Boulder Daily Camera Headlines, Housing Prices Flat!
Boulder housing market appreciation appears to be leveling out. This is both good news and bad. For owners thinking of selling, the high point for values may be in the rear view mirror. Depending upon your source of intel, values topped out with median values down a tad from last year’s highs.
But then, continue reading the same Boulder Daily Camera news article and switch from Kelly Moye’s perspective to Neil Kearney’s and values are still climbing. Confused? Me too.
Throw in the latest data from Mike Malec Re/Max of Boulder and you see additional data suggesting a new trend.
That trend? Housing inventory in Boulder is climbing, sales have peaked and values have plateaued. And this is, as I mentioned earlier both good and bad news.
Experts Mike Malec Kelly Moye Neil Kearney Weigh In
According to the Boulder Daily Camera article (June 13, 2019), past Boulder Area Realtor Association president Kelly Moye says, “We are not seeing gains or losses. We are seeing a stagnation.” Granted, that’s a pause in a hot market after years of robust gains.
And good news; the sky is not falling. We are merely transitioning from a very strong Sellers Market to a more reasonable neutral market. Realtor Mike Malec points out in his Boulder Area Realtor Association update this month that the State of Colorado and Mountain West regions continue to fair more strongly than is generally seen in other parts of the country. That’s more good news, but of the slightly confusing sort.
Emerging Trend. Watch any television dramas? Blackish, Jane The Virgin and my wife’s favorite, This Is Us are all exploring the new Millennial home buyer trend. Generational housing. I even have neighbors in The Trails At Coal Creek who recently built a home to house themselves and their parents under one roof. Must have feature: non-slip flooring!
Because the way he is interpreting the data, values are up.
So I double check the Daily Camera article. And low and behold, in the same article, Neil Kearney is quoted saying, “The number of sales in May increased.” That’s good news. He also states that condition and location have an impact. Makes sense, everyone is always saying you only have to worry about, “Location, location, location.”
See the original article at: https://www.dailycamera.com/2019/06/12/housing-prices-arent-moving-up-in-boulder-county/.
Low Inventory No Longer Driving Sales
What’s confusing for Realtors (and home buyers and sellers too) is that we still have very low inventory. I would think that lack of options might drive the market more strongly.
But that’s not the case.
In years past we saw solid Boulder housing market appreciation as inventory fell. Now, we are seeing prices flatten with the same low inventory.
Home Buyers Have Choices As Boulder Housing Market Appreciation Lessens
For the savvy home buyer entering the Boulder home market, you couldn’t have timed the market better. Home mortgage rates are low – crazy low. I just had a client get a 3.8% (Locked) thirty year home mortgage rate.
Combine low rates with better inventory and stable prices? You get time.
Time to make the right decision on the right home. As opposed to a few years ago, when it was the fast decision on the newest listed house.
Home Sellers Need To Understand Boulder Housing Market Appreciation And Time
The New New is it takes more time to sell your house. For the more expensive segment of the market, say $2.5 Million and up, be ready for a three to five month market process. That’s a far cry from yesteryear’s couple of months to happily ever after and Sold!.
Homes in the entry level price points (sub $600,000 in Boulder) are still going to sell very briskly. But once you cross that threshold, I think you will see more options, on the market for longer periods of time.
Is This A Good Time To Buy A Boulder Home?
YES. The additional inventory gives home buyers more time and choices. Values are holding, prices are not falling. It is a good time to get your Boulder home. And it is a good time sell your Boulder residence. Values are comparable to 2018’s prices. You are buying into a level housing market.
Best of all, for Boulder home buyers, inventory levels while low are up over the prior years. So you have more time to make decisions. Simply invaluable.