The Boulder, CO market saw a rise in new home closings in January year-over-year, recovering from a drop in December 2015. New home closings saw a 5.9% climb from a year earlier to 36. This followed a 41.6% decline year-over-year in December.
A total of 658 new homes were sold during the 12 months that ended in January, up from 656 for the year that ended in December.
As a percentage of overall housing closings, new home closings made up 12.2%. This is better than the 10.9% of closings a year earlier. Closings of new and existing homes dropped year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
In January, the average price of newly sold homes gained 11.8% year-over-year to $551,731 per unit. This boost is smaller than the 20.0% gain in December year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In January 2016, the average mortgage size on newly sold homes saw a 13.1% rise from a year earlier. In December 2015, average mortgage size climbed 13.6% from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings gained from 55.9% of new closings in January 2015 to 91.7% of closings in January 2016. Conversely, the share of new home closings belonging to attached units sank to 8.3% of closings from 44.1% of closings.
The average unit size of newly sold homes went from 2,426 square feet in January 2015 to 2,414 square feet in January 2016. In December, the average size of new homes sold went from 2,444 square feet a year earlier to 2,363 square feet. In December 2015, the average size of newly sold homes declined 3.3% from the year earlier.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 5.0% of existing home closings, down from 6.9% a year earlier. The percentage of existing home closings involving foreclosures went from 2.5% in January 2015 to 2.7% in January 2016 and REO closings as a percentage of existing home closings slid to 2.3% from 4.3% a year earlier.