Let’s Talk Boulder Real Estate Inventory Trends
2019 will be defined by a reversal in a key trend. Inventory. The most recent regional snapshot data emphasizes this changing trend.
In 2018, we saw a net reduction of 15.5% in the number of single family homes for sale. Fifteen point five percent fewer houses year over year last year. That is quite the contrast with today when we are experiencing net gains of 24 to 56% more homes on the market.
Put another way, inventory is swinging by 40 to 80% in terms of houses available to select from. That is a dramatic change.
January saw a substantial year over year increase. We started the month with 121 houses for sale.
By June of 2019, we had 261 single family homes for sale. The last time we saw that sort of inventory in Boulder was July 2013. Six years ago. That is huge. Can’t emphasize enough what a change this increased inventory means for Boulder Colorado real estate. It will impact all aspects of today’s marketplace.
Consumers are apt to see homes experience price reductions, stay on the market longer, possibly not even sell. An interesting stat I saw the other day relates to un-selling houses. In 2016, during a specific time period, there was one single house that was withdrawn (fancy Realtor lingo for a home that didn’t sell).
Cut to the summer of 2019 – now – and you find 26 houses that were withdrawn in that same market fragment. Times, they are a-changing.
Regional Snapshot Data Open To Interpretation
There is not a single, one size fits all answer when it comes to reading the tea-leaves of the housing market.
The regional snapshot is helpful, but not every indicator is pointing in the same direction. For instance, the median sold home price for Boulder Colorado is up. That’s interesting. In a market where inventory is exploding up with more houses than the year before for sale, we are still witnessing an improvement in home values.
Monthly sold home data is a mixed bag. We started out with fewer sales, then gathered steam with more overall volume.
Again, this could be a reflection of a sales trend – higher inventory OR it could simply be that the significantly lower home mortgage interest rates are bringing a lot of home buying shoppers to the market space.
City of Boulder Attached Dwelling Regional Snapshot
Inventory of attached condos and town homes has been steadily growing for Boulder. Median sales price has mostly been softening. There were a few months in the regional snapshot – late in the second quarter. But this does not appear to be a sustained trend. Jury is still out on where median home prices for condos in Boulder will wind up this year.
The volume of Boulder condo sales seems to be way down for the year. Boulder Co apartments could be playing a roll here. There are some sharp new communities opening up – one under construction on the true outskirts of town as you get on the Diagonal and another taking tenant applications pretty much across the street from the Boulder Community Health hospital on Arapahoe.
Economic Update Coming Soon
Boulder Sold real estate is one part of the equation when it comes to understanding the marketplace. Another part is the bigger marketplace. Boulder is continuing to experience impacts as Fortune 500 and FANG technology companies relocate to the area. My next blog will be focusing on what companies are coming to town, in town and impacting life in Boulder. Please check back for the next update.
I’m Bob Gordon, Broker Associate and author of the Boulder Real Estate News dot com website. Thank you for checking out my blog and please leave a comment if you enjoyed the post. You can search homes for sale on this site or peruse additional articles. Sincerely, — Bob
PS: I’m sporting a beard these days – what do you think of the new look?