A look at the current real estate market; provided by RE/MAX Alliance on Walnut.
This time of year is normally characterized by ____________. Fill in the blank with what seems to be most appropriate for you. There are so many things to do and so little time these waning days of the year. Cards need to be written. Gifts purchased and wrapped. Parties attended. But despite all the chaos surrounding the holidays they always seem to come and go. Left in their wake are credit card balances, unwanted gifts, and a time for rest and renewal.
Real estate often takes a back seat to these happenings. By December most buyers have purchased and are nestled around the fireplace in their new homes; unpacked boxes stacked nearby. Most sellers have either sold and moved on or made the decision to wait for warmer weather.
This year mirrors most years as we ramble toward winter. Sales of singles family homes and attached units decline as inventory and buyer interest diminishes. There are still sellers willing to sell and buyers willing to buy, but the overall pace of the marketplace has slowed.
Through November/2014 there have been 3,024 single family homes sold in Boulder County. This compares to 3,285 single family home sales through November/2013. Attached unit sales for the two years through November are 1,292 (2014) and 1,250 (2013). Overall the combined market is down 5.07%.
Average sales prices continue to increase as mortgage interest rates remain reasonable and available inventory of resale homes continues to languish. Below are some comparative average sales prices for single family homes for the past two years from IRES – the Northern Colorado Multiple Listing Service.
As 2014 comes to an end, it’s a good time to dust off the eight ball and attempt to see what the future holds. For the Boulder Valley real estate market, expect 2015 to be much the same as 2014. For sale signs will increase starting in late winter/early spring as home sellers emerge from their self-imposed winter cocoons. Mortgage interest rates will vacillate up and down, but marginally. New home builders will continue to gobble up virgin ground as more prospective homebuyers enter the market. The real estate cycle will continue on for yet another year.