A look at the current real estate market; provided by RE/MAX ALLIANCE Downtown.
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January 2015 foreshadowed a year of strong demand and multiple offers, where knowing how to structure an offer and having your ear to the market were absolutely critical for success. January 2016 is foreshadowing an even more competitive market for 2016. If you look at Single-Family Homes sold in January, both years posted 146 homes sold. The key difference is 2015 had 451 homes to choose from compared to 2016’s 348 homes, this is a decrease of 22.8%. As a result we are seeing strong upward pressure on pricing and Sellers are even more selective when choosing a Buyer with whom to work.
The Attached Dwelling market is showing less sales, not because of a fall in demand, but rather we have finally reached a point where there is not much left to buy in Boulder County. Currently there are 68 properties available, which represent only 0.6 months of inventory. The future for this market continues to look tight with a very limited number of new-builds planned for the upcoming year.
The silver linings that may help balance the market going forward are the new projects in Erie, Louisville, and South West Longmont. Even S’PARK and smaller infill projects in the city of Boulder will help to alleviate some of the pressure and open resale product in Boulder County. The question is, “do we have enough new housing units to keep up with estimated growth of over 1,000 residents a year?” When we look around a fair amount of housing is coming online, but in reality we are barely keeping up with people relocating to the area.
As long as the economy and job growth in Boulder County continues to improve, expect the demands on Boulder County’s limited inventory to continue to drive-up home prices.