Last week we saw steady (lowish) inventory and a lower under-contract rate. Nationally, days on market are down and the average list-to-sale price ratio is up.
Aggregate Boulder County Market
5/09 – 5/16, 2021
How is The Local Market as an Aggregate?
Last week, 117 listings came to market, as compared with 145 in 2018, 171 in 2019. In 2020, the real estate market was starting to open up again, with 119 new listings coming to market.
With the numbers above, keep in mind that the May boost of inventory in 2018 and 2019 preceded the yearly summer slow-down, which didn’t occur in 2020. It is hard to predict what kind of inventory and/or demand slow-down we may see this summer.
The pace of under-contracts slowed a little last week, at 103, vs 141 in 2018 and 117 in 2019 year-over-year. 2020 under-contracts started really picking up steam at this time last year, popping from 74 to 133 under-contracts week-over-week.
2021 year-to-date under-contracts (1664) are a hair above the 2018 y-t-d total of 1655, but lower than 2019’s total of 1719.
We will have to watch to see if we have a pattern developing of lower demand, or if last week’s under-contract rate was a one-off.
*Data nerds, click the chart
How Is The Local Market
By Price Band?
As has been typical in the past 4 weeks (and many weeks), the bulk of Boulder County inventory came in the $500-1mm range.
$500-1.5mm and $2.5mm+ all had lower sell-through rates last week, so there should be a bit more inventory in those price bands right now.
Price changes remain super infrequent. Price changes are a coincident indicator that in this case shows strong seller confidence.
*Data nerds, click the chart
National Real Estate Trends
58% of Homes Pending Within 2 Weeks; Average List-to-Sale Price Ratio at 101.5%
Nationally, homes are going under contract super quickly, with 58% under contract in less than 2 weeks. This speed indicates surplus demand and low inventory.
Another indicator of surplus demand is that the national list-to-sale price ratio is now 101.5%, meaning that on average, people are paying $101,500 for a home listed at $100k.
As we learned last week, the Fannie Mae National Home Survey for April 2021 indicated buyer pessimism. We will have to see if buyer demand diminishes. Two ways we would see this through a lengthening of time on market and a lessening of the list-to-sale price ratios.
Farmer Katie planted about 200 feet of green beans yesterday that should be ready to harvest in early July.
The romaine lettuce should be ready to harvest in another 10-14 days.
Radishes are in the ground and will come out within the next three weeks.
Tomatoes, peppers, and tomatillos will be moving out of the greenhouse (pictured here) on Monday and into the ground starting Next Thursday through the following week.
We’ve had volunteers out a few mornings this week to help with weeding, which has been a spectacular help to Katie!
Thank you to those who have helped!
And speaking of volunteers and weeding…
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.
