So, how did the market do in 2013? Let's take a quick look at preliminary year end sales numbers for Boulder real estate.
As you can see from the charts below, the Boulder real estate market experienced modest sales volume growth despite record low inventory.
Over the last six months (ending in December), 408 houses closed - an increase of 12% from the previous year. At least 50 properties closed during December, about the same as 2012.
804 houses closed during 2013 - an increase of about 5% from the year earlier. For reference, peak annual volume was 953 units sold in 2005.
Attached Dwellings
347 town homes and condos closed during the last six months of 2013, an increase of 9% from the same period a year ago. At least 41 units closed during December, on par with 2012.
716 town homes and condos closed during the full twelve months of 2013, an increase of 13% from the previous year. This remains well below the peak sales volume of 827 in 2005.
These results are preliminary and conservative. Realtors can sometimes be a little slow to update the MLS database, especially during holidays.
Rising sales volume during a period of record low inventory is a very bullish sign for the coming year. The question on everyone's mind is, how much will rising rates dampen the market moving forward?
I'll have a complete analysis, including inventory levels and appreciation, after the official numbers are released in a couple of weeks. Stay tuned...
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