The Colorado Association of Realtors Provides Detailed Report
Big thank you to the association for providing a very helpful and statistics loaded report on Boulder County and another on Denver Metro area. These reports are available for your review:
- June 2019 Boulder County Report:June 2019 Boulder County 1 Page
- June 2019 Denver Metro Report: June 2019 Denver Metro 15 Page
Boulder County Headlines
New Boulder Listings Surge
Property listings are surging compared with more recent years. June was up nearly 3% in listings while year to date we have seen a 9.4% increase in the number of homes for sale in Boulder County.
This is good news. In general, inventory levels have been so constricted the last several years it has hampered the market place. Boulder Home Buyers have more selection and there is scuttlebutt of fewer crazy multiple offer scenarios around town.
Sold Transactions Decline
In contrast to the increasing inventory of property, we are seeing a decline in closed transactions from this time last year. Year over year, sales in Boulder County have decreased by 37 units, or two percent. June was a particularly slower month with a decline approaching eleven percent from the same month one year ago.
Will be of note to see if this is a continuing trend through the summer. Silly to say, but the extreme weather we had last month could have played a role. Colorado experienced a snow storm (albeit in high country) on the official first day of summer and around Boulder we had a lot of cold wet weather – possibly keeping home buyers away.
Median Boulder Home Price
For the county, both median and average home prices declined. This does not mean that values are falling per se. Rather, it could be a reflection of incoming new construction, more entry level properties entering the market place or other factors.
As inventory increases, many wanna-be trade up home buyers are now able to place their entry level home on the market for sale and buy their trade up home in the same time frame. These sort of transactions could pull median values down.
Likewise we have been seeing a lot of pent up demand met by new construction. This has included a number of “Tiny House” concepts – not the super small mobile places, but smaller higher density single family homes particularly in Lafayette and Longmont.
Boulder Sellers Market Conditions Persist
The key metric is how quickly would all the existing inventory take to sell. County-wise, it remains about 3 months. Any number under 3, 3 1/2 months is considered a Sellers Market. A few years ago, we had less than month’s inventory – a red ot sellers market.
So relative to the recent past, things have cooled. But in general, Boulder county home sellers are still commanding the
market place. Also adjusting, days on market has increased by a day or so. Not a big deal change. For home buyers, especially in popular locations or hot price points, be ready to act quickly when your dream home comes on the market.
Denver Metro Statistics
The Denver market is not a mirror image of Boulder. For starters, a more affordable price point for the seven counties that make up this large area of which Boulder is one part. Inventory has increased, but where Boulder county saw drops in median pricing and closings the metro area experienced increases.
In fact, the two numbers actually support what fellow Realtors are telling me. Broomfield is a hot market this year. BHHS agent Debbie Caulfield (just across the hall from me) was just saying, “$450,000 is the hot price in Broomfield this year. Everything at that price sells fast.”
It is conceivable that Boulder county residents are selling at mega inflated price points and moving ten minutes down the Boulder Turnpike to Broomfield where they are able to enjoy lower home prices and get more house at the same time. Thus Boulder numbers come down and metro values increase.
I doubt this accounts for the entire market adjustment – but I do believe we are seeing this play out around town. On a personal note, I had a long time client sell their Superior Rock Creek home and move to Kansas. Same concept – sell high, buy low. In Kansas their choices were: pay 1/2 the price for the same home or get 3x the house for the same money. Which would you do?
BHHS Bob Gordon Boulder Realtor
Both reports are attached above for your review. Give me a shout 303-443-3334 or contact me to discuss your home buying and selling needs. I’m BHHS Bob Gordon, licensed Realtor since 1995. I enjoy working with Home Sellers and home buying clients. I currently reside in Boulder county and have lived in Broomfield, Lafayette, Denver (Stapleton) and Boulder. I’ve bought and sold residences just like my clients so I understand the process both from a professional standpoint and a personal one. Like reading blogs? I suggest you check out this post about the Pearl Street Mall.