“How’s the market?” We get this question at Spaces Real Estate all the time. The Boulder real estate market is one of the most dynamic markets in the country. Whether you have a Boulder home for sale or just want to know how your value is changing, real estate statistics and economic numbers have a story to tell.
At Spaces Real Estate, we are in the field every day with clients and we have come to learn that “the real estate market” can mean several different things. National news outlets usually report on the US market as a whole.
It’s a good idea to keep an eye on national trends like interest rates, jobless rates, and foreclosure rates. These trends set the context for your local real estate numbers. The fact that interest rates are low, consumer confidence is high, and the stock market is looking to end the year up 20% has a direct impact on local real estate.
Local Real Estate Snapshot:
In Boulder County we’ve seen a 12% slower pace this past month in single family home sales as compared with last November:
November 2013 Single Family Sales – 262 units sold
November 2012 Single Family Sales – 298 units
Condominium sales also dropped off slightly with a 4.5% slower pace this past month:
November 2013 Condo Sales – 85 units sold
November 2012 Condo Sales – 89 units sold
While these numbers are not dramatic, they do represent a larger trend – The inventory of homes for sale has continued to shrink dramatically. Home sales have slowed in part because there are simply not enough homes available for sale to keep up with demand.
As a result of this continued low inventory, the average days to contract for homes for sale in Boulder has shrunk by 44% to 42 days and the average price has risen by 10.5% to $630,000. We simply need more homes on the market. If you would like a further analysis of our local market numbers or if you are thinking about selling your home, call your favorite Spaces Agent today!