Even though the temperature has dropped (stay warm out there) the real estate market continues to be very strong.
Let’s take a look at some numbers that are indicative is what is happening across the board.
Under Contract (U/C)- The sales activity increased in almost all segments of the market with higher percentage of both single family homes and attached dwellings under contract as compared to last month. Denver single family homes under $250K,000 are 57% U/C and Boulder single family homes up to $500,000 are 55% U/C. We see the same higher under contract trend up to the $2 million price point in both markets. 29% of single family homes in Boulder between $1 million and $2 million are under contract in December! We’re seeing the same trend in condos in both markets. The seasonal drop in available inventory has contributed to this percentage increase of U/C units.
Inventory – If you look at the number of available homes this month compared to October and November of 2013 you will see we are down. In October of this year Boulder had 229 homes available (all price points) and now we have 200. Louisville had 53 homes available in October, and now that number is 42. The condo market has a similar pattern though inventory is up slightly in a few segments of our market (Erie, Louisville and Superior). Buyers have fewer choices and greater competition from other buyers. Buyers have to be flexible and not too “picky” to get a home in today’s market.
As a results of the two above factors, the year to year comparison shows both the average and median home prices up substantially across the area. In addition, the average days to contract (the days a home is on the market before accepting an offer) dropped by up to half the number of days.
The number of units sold shows more mixed results with a solid increase in the number of single family homes sold in Denver, Broomfield, Erie, Longmont and the Mountains. Boulder, Louisville, and Lafayette exhibited minimal increases and Superior actually has less sales in 2013 as compared to this time last year. The number of attached dwellings (condos) sold has increased in all cities.
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