The rising interest rates are bringing a little more balance into our market, with inventory rising both locally and nationally.
Local Market Update – Boulder County
Our Boulder realtor team is reporting on 139 new listings coming to market last week, vs 104 in 2018, 156 in 2019, 81 in 2020, and 105 in 2021.
82 properties went under contract, in contrast with 113 in 2018, 109 in 2019, 56 in 2020, and 97 in 2021.
We had 1.93 months’ supply of inventory, in comparison with 2018’s 1.79, 2019’s 1.93, 2020’s 1.88, and 2021’s 1.36 MSI.
Year-to-date under-contracts continue to be low according to Boulder real estate agents. Last week we had 1083, whereas there were 1309 in 2018, 1379 in 2019, 1148 in 2020, and 1319 in 2021.
In summary, inventory is going up, while our under-contract rate is lower than normal, giving us a boost in inventory. Overall, our market is seeing far fewer transactions than in the last four years.
Let’s look at inventory from one more perspective.
What is our total single family home inventory?
Activity By Price Band – Boulder County
Overall, the Burgess | Compass Boulder realtor group noticed less buyer activity last week relative to new listings. This is allowing us to amass a little bit of inventory, as we saw in the month’s supply of inventory (MSI) number.
We had 29 price changes last week, significantly up from the last couple weeks, and very significantly up from January, February and March, see our bar graph.
Since the pandemic, buyers have flocked to sunbelt states, for lifestyle and better prices. As a result of the continued high demand, those markets are much more expensive, particularly in Phoenix, Las Vegas, Miami, and Tampa.
Nationally, the incredible inventory lows have been increasing, from a 30% low at the end of December 2021 to an 11.2% low now. If this trajectory continues, we should be up year-over-year sometime in the second half of the year.
Click anywhere below to check out the Burgess Group | Compass Boulder realtor team’s current exclusive listings.
