What is the number one question Realtors are asked? If you said “How’s the market?” you would be right! The answer varies day to day and month to month depending on the season, the inventory of homes for sale, the condition of the homes, the number of buyers in a particular price range in a particular market, and, the interest rate. With low interest rates and low inventory, prices will likely continue their upward climb. Fear of the Fed raising interest rates have buyers even more determined to get into a home sooner rather than later.
In Boulder County the average sales price of single family homes is up dramatically ($100,000) compared to September. The dismal 0.8 month’s supply of homes contributes to the upward climb of housing prices in Boulder County.
In Boulder average sales prices rose significantly ($245,000) compared to September. Boulder buyers are paying an average of $50 more per square foot than in September. Boulder continues to have a low inventory of homes for sale. Historically Boulder homes hold their value even when other areas are seeing a dramatic decline. This is part of the reason Boulder is a great place to invest your housing dollars.
Prices in Erie continued their upward climb with an average increase of $50,000 compared to September. Erie is a popular place to live with its easy access to Boulder, Longmont and Denver and its lower cost to buy compared to towns closer to the foothills. Erie’s 0.4 month’s supply of homes contributes to this price increase. With not much selection buyers are driving prices up!
Lafayette saw a wild gyration in the average price of a single family home sold in October, up $50,000 compared to September. With this price increase Lafayette is closer to the trend line of average sales prices. I expect the average sales price to stay in this vicinity for a while. Inventory in Lafayette continues to be dismal, with only 17 homes for sale which corresponds to a 0.5 month’s supply
The average price for single family homes in Longmont stayed fairly constant (down $6000 compared to September). With its low inventory of homes for sale (0.6), houses that are in good condition are receiving multiple offers. And, the price paid can be over $100,000 over list.
Wow! Louisville’ average sold price was up $230,000 compared to September. This uptick took the price way above the trend line so I expect prices to modulate in Louisville this month. The month’s supply of homes was up to 0.8 in October. Is less than a one month’s supply of homes for sale the new normal?
What’s the outlook of the housing market in Boulder County? If we continue with the low inventory of homes on the market and low interest rates, prices will continue to climb even in the traditionally slow months of November, December and January.
Are you thinking about buying or selling a home this fall? With the low inventory of homes for sale now is a great time to list your home.
Mary Hill is a Realtor at The Hill Group, Coldwell Banker. Call 303.808.7796, e-mail [email protected] or visit cofrontrangelife.com.