Boulder-area market holding steady, proving strong demand eclipses low inventory

It’s beginning to look a lot like this year’s Boulder County real estate sales performance will outperform last year’s robust close. Year-over-year sales data for 2017 shows slight improvements compared to 2016, even with inventory at persistently low levels.

“It just proves that demand is strong and consistent,” says Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor® Association.

Single-family home sales in the Boulder area improved 2.1 percent year-to-date through November 2017 compared to the prior year – 4,224 homes sold vs. 4,138.

And the sale of 1,377 condominiums and townhomes through November represented a 5.5 percent gain compared to the prior year’s 1,305 units sold.

“We saw year-over-year sales improvements, but the pull-back in November compared to October was more than average,” says Hotard.

He’s referring to the 7.9 percent drop in single-family home sales in November compared to October — 359 vs.  390 homes sold. Attached dwellings sold decreased 2.4 percent month-over-month with 123 units sold vs. 126.

Since the weather was excellent for house hunting, the pullback is likely indicative of more than the typical seasonal slowdown.

“Inventory is probably the culprit in the November pullback this year, which resulted in not only fewer sales, but also a softening of prices,” he says. When it comes to low inventory, there is “no end is in sight for the foreseeable future.”

Hotard believes price-softening is confined to higher end homes where inventories are larger and homes take twice as many days on the market before selling. “Lower priced homes are not affected,” he adds.

While buyer demand is strong, low inventory can’t supply that demand. November’s inventory is telling: Single-family homes for sale in the Boulder-area dropped 22.8 percent in November compared to October with 777 homes for sale vs. 1,006. Condos and townhomes felt the pinch slightly harder with a 24.7 percent drop for the month of November – 146 units vs. 194.

Mortgage interest deductions may diminish in importance as a result of the doubling of the standard deduction as part of recent tax reform legislation. The National Association of Realtors predicts only a small percent of homeowners will take advantage of the mortgage interest deduction in years to come because of that change.

 

*Photo courtesy of Edwin Andrade on Unsplash.com

Posted by Tom Kalinski Founder RE/MAX of Boulder on Friday, January 5th, 2018 at 10:15am.

Posted on January 16, 2018 at 5:38 pm
Jay Kalinski | Category: RE/MAX of Boulder | Tagged , , , , , , , , , , , , , , , , , , ,

Kalinski Team in the News 2014-2017

 

December 2017

BizWest: Boulder Valley 2018 real estate predictions

RE/MAX of Boulder Blog: Steady Sales Reflect Strength of Demand in Boulder County Market

RE/MAX of Boulder Blog:Denver Most Recovered City since Great Recession

 

November 2017

RE/MAX of Boulder Blog: Boulder County real estate sales chill along with fall temps

BizWest: Real Estate Conference to Explore Shifting Markets in Boulder Valley 

 

October 2017

BizWest: Why you should care about local MLS consolidation

RE/MAX of Boulder Blog: Balance Returns to Boulder County Real Estate

RE/MAX of Boulder Blog: Boulder County real estate sales chill along with fall temps

 

September 2017

BizWest: Why good real estate agents are becoming indispensable

Longmont Times-Call: Boulder County’s apartment boom shows no sign of slowing, even as vacancy rates rise

RE/MAX of Boulder Blog: Colorado Cities Rank High in Best Housing Market Analysis

RE/MAX of Boulder Blog: How to Buy a Kiddie Condo Instead of Renting

RE/MAX of Boulder Blog: August Housing Sales Move in Lock-Step with Inventory

 

August 2017

BizWest: Boulder Valley housing shifts to more-balanced market

 

July 2017

BizWest: It’s time for millennials to consider home ownership

RE/MAX of Boulder Blog: Boulder-Area Home Sales Rise While Summer Temps Sizzle

RE/MAX of Boulder Blog: Top 5 Reasons It’s Time Millennials Consider Home Ownership

RE/MAX of Boulder Blog: Must-Have Skills for Home Buying in Boulder County

 

June 2017

BizWest: Dual real estate market emerges in Boulder Valley

RE/MAX of Boulder Blog: Boulder-Area Home Sales Rise while Summer Temps Sizzle

 

May 2017

BizWest: Boulder Valley sees softening seller’s market

RE/MAX of Boulder Blog: We’re Making a Vital Impact as “Miracle Office” for Children’s Hospital Colorado

atHome: New Colorado business filings up, future job levels rosy

RE/MAX of Boulder Blog: Boulder No. 1 for Most Stable Housing Market Three Years Running

RE/MAX of Boulder Blog: Boulder County home sales chill in April, inventory the driving factor

 

April 2017

BizWest: How far does your money go in Boulder Valley real estate?

RE/MAX of Boulder Blog: Spring Sun Shines on Boulder Home Sales

 

March 2017

BizWest: Why so many new apartments and so few new condominiums?

RE/MAX of Boulder Blog: Want to Buy Your First Home? Start Here.

RE/MAX of Boulder Blog: Boulder Condo/Townhome Sales Tick Upward

atHome: RE/MAX of Boulder awarded highest honor

Aging at Altitude insert from the Boulder Daily Camera: Selling the Family Home

 

February 2017

BizWest: Boulder still a seller’s market, but change could be coming

RE/MAX of Boulder: 2017 Boulder Area Real Estate Outlook

 

January 2017

BizWest: What increasing interest rates mean for local home buyers

RE/MAX of Boulder Blog: Best Cities for Job Seekers in 2017

 

December 2016

BizWest: Predictions for housing in the Boulder Valley

RE/MAX of Boulder Blog: Got a Smart Gadget in Your Home? Be Wary of Cybercrime.

 

November 2016

BizWest: Strong housing market continues, but some indicators softening

RISMedia: Appealing to Younger Clients in Today’s Competitive Market

 

September 2016

BizWest: Home buyers should exercise caution to avoid fraudulent mortgage wires

 

August 2016

BizWest: Now is the time for buyers in Boulder Valley

 

July 2016

atHome: RE/MAX of Boulder embraces businesses and the community

BizWest: Boulder average single-family home price tops $1M

 

June 2016

BizWest: How long can Boulder County’s steep appreciation last?

 

May 2016

BizWest: Robust seller’s market continues, but buyers have hope

 

April 2016

Daily Camera: Boulder County Business Hall of fame inducts 2016 class

BizWest: Boulder County Business Hall of Famers credit families for success

Daily Camera: As “monster” homes rise, should Boulder trade size for density?

BizWest: This is no housing bubble, and no end is in sight

 

March 2016

BizWest: For home buyers, Longmont’s time has come

 

February 2016

BizWest: 2015 housing recap a historic-sellers-market

 

January 2016

BizWest: 2016 Boulder Valley forecast bright for home sellers

 

2015 and Previous

BizWest: Five reasons to buy in boulder now if you can

atHome, Daily Camera: RE/MAX of Boulder Truly Means Community

Finisher party gets to heart of Ironman

Realtor Mag: Brand Stand 7/23/14

BizWest: Re/Max office opens on Pearl Street Mall

Realtor Mag: Make the Right Hire for Fiscal Stability

Posted on January 11, 2018 at 11:47 pm
Jay Kalinski | Category: Articles | Tagged , , , , , , , , , , , , ,