Strong Housing Sales Numbers Continue
the National Association of Realtors reported this week that 4.62 million up from 4.47 million in March. The average median price increased by $11,300 an increase of 10.1 percent of last year. This represents the highest median price since July of 2010 and as we all remember the prices in July 2010 were artificially inflated by the Home Buyers Tax Credit. In the Boulder Real Estate Market we we experienced a direct correlation in prices to the $8,000 credit.
Across the country housing inventory has risen to 2.54 million homes for sale, which is the highest level since November, but we do need to keep in mind inventory is cyclical and November is traditionally a low inventory month. In Boulder, Denver and along the Front Range our year over year inventory has been low and we are experiencing a market where multiple offer is becoming more common in the lower price ranges and creeping up into the mid $500,000 price range.
The West states experienced a price gain of 15.9 percent, This gain represent the strongest gain since November 2005. We are certainly experiencing upward pressure on pricing in Boulder County. We are also seeing neighborhoods, such as Heatherwood in Gunbarrel having absorption rates increasing where for years the sales rate has been slow.
Agents and the public as a whole keep asking "do I see this trend continuing or will it slow down?" I wish I had the answer, but since January our numbers have been up 75% and the overall indicators say we are in a balanced market from a historical perspective. The market just feels hot since we have not been here in a while. As always if you have questions or need clarification for any of your Colorado real estate needs please visit us at www.boulderhomesource.com or call (888)357-6429 we are here to help.