Higher prices are being driven by declining inventories and strong demand, said Ryan Carter, president of Boulder-based 8z Real Estate in a recent article featured on Colorado Daily.
Median home prices soared in the Boulder Valley and Northern Colorado in October as the region continued to experience declining inventories and pent-up demand from economic shutdowns this year.
Data released by Information and Real Estate Services LLC, the Loveland-based multiple listing service for the region, shows strong activity throughout the region, with gains in median home prices nearing or exceeding 10% compared with October 2019.
“I think it really can be summed up in a sentence, and that is, ‘Continued high demand and low inventory,’” Carter said. “The demand is just outpacing the supply, as those numbers represent, which is causing upward pressure on pricing. And that is reflected in active listings being down, showing low inventory, which is causing that increase in pricing and high buyer demand. So volume is up as a cause of that.”
Take a deeper look at the sales-trends in the Boulder and Northern Colorado area in the full article here.