After checking on local numbers, we look at the national home-buyer and home-seller sentiment.
Aggregate Boulder County Market
5/02 – 5/09, 2021
* We are overlooking 2020 shutdown numbers until the middle of May. 2019 and 2018 are examples of what was previously normal in our market. The 2020 numbers will become relevant again in the middle of May.
How is The Local Market as an Aggregate?
We had 104 new listings last week, as compared with 135 in 2018 and 119 in 2019.
At 1561, 2021 year-to-date under-contracts landed again between 2018 (1514) and 2019 (1602) numbers.
The lower inventory and robust buyer demand are continuing to result in very thin inventory. Last week had 1.21 months supply of inventory, vs 2.14 in 2018 and 1.68 in 2019.
How Is The Local Market
By Price Band?
As has been typical this year, after a relatively quiet week for buyers two weeks ago, last week we had many more under contracts. Note the robust sell-through rates in all price ranges, with the slowest category being in the $500k-1mm range.
* We are overlooking 2020 shutdown numbers until the middle of May. 2019 and 2018 are examples of what was previously normal in our market. The 2020 numbers will become relevant again in the middle of May.
National Real Estate Trends
HOME PURCHASE SENTIMENT INDEX
National Housing Survey
Fannie Mae’s April Home Purchase Sentiment Index, which tracks seller and buyer reactions to current market conditions, shows a widening gap between home-buying and home-selling sentiment. Sellers continue to be optimistic. Buyers, particularly US median earners in the $50-100k, cite lack of supply and increasing prices as reasons for their pessimism. There may be an increased number of buyers in this category as a result of stimulus payments, resulting in an even more competitive lower market.
Anecdotally, above the lower market, some of our upper-end luxury value buyers and entry-level luxury buyers are also feeling pessimism about the competitive market and price increases, though most continue to get under-contract within three offers. Few are leaving their searches. Our listings are frequently experiencing competitive offer scenarios; many offering state that they’ve lost out many times in competitive offer scenarios multiple times. This reflects a big surplus of buyers.
From an under-contract and inventory perspective, this pessimism is not reducing our under-contracts, as inventory remains stretched tight (see numbers above). Within these under contracts, the second-home market (which consists of a more affluent buyer demographic) has mortgage lock rates that are more than double pre-pandemic levels; this may be part of what is reflected in our current higher median sale price.
Farmer Katie transplanted the broccoli, cauliflower, kale, collards, and romaine lettuce at the end of last week.
This week has been full of the fun stuff — weeding and maintenance!
Two weeks from now the peppers and tomatoes will go in the ground!
THE TIME IS HERE – GET READY TO VOLUNTEER
Regular bi-weekly volunteer shifts will begin on Monday, May 24th. If you’ve been itching to roll up your sleeves and get your hands in the dirt — the time is now!
To join our efforts at McKenzie Farm, you’ll need to first register as a volunteer and watch two 5-minute orientation videos. Sign Up Here.
You’ll be registering as “Gleaner” which means you’ll w
ork directly on farms in Boulder and Broomfield Counties to plant and harvest produce.
Interested volunteers are “on-call” as gleaning opportunities become available at McKenzie Farm and other farm sites around Boulder and Broomfield Counties. Shifts are usually between 2-4 hours long and age restrictions may apply.
Volunteering with your family? Each family member is required to have their own separate profile, regardless of age. You may use the same email address for multiple family members’ profiles, but please create unique usernames for each individual.
Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws.
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.
