17 Aug Boulder / Denver Real Estate Market Update – August
Looking at Colorado real estate from a statewide global perspective, the inventory of available homes for sale has decreased from this time last year, and the first half of 2017 once again set new record price levels. This lack of inventory continues to shape the Colorado market and high buyer demand.
In looking more specifically at our local front range real estate market, the inventory of homes for sale is higher than this time last year. The annual mid-season slowdown began in late May continues longer than anticipated, now running into early August. This slowdown typically disappears and the market activity picks up in late July.
Although homes priced in the more affordable categories are still in demand, homes in the mid and upper price ranges in most communities are taking longer to sell and price reductions are becoming more common. The more affordable price ranges are still a seller’s market, the mid-range market is balanced, and the high-end market is moving into a buyer’s market. Homes in the upper price ranges have likely experienced most of their appreciation for 2017, as the average rate of appreciation has slowed for 4 straight months. Market trends and activity over the next few months may be telling of a longer “cooling period,” especially in the mid and upper price ranges
The rate at which both Boulder single family homes and Boulder attached dwellings appreciate has declined over the last 4 months.
The % of units under contract in the City of Boulder’s condominium market priced under $750,000 are significantly lower than this same month last year (Under $500K from 63% to 43%, $500K – $750K from 61% to 28%)
In the Boulder, CO specifically, the percentage of homes under contract has decreased for 3 consecutive months.
Homes in both the City of Boulder and City of Denver priced above the $1,000,000 range are between 16% – 22% under contract. The mid and upper price ranges are teetering on a buyer’s market. Will the mid-season slow down continue and is this a longer trend?
Although Boulder County is showing signs of a slowdown (or maybe just a longer mid-year seasonal slowdown), Denver real estate statistics are almost identical to the same month last year.