The Housing Market is Taking Off!
With or without the use of balloons, the housing market across the country is going up dramatically this year and our area is no exception. We’re seeing significant price increases this year though the number of sales is not that much higher than last year because our inventory levels have been so low. Here are some simple stats to illustrate this.
Sale Prices – 2nd Quarter 2012 vs 2013
The chart below shows the increases in prices across the board in the County.
|2012-2013 Change||Median Sale Price|
Pretty amazing all around. Boulder and Superior have been crazy. We can attest to that, as we’ve been working with buyers in both locations who are trying to find homes. Multiple offers have been the rule.
Inventory Woes – starting to shift? Housing price increases have been driven by Low Inventory Levels. Inventory has been dropping steadily for several years in the wake of the housing bubble and bust. Inventory levels are still 17% lower than last year at this time…..However ……last month Inventory was 21% lower than the same time last year.
So, ever so slowly, but steadily, we’re starting to see more houses coming on the market. That’s what the market needs now to level off a bit. Looking into the crystal ball…..Most likely, we will see a steady increase in inventory, moderation in price increases and an increase in the overall number of sales as more houses come on the market. Time will tell!