The Headlines: Inventory up, under-contracts down, price changes are down; nationally interest rates settle and 2nd home demand is down.
Local Market Update – Boulder County
The Burgess Group | Compass Boulder realtor team reports on 97 new listings coming to market last week, vs 72 in 2018, 80 in 2019, 120 in 2020, and 79 in 2021.
93 properties went under contract, in contrast with 103 in 2018, 98 in 2019, 128 in 2020, and 153 in 2021.
We had .97 months supply of inventory, in comparison with 2018’s 1.33, 2019’s 1.27, 2020’s 1.09, and 2021’s .60 MSI.
According to Boulder real estate agents, year-to-date under-contracts remain lower, with 2082 thus far in 2022. At this time in 2018, there were 2355 under-contracts; 2019 had 2460; 2020 had 2298; and 2021 had 2553 under-contracts. So, our total this year is lower than the number we had in 2020, having had 2 months of shutdown under our belts. This reflects the continued overall lack of inventory in the market; this amount of inventory is improving.
Activity By Price Band – Boulder County
Buyers bought in all price categories last week, after they discovered there were still good mortgages after the Fed raised interest rates. Every segment of the market had decent to good buyer activity.
Price changes went down for the first time in months, backing down to 66 last week. Was this because of the holiday weekend? Or because of an increase in showings? Our Boulder realtors will keep track of this trend.
BUYER OPPORTUNITY: Interest Rates Down
Rates have dropped in the past few weeks, due to a lot of things: they probably rose too aggressively in June, the Core PCE inflation findings show reduced inflation for the 3rd month in a row, manufacturing orders are slowing, etc.
Lenders currently have a lot of interesting loans to keep the rates low. It is possible to find good options in the 4s.
BUYER OPPORTUNITY: Demand for Vacation Homes Now Below Pre-Pandemic Levels
If you thought you missed your opportunity to invest in a vacation home, now is the time.
Vacation home demand slowed considerably this year, with the unknowns of the stock market and rising interest rates.
Mortgage locks for 2nd homes, a coincident indicator of second home buyer demand, are now slightly lower than it was before the pandemic.
There is less competition right now to buy a second home. Not having to pay a premium/not having a competitive offer scenario may be a net gain over higher interest rates.
Click anywhere below to check out Burgess Group | Compass Boulder realtor team’s current exclusive listings.
