Analyzing the data from the first quarter of 2016, the number of available single family homes seems to be increasing in the Boulder County housing market. By the end of March, inventory had already surpassed 2015 at the end of March.
Even with more homes available to purchase, prices are still favorable to sellers. As of March 31, the average sales price of a single family home in Boulder County is $606,728. That’s nearly a 10% increase compared to Q1 of 2015. Additionally, the average median sales price of a single family home in Boulder County has also realized a similar increase and sits at $495,000. An indicator of the strength in the current Boulder County single family market is that sellers are receiving a 99.6% sale price to list price ratio. Meaning, if a property is for sale at $1,000,000, the actual purchase price is $960,000. That’s a great ratio for your sellers.
Consistent with what has been happening most of this year, the average sales price in the area increased significantly from this August to last August, rising from $523,434 to $575,845 (10% change) for single-family homes and from $284,448 to $328,102 (15.4%) for townhomes and condos. Sellers are getting what they are asking for, too, if not more. Sales price to list price ratios are at 99.4% for single-family homes and 101.4% for townhomes and condos. At the same time, the inventory and days a residence is on the market has dropped as well. See the full stats here.
Are you going to the Fall Festival, September 18-20? While there are many great downtown events held throughout the summer, the Fall Festival is one of the best as it has a relaxed atmosphere and the climate is always ideal - crisp and beautiful! As we head into one of the most beautiful times of the year in the Boulder Valley, I hope you make time to get out and enjoy everything the area has to offer—before the snow flies!
With financial markets a little shaky in August and abundant rumors regarding changes in interest rates, opportunity may be knocking on your door. Let me know and I can assess your home’s value—it’s likely changed dramatically in the past several months. Give me a buzz regarding your real estate needs and questions.