Categorized | Residential

Housing Sales Drop in Northern Colorado

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Northern Colorado has been unable to escape the woes shared by the housing market across the country. The most recent reports indicate that the number of residential housing sales decreased by eleven percent when compared to its performance in 2010. The eleven percent decline calculates to roughly seven hundred less homes being sold in the region.

Both single-family homes, and condominiums and town houses faced declines of over ten percent, with condominiums and town houses faring the worst of the two. They experienced a drop of nineteen percent. In fact, it was the first time in many years that less than one thousand condominiums and townhouses were sold in a six-month period.

The local area hit hardest by the housing decline was Boulder County, which saw its total sales number fall by eighteen percent. Larimer County was a distant second in terms of decline, and fell by ten percent.

The overall decline in the sale of homes in certain areas was accompanied by a substantial increase in the supply of homes listed for sale. In Boulder County, there was a twenty-five percent increase in the number of houses listed for sale. Larimer County experienced an eleven percent increase. These increases, accompanied by the declining sales numbers, will certainly cause housing values to plummet in the very near future. Supply is now very much outpacing demand, causing great concern for real estate brokers, and lenders in the area.

Even record-low interest rates have not been enough to spur buyers into closing on homes. With the likelihood of declining prices, one can be certain that potential homebuyers may continue to delay their purchase in order to see how much housing prices fall.


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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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