Friends,
The luxury market was up again last week, with mostly balanced market throughout.
Before we get started with the numbers, would you like some news that doesn’t get you hot under the collar? Have fun with these side-splitting animal news bloopers.
BOULDER COUNTY REAL ESTATE MICRO DATA:
Boulder County Stats 7/26-8/02/2020
THE AGGREGATE MARKET:
Last week new listings decreased by 10 week over week, coming in at 115. Under contracts were slightly higher at 120 (for the second week in a row), creating a very balanced sell-through rate of 104%.
Last week there were only 37 price changes, 52 less than year-over-year 2019. In this respect, sellers are behaving more like optimistic spring sellers than typical summer sellers who want to get their homes sold. Sellers, hot buyer demand will not last forever. Houses priced at market value are selling quickly, where those priced higher than market value are not.
On the whole, inventory is low. A balanced market has 5-6 months of inventory, with below 5 months being a seller’s market. We currently have 1.13 months of single family home inventory in Boulder County.
At face value, 1.13 months of inventory indicates a very tight seller’s market. Looking more closely, the low market is extremely tight while the high luxury market remains a buyer’s market (as it usually is in Boulder County).
Please note that this doesn’t mean that your high luxury home won’t sell well. Call me to talk further about this.
THE MARKET BY PRICE BAND:
Last week was another strong week in $1.5mm+, see below. Two weeks prior was also really strong, with the week between replenishing supply.
Most of our price bands last week performed in a very balanced way, with the notable exception being the $1-1.5mm, which had more inventory than buyers.
Local Real Estate In A Nutshell
Our under-contract rate was up 56% year-over-year, indicating significant continued buyer demand. Now is a very good time to bring your property to market. Call us to brainstorm on this.
Helping Our Community
Join the running community and our David Trow to support ultrarunner Tommy Rivs. Tommy was recently placed in an induced coma and diagnosed with pulmonary NK/T-Cell Lymphoma. Tommy is fighting for his life; please consider contributing to their medical expenses.
Rivs has been a tremendous force of motivation in David’s running and life. Tommy is the epitome of fitness, a champion, and a humble family man, whose lungs are now littered with cancer. David will be running 100K (62 miles) this week in an effort to raise support and funding for Tommy and his family.
NATIONAL MACRO DATA:
Suburban growth is now double that of cities—Here’s what it could mean for the urban future.
Housing Affordability Hits 18-Month Low on Lack of Supply, Higher Prices. Please note that locally we’ve not seen a big jump in prices; some places which have seen enormous YoY drops in inventory are seeing price jumps, as noted in the next article.
Las Vegas Real Estate in July: Sales up 4% YoY, Inventory down 35% YoY
The number of Americans skipping mortgage payments is falling — except among these borrowers
Foreign Buyers are Pumping the Brakes on Home Purchases
Wishing you health. Call us with questions.
CATHERINE BURGESS
Associate Real Estate Broker
303.506.5669
[email protected]
Associate Real Estate Broker
303.301.4718
[email protected]
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Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
