The Boulder housing market is still going strong, but limited inventory persists. Is it possible that new construction will fill the gap for this season’s home buyers?
Recent reports show that sales of existing homes, which make up about 90% of the market, fell for the twelfth straight month in January to the lowest level since 2010. This was a 37% decline compared to the same time last year.
Why are Boulder CO Home Sales Slowing Down?
The primary issue that is impacting the Boulder CO housing market is low inventory. While inventory levels were 15% higher than they were a year ago, they still remain at just a 2.9-month supply nationally. This is far below the roughly 6.0-month supply typically seen in a balanced market. With such a low supply of homes available for sale, it’s no wonder that buyers are struggling to find the right property to meet their needs.
Boulder CO New Home Sales
On the bright side, new home sales, which account for the remaining 10% of the market, surprised investors with a nice gain of 7% from December. This suggests that there is still some activity in the housing market, even if it’s not all coming from the existing home sales sector.
Despite the challenges, the Boulder CO housing market has remained relatively strong over the past few years. Housing prices have been on the rise, and this trend was expected to continue in the near future. However, with the recent decline in existing home sales and the ongoing issue of low inventory levels, it remains to be seen how this will impact the market going forward.
Overall, the Boulder CO housing market remains an attractive option for both buyers and sellers. However, those looking to buy or sell in the area will need to be aware of the current trends and market conditions to make informed decisions. Consulting with a local real estate expert can be an invaluable resource for anyone interested in the Boulder CO housing market.