Top Reasons to Buy a Boulder Valley Home Now

Posted by Phil Boren on Sunday, December 6th, 2009 at 2:38pm.

One of the leading indicators we watch is the national Pending Home Sales Index (PHSI). Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.

On a local level in Boulder and Broomfield Counties, the median price of a sold listing has remained relatively flat over the past 12 months. For residential re-sale properties from November '08 through November '09 (See 12-month chart), the median price stood at $337,500 - up a modest 2% year over year (Source: IRES MLS). The MSI or months' supply of inventory, is actually down 32% over the same time period to an average of 7.7 months at the end ov November '09.

These stats can vary significantly from neighborhood to neighborhood, so be sure to contact us if you would like to see what your specific market looks like, but in general these are encouraging numbers. It remains a good time to buy a home, with interest rates remaining at historic lows (check rates here), the possible federal tax credit for 1st time buyers and many other buyers as well (read more and watch a video here), and home prices at attractive levels.

If you would like to explore your options in this market, please feel free to contact us and use the resources we've put together for you here, like:

Phil Boren
Direct: 303-441-5647
Email: pboren@remax.net
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