A look at the current real estate market; provided by RE/MAX ALLIANCE Downtown.
The summer months are the most popular time for vacations and one of the most popular vacation destinations is to visit family. Here’s to all your family visits being such a pleasure that the time of departure comes as a bittersweet moment.
Ah SUMMER; the word itself conjures up images of lazy days spent swimming, sunning and swinging in the hammock with a favorite book and a tall iced glass of one’s favorite beverage.
Perhaps for you this summer vacation will be all about finding your new home?
The most recent NAR survey shows strong existing home sales that are gaining momentum with each passing month of 2016.
In fact the first quarter of this year ended up being the best first quarter experienced since 2007, with sales rising almost 2% year over year.
Our Boulder County statistics for May sales are a good beginning to the summer season, with 427 homes sold and closed. A bit of a downward trend from last May’s sales of 493. Median sale prices are very attractive this year at $477,120 compared to May 2015 when they were $409,000.
There was speculation if we might possibly see slight increases in Days on Market due to the new TRID regulations, but May’s 60 Days on Market isn’t much more than the May 2015 average of 51.
We are inclined to agree with Freddie Mac‘s statement that “…, we still forecast housing to maintain its momentum in 2016. We expect housing to be an engine of growth.”
The experts all concur on a positive assessment for the foreseeable future, as we look at housing starts that are up almost 7% nationwide and new building permits up over 8% from last year. Will those numbers be enough to meet the increasing demand? Right now inventory stands at about 2-3 months so it depends on the number of homeowners who decide to jump into the market.
Last year in May saw 709 attached and detached single family dwellings available to choose from. This past May’s number of homes available continued the trend of being on the low side at just 569.
In spite of the minimal inventory gains, prices are expected to continue their rise by as much as 3-4% over the next five years, and there’s no good reason not to believe these numbers from the latest Pulsenomics survey.
Where do you go on vacation when you live in a vacation destination? How about a staycation, and take advantage of all the wonderful activities right here in Colorado? River rafting, hiking and biking trails, horseback riding, or our favorite sport – HOUSE HUNTING FOR A NEW HOME!