Friends,
Inventory is tight. Strong demand continues.
Before we get into it, to counter some of the 2020 juju, here is a boggle-the-mind video that highlights extraordinary luck.
BOULDER COUNTY REAL ESTATE MICRO DATA:
Boulder County Stats 9/06/2020-9/13/2020
THE AGGREGATE MARKET:
New listings were down by 20 from the previous week, 14 fewer than in 2019. Under contracts are down.
Under-contracts were down 21 from last week, up 8 from 2019. Under-contracts are still 9% above where they were last year at this time, so super strong.
Price changes were down 24 from last week, down 41 from 2019. Super low! Sellers, this strategy is dicey, as you don’t want to miss the selling season being overpriced. If you’re overpriced by more than 5%, it is likely that your house will not sell without a price reduction.
THE MARKET BY PRICE BAND:
As noted above, overall inventory is lower than ideal. In the $0-500k, $500k-1mm, and $2-2.5mm ranges, the sell-through rates were fairly balanced.
$1.5-2mm range had a 1000% sell-through rate, with 1 new listing and 10 under-contracts.
We also saw strong activity in the $2.5mm+ range, with 4 new listings and 6 under-contracts.
Local Real Estate In A Nutshell
So, 1.08 months of inventory equals an incredible time to sell, right?
Mostly yes. Of course, the reality of the market is a little more nuanced. Surpluses of inventory exist even within strong sellers markets.
Buyers, note the parts of the market that have a bit more inventory. For example, as mentioned last week, the Boulder County luxury market is a buyers market. Also, right now in SW Gunbarrel, we’re seeing a cushion of inventory in the $250-500k condo/townhouse market. These pockets of inventory exist!
Buyers, also, don’t forget to look for properties due for a price reduction; this may be a great way to accomplish your purchase. Keep the faith. Your property will come.
NATIONAL MACRO DATA:
Why home prices may continue to push higher
Pace of Construction Slows after Three Busy Months
BLS: August Unemployment rates down in 41 states
Fed’s Bullard says ‘biggest growth quarter of all time’ will lift inflation
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.
