Real Estate Market Update - April 2018
It's April here in Boulder County, days are warming up, though we're still hoping for more snow in the mountains for the last gasp of spring skiing! And, folks are wondering what this year will bring in our Real Estate market. Well, so far it looks like a continuation of the past few years - Low Inventory and Higher Prices. We didn't think inventory could get any lower, but already this year there are far fewer homes for sale than last year at this time. The bottom line is that homeowners are staying put and there are more buyers than homes to buy, and so prices continue to rise.
Here are some charts that illustrate this dynamic.
Boulder County has 28% fewer homes for sale now than last year at this time (which was already a historic low point)! Looking longer term, in March 2010 there were 1,656 homes for sale in Boulder County. In March 2018 there were just 378! That's just mind blowing and illustrates just how extreme our current housing shortage is.
Median Sales Price
Comparing March 2017 with March 2018, prices are up 9% in the County as a whole. Looking further back, in March 2010 the median sales price in Boulder County was $358,250 and in March 2018 it was $612,100, a 71% increase in 8 years!
Months of Supply
In Real Estate, a "balanced" market has 6 months of supply. That means, if no new houses came on the market, it would take 6 months to sell all the current inventory. This chart shows how Inventory has dropped from a 6 month supply in 2010 to about 1 month supply currently in Boulder County.
That gives you a general idea of the dynamics of our Real Estate market. If you'd like more specific information about your town or neighborhood feel free to contact us.