Locally, it was a quiet week for inventory, buyers engaged well. Nationally, the sale-to-list price ratio is now below 100%.
TO SUM THE LOCAL MARKET UP:
BUYERS
Buyers are recognizing that even with a higher interest rate, it is a great time to purchase, due to greater inventory and lower competition. Many buyers say that they will refinance when rates go down.
SELLERS:
Boudler real estate agents are reporting a shortage of inventory. Expect homes to linger on the market at least 25+ days. Homebuyer budgets are thinner due to rising rates and ongoing inflation, so make your home and your price attractive to get buyers’ attention.
Watch the video below to find out more…
SELLERS:
We’re better at pricing. We’re better negotiators. And our Boulder realtors have the numbers to prove it.
Looking at sale-to-list percentages can help sellers know how successful their agents are at pricing a home right out of the gate, and how they negotiate once offers come in.
The sale-to-list ratio is the final sale price (what a buyer pays for the home) divided by the last list price expressed as a percentage. If it’s above 100%, the home sold for more than the list price. If it’s less than 100%, the home sold for less than the list price.
So where do we stack up?
On a $1M sale, Catherine and Andy’s sellers have averaged 107.2% of asking price this year, netting $45,000 more than the average Compass agent and $54,000 more than average Boulder County realtors.
Thinking of selling your home? Partner our Boulder realtor team’s proven talent and contact us today for your free home valuation.
BUYERS:
Our buyers get under contract faster and with more ease.
According to a survey done by Money Magazine, it took 56% of respondents five or more offers for one to be accepted. For more than 25% of first-time buyers, it took 10 or more offers to buy a home.
In 2022, 90% of all buyers who worked with Catherine and Andy had their first offer accepted by sellers.
10% of Burgess Group buyers had their second offer accepted.
100% of our buyers were under contract in 2 offers or less.
Negotiating the best price is a combination of art and science best honed by doing it frequently. Catherine and Andy average 39 buyers a year. That means on average 35 of our 39 buyers have their first offer accepted. Only 4 buyers have to make a second offer.
Thinking of buying? Experience matters now more than ever. Contact us today to get your home search started.
Local Market Update – Boulder County
Our Boulder realtor team is reporting on 83 new listings coming to market last week, vs 111 in 2018, 120 in 2019, 109 in 2020, and 89 in 2021; so, last week had less inventory come to market than in the past years (y-o-y).
97 properties went under contract, in comparison with 65 in 2018, 78 in 2019, 120 in 2020, and 99 in 2021; our under-contract rate last week shows healthy buyer participation after some quiet periods during the last 3 months.
Activity By Price Band – Boulder County
For the past two weeks, activity by price band had robust buyer activity in every price band, with the exception of the $2.5mm+ market activity, in which there was limited activity.
Two weeks ago, the $0-$500k price range had a 533% sell-through rate (which is crazy high), likely as a result of the sale of condos for college students. This consistent activity is wonderful to see after the relatively low summer 2022 buyer activity. Our market historically has had an uptick in buyer demand after Labor Day; Our Boulder real estate agents will continue to monitor buyer activity closely.
There were 65 Boulder County price reductions last week. Price reductions may have peaked in the second week of July. The market has now had five weeks of declining price reductions, indicating that seller confidence may be stabilizing and that sellers may be pricing more appropriately when coming to market.
AGAIN, TO SUM THE LOCAL MARKET UP:
BUYERS
Buyers are recognizing that even with a higher interest rate, it is a great time to purchase, due to greater inventory and lower competition. Many buyers say that they will refinance when rates go down.
SELLERS
We’re still short on inventory. Expect homes to linger on the market at least 25+ days. Homebuyer budgets are thinner due to rising rates and ongoing inflation, so make your home and your price attractive to get buyers’ attention.
Nationally, on average, homes are now selling for less than the asking price.
For the first time since March 2021, the average sale-to-list price ratio fell below 100%, meaning that the average home has sold for slightly less than its final asking price, after all price reductions.
Click anywhere below to check out Burgess Group | Compass Boulder realtor team’s current exclusive listings.
