March home sales signaled a robust and active home buying season ahead for Boulder County.
“The Boulder-area market rocketed forward in March with strong sales that improved significantly,” says Ken Hotard, senior vice president of public affairs for the Boulder Area Realtor® Association.
Following modest positive movement in February, housing surged forward in March, according to March sales statistics. Boulder Valley buyers showed up strong, undeterred by a market pattern of low inventory and rising prices. This pattern has characterized the countywide housing market for several years running.
Single-family home sales in the Boulder-area jumped 43.3 percent in March compared to February 2018 – 344 units sold vs. 240. Condominium and townhome sales also rose, marking 28.4 percent growth month-over-month with 122 units sold vs. 95.
Year-to-date, single-family home sales increased 8.7 percent through March 2018, with 829 Boulder-area homes sold vs. 763. Sales of condominiums and townhomes increased 1.6 percent year-to-date with 312 units sold compared to 307 for the same period in 2017.
Inventory also improved, though modestly. The number of single-family homes for sale grew by 10 percent – 651 units compared to 592 – while townhome and condo inventory grew 5.3 percent – 140 units vs. 133 – month-over-month.
“The inventory level is about a two-month supply of single-family homes and a one-month supply of condominiums and townhomes. A healthy market is thought of as a five- to six-month inventory supply,” says Hotard.
Nationally 40 percent of housing sales occur during March, April, May and June.
Hotard says the consistent buying activity we see in our housing market speaks volumes for the desirability of the area and health of the market.
“It’s a strong, positive market for sellers. We need a significant amount of new product in the market to meet the demand, particularly the demand for housing suited for young people and a broad demographic of ages and incomes.”
Ranked the No. 7 strongest housing market in the U.S., real estate sales in Colorado will remain robust in 2018, according to analysis by credit.com.
The predicted increase is around 3.1 percent. Colorado Springs is emerging as the top city for growth and median home prices are predicted to rise 5.7 percent through 2018.
Colorado’s home prices saw the sharpest increase in the U.S. over the past two years, reports credit.com. That’s quite a mark, given that 2016 existing home sales nationwide were the strongest they’ve been in a decade, following the worst housing crisis in U.S. history. In 2018, the nation’s housing market’s strength is expected to continue with U.S. home prices expected to rise 4.6 percent.
Here are 10 states that are predicted to be among the top performers in 2018:
Median home values in Las Vegas are expected to rise approximately 5.8 percent over the next 12 months. The median home price is approximately $285,045.
Lower taxes and a lower cost of living continue to lure profitable companies to relocate, expand or launch businesses inTexas. As a result, housing has boomed in Dallas and many other areas. In 2018, home sales are expected to gown 6 percent. The median home price in North Texas is $339,950.
Florida cities Deltona and Lakeland lead Florida’s strong housing market. With the appeal of ocean-side living, warm weather, and the ability to live an active lifestyle, Florida’s most popular areas are expected to see a more than 5% boost. The median home price in Deltona is $275,050.
Stockton – one of California’s fastest-growing cities – is predicted to grow its housing market by 4.6 percent. With a median home price of $385,050, Stockton is far more affordable than the state’s most desirable areas. For example, the median price of a home in San Francisco has increased $100,000 in the past year.
The Provo/Orem region was recently ranked as the best-performing city by the Miliken Institute, due to a robust high-tech sector and broad-based job and wage growth. Salt Lake City’s median home price averages $360,000, and housing sales are predicted to grow 3.2 percent in 2018.
- North Carolina
People are moving into North Carolina from other states, driving a strong housing market with home sales predicted to grow 6 percent in 2018. The median home price averages $325,000.
With the several year surge in housing prices, affordability is a growing issue in the Mile High City. Even so, the market is predicted to remain strong, leveling out a bit in 2018 to around 3.1 percent. Colorado Springs tops the cities for growth and the median home price there is slated to rise 5.7 percent this year.
Tennessee, Oklahoma and Georgia round out the list of the top 10 strongest housing markets in the U.S. for 2018, says Credit.Com. Nashville, Oklahoma City and Atlanta all bring the secret sauce that bolster home values. Median prices are $385,000; $99,000; and $218,350, respectively.
Read the full article at https://www.realtor.com/news/trends/10-states-predicted-strong-housing-markets-2018
If you’re planning to sell your home this year, timing can make a big difference in your home’s final selling price.
Even though statistics show Boulder County’s real estate market remains among the hottest in the country, Realtor.com reports that your “window of opportunity may be rapidly narrowing.”
“We’ve seen two or three years of what could be considered unsustainable levels of price appreciation,” says Javier Vivas, director of economic research for realtor.com®.
The key word there is “unsustainable.” Changes on the near horizon suggest you should get going and be among the first to sell your home in 2018. Here are the top five reasons:
1. Interest rates remain historically low
While interest rates have already increased from the recent lows, today’s 30-year mortgage rates at just above 4 percent still draw buyers into the market.
But experts predict rates will rise to a less enticing five percent before the end of the year. With rate hikes expected to continue, you should list your home earlier in the year. You will not only sell your home more quickly, if you’re buying another home, you’ll benefit from the lower rates.
2. Inventory is tight and demand high
In the red-hot housing market of Boulder County, buyers far outnumber available homes for sale. Tight inventory is a trend that extends across the nation. And the housing shortage will likely get worse before it gets better: Realtor.com predicts inventory will see a decline of 4 percent year-over-year by March.
Inventory shortages result in quick sales, bidding wars, and pro-seller terms. This can be especially true in areas like Boulder County, where a prolonged shortage has persisted for years.
Cash buyers are also a factor, making up 22 percent of all home sales nationwide in November 2017, according to the National Association of Realtors®.
3. Home prices are still increasing
While home price increases in the Boulder area have moderated recently, prices are still rising. But with interest rates increasing, slowing price appreciation is expected to continue. By listing your home sooner rather than later, you’ll avoid the cooling trend.
4. Buyers are better off financially
“Incomes are growing and people are finding better and more stable jobs,” Vivas says. High consumer confidence, low unemployment, and stock market surges make buyers feel good about their financial outlook.
In fact, the Fed projects an unemployment rate of below 4 percent for the first time since the 1960s, reports Realtor.com.
All of this fuels home sales, which grew 5.6 percent nationally in November 2017, reaching its strongest pace in nearly 11 years.
5. Millennials want to buy
More and more millennials are entering their 30s, a time in which taking the homeownership plunge becomes increasingly desirable. Realtor.com data suggest that this demographic group could account for 43 percent of home buyers taking out a mortgage in 2018, equating a 3 percent year-over-year increase.
In a complex real estate market, local real estate knowledge helps you time the sale of your home to your best advantage. So, if you’re considering selling, consult with a Realtor soon.
You can read more at https://www.realtor.com/advice/sell/reasons-to-sell-your-home-in-2018/