Our Boulder Colorado housing market continues to turn heads. Overall listings sold for the year are up. Median home prices are up. Average days on market for the year is down. These metrics all say, “Good Market!”
But take a closer look at the data and you might be confused. I am. And because its already September 2018 this is a good moment to look at where the market is and where its going.
Number of Boulder Homes For Sale Decreases Month After Month
Every month this year has been marked by fewer homes offered for sale from the same month last year.
So with fewer homes on the market, there are actually far fewer opportunities for anyone that wants to buy. This could be fewer opportunities for people relocating to town. Or less houses for someone that is already here to make a move. Or even just creating the fear of placing your house for sale because there is no where to move next.
Boulder Colorado Home Values Climb
So even as inventory is plummeting, demand is holding steady. That demand factor is causing the low number of houses available to fly off the shelves, so to speak. And each sale is driving home values up. Look at the median price each month through June and you see its going up, up and up.
Makes me wonder though. If there were the same number of homes for sale as last year, would that trend be occurring? For an average home owner, sure you can get over a million dollars for your house – but if you want to stay in Boulder, your new place is also going to cost over a million. Combine that with the increase in home mortgage rates (now around 4.6%) and you get: fewer homes for sale (see chart above).
People are staying put in their homes.
I’ll write more on this later today. For now, back to another bbq. Happy Labor Day.