Business & Tech

Boulder Housing Inventory Bulges, Prices Plateau

Homes are sitting on the market longer than at this time last year, according to a new report.

Boulder housing market prices hit a plateau.
Boulder housing market prices hit a plateau. (Shutterstock: Stock image)

BOULDER, CO -- Inventory is up, sales are down, and for a second month in a row, prices in Boulder's real estate market have plateaued. For the uninitiated, the market slowing might appear to be slight—prices for single family homes are only down 1.6 percent. However, in a housing market that has seen the median price of a home skyrocket from about $400,000 to $600,000 in just five years, the cooling represents a possibly significant shift.

Prices are down even more significantly for condos and townhomes, with sales ringing in 8.2 percent lower than in February of 2018. A glut of inventory is affecting the condo market as well, with the number of properties available up more than 40 percent from 2018 levels. Single family homes saw a more moderate increase of 3.1 percent.

Winter is typically a slow season for real estate, so the pace of sales could recover once warm weather hits. Still, as Kelly Moye, former president of the Boulder Area Realtor Association, told the Daily Camera this week, "The Front Range market is experiencing a bit of a plateau. Affordability is an issue."

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Without a significant dip in prices, that part of the equation is unlikely to change.

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