On Tuesday, I posted an update on market conditions for traditional homes in Boulder (link). Now let's look at the market for town homes and condos (i.e. attached dwellings).
Inventory
Just as with traditional single family homes, there's a shortage of condos and town homes in Boulder - and it's getting worse. The spring market has even less inventory than last year. As of this writing, only 187 properties are on the MLS - about 17% below last year. 111 of those units or 59% of inventory is available for purchase (not under contract).
Sales Volume
Despite scarce inventory, at least 48 units sold last month, about 30% more than last year.
Absorption
Absorption is simply sales volume as a percentage of the previous month's inventory, a measure of liquidity. It reached 33% last month, more than 3x the long term average for February.
Economics 101
Low supply + high demand = higher future prices. Are you standing by and watching it happen? Maybe it's time to get off the sidelines...
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