Now is the time to bring your home to market – our local market sorely needs inventory. Nationally, inventory appears to have bottomed and to be on a steady upswing. Also, although interest rates are rising, the national migration rate is higher than ever.
Local Market Update – Boulder County
Our Boulder realtor team reports that 61 new listings came to market last week, vs 76 in 2018, 91 in 2019, 93 in 2020, and 68 in 2021.
Boulder real estate agents had 71 properties go under contract, in contrast with 90 in 2018, 82 in 2019, 61 in 2020, and 92 in 2021.
We had 1.03 months supply of inventory, in comparison with 2018’s 1.15, 2019’s 1.07, 2020’s 1.63, and 2021’s 1.03 MSI.
Year-to-date under-contracts continue to illustrate how low this year’s inventory is. This year, we’ve had 732 under-contracts y-t-d. Compare this with 894 in 2018, 929 in 2019, 940 in 2020, and 954 in 2021. We have plenty of buyers; sellers, now is the time to bring your homes to market!
Let’s look at inventory from one more perspective.
What is our total single family home inventory?
Activity By Price Band – Boulder County
Last week we saw relatively low activity in the $1.5mm+ markets. Week-over-week we’re still seeing good activity in all parts of the market, with few price changes (reductions) overall.
INVENTORY MAY HAVE BOTTOMED
Nationally, inventory appears to have bottomed. Year-over-year, we started the year down 30%; we’re now down 20%. If this trending continues, we should be up year-over-year in the second half of 2022.
(Sellers, any Boulder realtor will advise you that this is another reason to bring your home to market ASAP.)
NATIONAL MIGRATION RATE INCREASES
The number of buyers migrating from one part of the country to another has hit an all-time high. Before the pandemic, about 25-26% of buyers moved from one part of the country to another.
During Q4 2020, this number increased to 30.3%, hitting a high of 31.5% in Q1 of 2021, receding to 30.2% then climbing back up to 31.2% in Q4 of 2021. Q1 of 2022 saw a 32.3% migration rate.
Essentially, workers can still largely choose where they’d like to work. Given the 2020 / 2021 / 2022 increases in real estate values, many buyers are now priced out of their local markets and moving to lower-priced parts of the country.
Click anywhere below to check out the Burgess Group Boulder realtor team’s current exclusive listings.
