The active listings have been a bit stagnant this month with several of the over $1.3M+ listings seeing little movement. Once families return from their summer vacations perhaps price reductions will put more of these homes that have been on the market for over 80 days under contract. i.e.
The May and June supply of condos was quickly absorbed and now there are only 3 active condos.
There were 2 condos and 2 single family homes that sold in July.
The first single family home never hit the market, 1479 Periwinkle, and was my listing. This home had been rented for 3 years and another neighbor heard that it was coming on the market. These buyers contacted me and we had it under contract before hitting the market at $1,055,000 for a 4/4, 4,291sf great family house behind Lucky’s market. The house has good bones and layout but needs some updating as it was built in 1994.
The second sale was in Carolyn Heights and has quite a listing history. 2205 Meadow Ave, a spanish style home with a bright blue tin roof went through a couple of different brokers and price changes from September of 2013 when it was originally listed at $3,250,000 and when it finally sold in July of 2015 for $2,600,000. When it first came on the market, this 5133sf home built in 2002 had 4 bedrooms and only 2 bathrooms. This configuration for a large, high end home did not work. The sellers took the house off the market, added the third bathroom, adjusted the price and the house was under contract and sold at last.
Condos are still in high demand for first time home buyers and investors. Both of the July sales were under contract within days and closed within 35 days. Similarly, homes between $700- $1.2M that are in good condition continue to be in high demand.
Crest view is on par with the rest of Boulder with limited inventory driving prices up. July showed it’s typical summer slowdown of activity as families took vacations and are gearing up for school to start.
August and September should continue to move along at a similar rate unless homeowners in the upper end do some price reductions. In the event this happens, August and September could see sales volumes back up towards the May volume. We shall see…
*Not all properties were listed and/or sold by 8z Real Estate. This data is based on content supplied by REcolorado, IRES, PPAR, and/or MLSListings. Content is deemed reliable but not guaranteed. Content may not reflect all real estate activity in the market.