Distinctive Stats

Market for luxury homes continues to be strong

At this time last year I predicted that 2014 home sales would not be as strong as those in 2013. Unfortunately, my prediction was correct.

August sales were down from last year, and there were fewer than in July. The decline in sales is the result of fewer active listings. August’s sales were down 11.8 percent from last year. There are lots of buyers looking for homes in almost all price points, but the lack of good inventory continues to limit sales transactions.

The bright spot in the market is that single-family homes in the ultra-luxury — $2 million plus — segment are up 48 percent compared with last year. The luxury segment of $1.2 million to $1.9 million is about even with this time last year, but August sales were up significantly compared with July.

The market for single-family luxury homes in Boulder continues to be strong. However, sales of attached homes in the luxury segments are down 84.6 percent from last year at this time. Almost all price points for attached home sales are experiencing lower sales volume than the previous year.

The demand for single-family and attached homes in Louisville is strong, but sales are down 14.5 percent over last year because of very limited inventory. However, the average sales price for sold homes is up 9.6 percent over last year.

In Boulder, the average price for a single-family home as of the end of August is $785,800, up from $724,243 a year ago. Significant price increases like this will lead to more homes being available for the next selling season.

Even though the market is suffering from a shortage of listings, this has been a good year for almost all price points. As prices increase the number of sales should increase. Next year should be stronger than 2014, but probably not as strong as 2013.

If you are thinking about selling, now is an excellent time to list your home. There are buyers looking for single-family homes in and around Boulder. Well-priced homes are selling more quickly and at higher prices than 12 months ago.