Housing markets around the state are beginning to cool down, and Boulder County is no exception, according to the latest monthly market statistical report from the Colorado Association of Realtors.
On the heels of May’s record-high median home pricing, June’s numbers ranged from flat in the Denver metro region’s single-family market ($450,000) to a 1.6% dip in the condo/townhome market ($310,000), according to the report. Statewide, median prices for single-family homes slipped just under 1% to $407,000 and also were down 1.6% for condos/townhomes sitting at $310,000, the report stated.
“In Boulder County, it appears the days of the seller’s market are over,” the report stated.“Buyers rejoice … prices seem reasonable and the bidding war days seem like a distant memory.”
With 9.4% more new listings on the market and with the median sale price down 1.6% since the beginning of the year, the report stated well-priced homes in Boulder County are still moving relatively quickly, “but single-family homes trying to stretch the market are feeling the summer real estate slump.”
In Broomfield County, new listings are up 21%, with 18% of them selling in less than 32 days, according to the report, but median home prices are up just 1% since the beginning of the year. “It appears the days of the seller’s market are over here as well,” the report stated.
Across the seven-county Denver-metro area and statewide, listings fell off in June but remain higher than a year ago, according to the report. Statewide, new listings dipped 6.7% from May to June but remain up 1.7% from this time last year. New condo/townhome listings statewide fell 6.4% between May and June but are up 5% year-over-year.
The prices of townhomes and condos in Boulder County have fallen further than those of single-family homes, with the median price declining of 3.7% year-to-date and the number of days on the market increasing to 57.
In Broomfield, condos and townhomes have a tighter inventory with new listings down since the beginning of the year and with 23 average days on the market, “they are enjoying a modest median price appreciation of 5.2% since the beginning of the year,” according to the report.
While active inventory for single-family homes across the state remained relatively flat from May to June, the condo/townhome inventory in the seven-county Denver metro area is up 19% from a year ago and the statewide market is up more than 7% in active inventory from June 2018, according to the report.
While there were similar slumps each of the last two years, Kelly Moye, a spokeswoman for the Colorado Relators Association, said she believes the market is plateauing and will continue to do so through the 2020 election.
“What we’re seeing is a much-needed correction,” she said. “For the last five-years wages have been up able to keep pace with appreciation in Boulder County, so it would be nice to have a more balanced market for a while, it doesn’t happen very often.”
Once the presidential election kicks into full swing, she said, consumer confidence often slows. With the market already plateaued, this slowdown will keep the housing market level.
