The local market last week behaved within historic normals. Nationally, cash purchases have been rising.
Quick Market Recap
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How is the local market as an aggregate?
7/11-7/18, 2021 –
Boulder County’s market has behaved within historic normals last week.
Last week we had 114 new listings come to market, as compared with 120 in 2018, 105 in 2019, and 104 in 2020.
99 properties went under contract, vs 91 in 2018, 105 in 2019, and 135 in 2020.
Thankfully we’ve had a good bounce back in inventory since our low two weeks ago, with 1.19 months supply of inventory.
Compare this with 1.62 MSI in 2018, 1.21 MSI in 2019 and 1.22 MSI in 2020.
So, most importantly, our inventory has improved over the .6MSI low two weeks ago. Really good news for buyers, sellers, and Boulder realtors!
How Is The Local Market By Price Band?
7/11-7/18, 2021 —
For two weeks in a row, we’ve had 200% sell-through in the $1.5-2mm range.
That segment of the market is likely feeling pretty thin.
$2.5mm+ should feel pretty good to buyers, as there has been more inventory coming to market than buyers going under contract for the last few weeks
National Real Estate Trends – Cash Purchases Rise to 30%
7/11-7/18, 2021 —
Nearly one-third (30%) of U.S. home purchases this year were paid for with all cash.
That’s up from 25.3% during all of 2020 and represents the largest share since 2014, when 30.6% of homes were purchased with all cash.
Cash purchases are on the rise as Americans reap the benefits of a strong stock market. The S&P 500 Index has gained 36% in the past 12 months alone, as of July 14, 2021.
Additionally, remote work has allowed homeowners in expensive cities including San Francisco and New York to sell their homes and move to less expensive areas, where they can often afford to buy properties in cash.
Investors, who often pay in cash, are wading back into the housing market after pressing pause at the onset of the pandemic. U.S. home purchases by investors rose 2.7% year over year in the first quarter, marking the first period of growth since the coronavirus pandemic began.
The rise in all-cash home purchases is posing challenges for many first-time and lower-income homebuyers, who are having trouble competing with cash offers. While competition is easing slightly, about two-thirds of home offers still face bidding wars.
Cash buyers are some of the most frequent to terminate contracts, because they have an advantage getting under contract.
To note, the Denver metro area had 23.6% cash purchases between Jan-April of 2021.
$2.5mm+ should feel pretty good to buyers, as there has been more inventory coming to market than buyers going under contract for the last few weeks
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Food Security Project Update
It was another big harvest week!
Thankfully, the plants are rebounding from the hail storm a few weeks ago.
Farmer Katie and her volunteers continue to harvest summer squash, kale, cauliflower, broccoli, peas, collards, and peas.
The garlic is curing in the greenhouse and will be ready in a couple of weeks!
100% of our bounty is donated — and in the hands of Community Food Share recipients within two days of harvest!
Is your garden producing extra food?
Consider donating your surplus to Community Food Share!
1. Take a photo or video of your garden and donation
2. Weigh your donation
3.
Post your photos and weight on Social Media and tag @burgessgrouprealty and the #foodsecurityproject
4. Drop of at Community Food Share Farm Stand
(Leave donations on their outdoor farm stand (located at the main entrance) at 650 S. Taylor Avenue, Louisville.
If you need help unloading, pull up to Dock Door 3 (on the east side of their building), Mondays-Fridays, 8:00 AM-3:00 PM.)
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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.
