Ron, a quick look at Trulia stats shows a tightening market for inventory:
The 80301 area (east Boulder) with 128 homes for sale is up 1 percent.
80302 (northwest Boulder) with 235 signs in yards has sales off 5 percent.
80303 (southeast Boulder) with 194 homes for sale shows sales are up 20 percent.
80304 (heart of Boulder) with 268 homes for sale is up 1 percent.
The southeast area is hurting for inventory. The 80302 area which includes some mountain properties is the softer area. The sales pace seems to have lost some velocity as inventory declines.
Boulder stats show 825 homes on the market and that is fairly thin.
And, the situation is not limited to Boulder!
The number of homes sold is up 15 percent in 80504 (east Longmont/Firestone). The picture for inventory there is declining inventory. Interestingly, 80501 (central Longmont) and 80503 (west Longmont) sales are down from last year. This area's inventory, too, shows inventory declining.
Trulia says Longmont sales are off almost 12 percent from last year. Slower sales, though are a reflection of declining inventory. There are about 750 homes on the market. That is almost 20 percent below levels of 2005. The result is home prices are up almost 4 percent.
The question is how much longer can this go on, Ron?
As inventory draws down, prices move up. But, there is a limit isn't there? Buyers extend their search so that the effect is felt over a broader area. That may be the reason a developer brought plans for 5,000 homes to the Erie planning department last year. The east side of Boulder County (and into Weld County) could be the most active in months ahead. But that development in Erie is still on paper.
Thanks for your post, Ron.
PML of Longmont, CO
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