed. Single-family home sales in the Boulder-area fell 5.1 percent through March 2017 compared to sales through March 2016– 748 homes vs. 778. However, sales of condominiums and townhomes grew 36.2 percent year-to-date – 301 vs. 221.
“We have substantial improvement in condo/townhome sales for this year compared to last, yet on the single-family side we’re still behind last year,” says Hotard. “People are definitely in the market for condo and townhomes.”
As March marked the start of the home buying season, Hotard says the sales and inventory increases are not unusual or unexpected. And that bodes well for the spring and early summer buying season in an area where demand is high, he notes.
“Boulder County is still a wonderful place to be. It’s still a solid housing market.”