Housing prices in Boulder County are plateauing despite a low inventory, according to the latest data for May from the Colorado Association of Realtors.
Prices aren't inching up, and mostly are at the levels they were at in May 2018. "We are not seeing gains or losses. We are seeing a stagnation," said Kelly Moye, a Broomfield-based Remax Alliance Realtor and former president of the Boulder Area Realtor Association.
Moye said, "We don't have much inventory, but prices are still leveling out. It's confusing." Homes costing $600,000 and up stay on the market for 65 days on average, and those costing a million and up remain on the market for 120 days on average, she said.
It essentially means potential buyers have a unique opportunity to look, think and decide about making their home purchases, she said. This is a good time to buy as interest rate continue to remain low, she said.
The number of single family homes listed in Boulder County went up 589 in May 2018 to 656 last month ( an increase of 11.4%), and the number of single family homes sold last month went up to 416, from 386 in May a year ago.(an increase of 7.8%).
The median sales price for single-family homes in Boulder County dropped 3.1% to $610,000 last month from $629,500 in May 2018. (A median price reflects the mid-point: exactly half of homes listed are above the price and exactly half are below).
Comparing year-to-date data from May 2018 and May 2019, one sees an 11.2% increase in new listings, a 0.5 decline in sold listings this year, and no change in median sales price of $600,000.
Listing of townhouses and condos for sale in Boulder County was down 1.6% in May, compared to the same month a year ago, but the number of sold listings increased 11.6% from 155 in May 2018 to 173 last month. Their median sale price went down 8.2% to $360,000 last month, from $392,000 a year ago.
Comparing year-to-date data from May 2018 and May 2019, the townhouse-condo listings show an increase of 8.2%, a 2.4 decline in sold listings and a decline of 6.6 % in median sales price this year, from 395,000 to 369,000.
Neil Kearney, owner of Kearney Realty Co. in Boulder, said his data shows the number of all housing units sold in Boulder County showed an uptick in May. "The number of sales in May increased by a robust 12.6% compared to the same month last year. As a result year-to-date sales are now up 2%."
Location and condition of dwellings impact how quickly they are sold in the market, Kearney said. The rate of pricing appreciation definitely has slowed down in Boulder County, he said.
The longer a home or a condo stays on the market, there's a strong likelihood of a reduction in the asking price, he said. In most cases, Boulder County listings are selling fairly close to their listed prices, Kearney said.
Kearney's data on all residential sales in the city of Boulder shows last month's sales were roughly equal to the sales in May 2018. The median sales prices (all residential units) went up $720,000 in May 2018 to $733,395 last month, he said.
Kearney said Boulder County housing, which still remains popular, is moving toward a balanced market. People who are gearing to sell their homes in the coming months need to have realistic expectations in line with the market.
