Boulder Area Market Update for May 2014
As summer officially approaches, let step back to look at the Boulder Area market update for May 2014.
While we did see a 7.5% drop in home sales compared to May 2013 (404 units versus 437 units), detached home sales were up 14.8% this month compared to last month with 404 units sold versus 352 units sold in April 2014.
Inventory for detached homes for sale dropped 40.5% compared to May of last year (942 units sold in May 2014 versus 1584 units sold in May 2013) and inventory of detached homes for sale dropped 27.6% from just last month (942 units sold in May 2014 versus 1302 units sold in April 2014).
Looking at house sales in various locations, Boulder is by far the most expensive city to buy a house in with over half of the houses sold in May 2014 in the over $700,000 range. Longmont was the most affordable area to buy a house with well over half of the houses sold in May 2014 in the under $300,000 range.
Condominium and Townhomes
We also saw a decrease in condominium and townhome sales year over year by 4.7% with 156 units sold in May 2014 versus 149 units sold in May 2013, however condominium and townhome sales improved from last month by 11.4% with 156 units sold in May 2014 versus 140 units sold in April 2014.
We’re also seeing a year to year and month to month drop in inventory of condominums and townhomes for sale. Yearly, inventory fell 50.4% with 206 units in May 2014 versus 415 units in May 2013. Monthly, this inventory drop was 45.6% with 206 units in May 2014 versus 379 units in April 2014.
Looking at house sales in various locations, Boulder certainly has certainly had the most condo and townhome sales with both the most affordable options AND the most expensive options available. Longmont has the second most condo and townhome sales with most options below $300,000.