Seller confidence has steadied substantially this fall, with buyers making purchases in every price band. Nationally, home price acceleration has slowed.
Buyers finally have an opportunity to purchase a home without competing with out-of-towners and investors. Because prices and rates are high, a lot of buyers are offering below asking price, negotiating with sellers on a rate buydown, or considering new construction because many builders are offering significant incentives, including rate buydowns, to offload their inventory.
Sellers we still have fairly low inventory in most categories. That said, there is more competition than there has been in several years, so how you prepare your home is super important. Let’s talk that through so that you come to market poised to sell well.
Local Market Details – Boulder County
We had 32 new listings come to market last week, vs 53 in 2018, 50 in 2019, 61 in 2020, and 43 in 2021.
46 properties went under contract, in comparison with 59 in 2018, 51 in 2019, 65 in 2020, and 48 in 2021. Given that interest rates are currently much higher, this under-contract rate is pretty darn good. This is the stability that Boulder County real estate is known for.
When looking at these numbers, keep in mind that 2020 and 2021 and the first half of 2022 were outliers. The more relevant numbers are from 2018 and 2019. Our current market is a little quieter than 2018 and 2019.
Activity By Price Band and Price Reductions- Boulder County
In the last month, we’ve had activity in all parts of the market, including robust sell-through rates in every segment. This may have been reflecting buyer efforts to get under contract before the upcoming Fed meeting on December 13-14, 2022.
Since the beginning of October, we’ve seen the following price change numbers week-over-week:
42 last week. These numbers are a coincident indicator of seller confidence, reflecting a stabilizing within the current environment. We will keep watching to see how seller confidence behaves through the next two projected interest rate hikes.
Home-Price Growth Is Cooling Fastest in Pandemic Boomtowns Like Austin and Boise
Places where home prices shot up due to out-of-towners moving in with big budgets are now seeing prices rapidly decline.
Home-price growth has slowed fastest in pandemic boomtowns including Austin, Phoenix and Boise as high mortgage rates and an uncertain economy deter would-be buyers.
All five of the metros where price growth has sped up this year as the nationwide housing market cools are affordable places with relatively stable local markets.
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