Local buyers moving fast to stay ahead of interest rates; nationally, urban housing costs are declining.
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Buyers are moving fast right now to take advantage of interest rates before they rise again. Cash buyers are taking more time, choosing carefully and moving forward.
Let’s talk about how to get your home ready to sell in a more competitive environment.
Local Market Details – Boulder County
Our Compass Boulder realtors report on 72 new listings coming to market last week, vs 84 in 2018, in 2019, 109 in 2020, and 82 in 2021.
66 properties went under contract, in comparison with 73 in 2018, 101 in 2019, 108 in 2020, and 101 in 2021.
We gained a bit more inventory again last week. As you can see from the chart below, we’re still not at inventory highs reflected below.
Activity By Price Band and Price Reductions- Boulder County
In the last two weeks, we continued to have good activity in the 0-$500k and $501k -$1mm markets. Every section of the market has had decent to good activity in the past two weeks. Lots of buyers have been motivated to get under contract before interest rates go up again.
After 4 weeks of August declining price reduction numbers (between 82-65/week), we had 4 weeks of higher September price reductions (between 92-102/week). Last week had 76 price changes. Hopefully, we’ll continue to see more moderate numbers. The Compass Boulder real estate agents here at Burgess Group will keep tracking this as The Fed continues to try to bring inflation under control.
Square Footage Is Now Worth More in the Suburbs Than Cities
Nationally, there’s been a decline in urban price per square foot (ppsf); suburban and rural ppsf are now higher than urban ppsf. This reflects the solidification of the work-from-home trend, allowing workers, particularly from SF, Nola, Philly, NYC, Oakland, Boise, Chicago, and DC to migrate to other parts of the country.
There are still parts of the country that are maintaining Y-O-Y median sale price increases, with the highest increases in many FL locations. Ft Lauderdale and Cape Coral, for example, are still receiving loads of inbound migration, which is keeping year-over-year prices high.