The Kearney Report – Second Quarter 2018
Click this link to view the report – The Kearney Report 2nd Quarter 2018
During the second quarter of 2018 the Boulder area real estate market continued to be a strong seller’s market.
During the second quarter of 2018 there were 1,452 sales in Boulder County which is roughly the same as it was a year ago. The median sales price during the quarter was $535,550 which is 7.1% higher than it was a year ago during the same time frame. Inventory this year has not improved. A trend of fewer homes on the market has continued to keep the pressure on buyers to act quickly and pay top dollar for homes.
Overall the market is good! We again had a very active spring market. Overall sales are down 3% from a year ago. Homes are still selling quickly but there have been fewer multiple offers. When there have been multiple offers the premiums paid are not quite as high (3.5% rather that over 4% on average). This is the time of year when we see some slowing prior to school starting. Here are some graphs that show the trends in the market.
This first graph shows residential sales in Boulder County by month over the past five years. Red bars indicate 2018 sales. Like all other years we are following the basic pattern of sales that peaks in June or July and then tapers off. Subtract 30-45 days for when the contracts were actually written.
The second graph shows the inventory of active homes at the end of each month over the past five years. 2014 (the tall bar) shows a historical more normal level for active homes. Our low inventory over the past four years corresponds directly to very high appreciation. Low inventory also inhibits sales because there are a large number of buyers trolling around waiting for “the house” to come on the market.
The graph below shows median prices by month over the past over the past eight years. The steady growth looks like a layer cake with each year higher than the one before. In summary, inventory continues to be low, sales are similar to where they were a year ago and prices continue to rise. Enjoy the report!
