This month's statistics show more of the same, a slight slowing of sales and increase in inventory. However, there is much more to the story.
In Boulder County this past July, 1049 homeowners waded into the selling waters with 496 homes selling and closing, and a significant decrease in days on market occurred for both attached and single family homes. The median single family sale price of $563,500, an increase from the July 2016 price of $513,650, reflects the ongoing low inventory, still making it a Seller's Market.
New listings are slightly down from last year which is reflected in the total number of sold homes. However, inventory is rising and Buyers who may not have been able to find the perfect home before may be pleasantly surprised with a bit more flexibility in the market.
It is well-known that limited new construction opportunities in high-demand areas like the cities of Boulder and Louisville will likely continue to push prices up in those areas. However, even in outlying areas where there is more room to construct new housing, a shortage of construction workers may delay and could even increase the price of projects. According to experts at CSU’s department of construction management, there will be an estimated 96,000 construction trade job vacancies by 2025, a 38% increase from today.
So despite a slight increase in inventory, Boulder County is still poised for strong housing demand into the near if not far future.
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