Boulder area markets continue an overarching trend of stability, even while presenting a “mixed bag” of sales that are slightly slowing, inventory hardly changing, and prices moderating.
“It’s not inconsistent with what we’ve seen the past year,” says Ken Hotard, senior vice president of public affairs for the Boulder Area Realtors Association.
Single family home sales declined 1.9 percent in August compared to July 2019, posting 458 vs. 467 homes. Condo and townhome sales dropped 22 percent with 129 units sold vs. 165.
Year-to-date single-family home sales dropped .08 percent through August compared to the prior year – 3,157 homes sold vs. 3,181 – and condo/townhomes sales dropped 3.7 percent – 1,042 units vs. 1,082.
Inventory slightly improved in both single-family and attached dwelling. Inventory increased .16 percent for single-family homes and declined .6 percent for attached dwellings – 1,229 vs 1,227 homes and 340 vs. 342 attached units.
Hotard, though, is baffled. “We’re seeing an increase in selection of homes and prices are moderating, yet buyers are not flocking to the market,” he says. He adds that this tepid buyer interest is during a time of strong economic factors such as ongoing job growth and slightly falling interest rates.
It’s worth noting that national economic uncertainty is ongoing. “Presidential election years are always uncertain. Currently, we have trade wars and rising global conflicts. People steer away from adding long-term debt when the outlook is unclear,” says Hotard.
The bottom line is that the Boulder County market hasn’t changed much this year. “There’s no big trend that defines the market, except for an ongoing stability, which is unique and highly desirable,” he says.
“It’s remarkable that our Boulder-area housing market shows little fluctuation. This market is known for stability,” says Hotard, referring to Boulder being named the No. 1 most stable housing market for growth and stability by SmartAsset.com.
By Tom Kalinski. Tom is the broker/owner of RE/MAX of Boulder, the local residential real estate company he established in 1977. He was inducted into Boulder County’s Business Hall of Fame in 2016 and has a 40-year background in commercial and residential real estate. For questions, e-mail Tom at [email protected], call 303.441.5620, or visit boulderco.com.