October Sales Update
The sales in October continued the trend of fewer sales that we have been tracking all year. There were 17% fewer closings during the month when compared to October 2007. Year-to-Date sales are down 13.7% when compared to last year.
The median price for sales of single family homes in Boulder County for the month was $335,000, down from $377,000 recorded last October. Does this mean that home prices have fallen $40,000 in one year? No! What this says is that the median prices of homes that did sell during October were lower than the ones that sold last October. More plainly; more lower priced homes sold this year than last. In fact the market for homes in the conventional lending range of $417,000 and below are selling fairly well throughout the county. The only exception is in Longmont where a majority of homes, including foreclosures sell in that range. Locales like Boulder and Louisville are selling quite well below $450,000.
If you take a longer view of prices you will find that values are holding quite well overall. There are some areas that have seen declines but for the most part we have been stable. One factor leading to this stability has been the reduction in homes on the market. As I stated earlier, sales are down 13.7% but inventory is actually down 17%. There are actually fewer homes to choose from this fall than last.
Happy Election Day! It has been a long hard election and I think most people are ready to move forward with whomever is chosen to lead. I know I am.