Local Market Accelerated, Condos Sales Down Nationally

Kacie Riordan

10/9/20

Friends,
​​​​​​​​​​​​​​Our market saw a robust uptick in listings and under-contracts last week.  

Weekly Market Update Video:

Boulder County Micro Real Estate Data:

Boulder County Stats 9/27/2020-10/04/2020

THE AGGREGATE MARKET:
New listings popped up from 88 to 102 Week over Week (WoW), exactly mimicking 2019 new listings Year over Year (YoY). 
Under-contracts also popped up 8 units WoW, and they are up 16 units YoY.
Price changes remain unseasonably low, down 32 units YoY.
Total year-to-date (YTD) under-contracts for 2020 are 3,399, where 2019 had 
​​​​​​​ 3302 YTD, and 2018 had 3170 YTD. 

Click the chart below to enlarge

THE MARKET BY PRICE BAND:

More of the same! Our price bands have had a lot of consistency over the last several weeks. The $500-1mm had a solid jump in new listings, which really helps the stretched thin inventory.  
The higher luxury market had a very strong week, with 6 new listings and 6 $2.5mm+ under-contracts.
​​​​​​​Sell-through rates are mostly hovering around 100% is part of the reason that we've not seen the extreme price increases/decreases here in Northern CO that some other parts of the country have experienced.  Yes, inventory is low, but thus far, our market has behaved in a fairly balanced way.

Click the chart below to enlarge

Local Real Estate in a Nutshell:

The market was slightly cooler two weeks ago. Last week's numbers, however, show a robust market that is on track with 2019 from a new listings standpoint, while exceeding 2019 from an under-contract standpoint, producing more of a seller's market than we had in 2019. 


Marketing Moment:

A conversation between BGR's David Trow and one of Lafayette's Best Business Owners, Brian Wheat of Lafayette Florist.


National Macro Data:

Condo Supply Climbs, Single-Family Home Supply Plunges

Our local data above focuses on detached homes. Attached homes have had a very different experience this year. 
Nationally, attached home prices are up on average 5.5% YTD, where nationally detached prices are up on average 11.9% YTD. This is the largest growth gap since 2014. 
With interest rates at historic lows, buyers have more buying power. They are opting out of condos and into more privacy and more space with detached homes. If single-family home prices surge to unattainable levels, attached homes may see a comeback.  
Purchasing a condo may be a good way for buyers in competitive price points to avoid bidding wars. 
​​​​​​​Some landlords are selling their condos, since the rental market is showing some Coronavirus-related signs of weakness. 


Burgess Group Blog:


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​​​​​​​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.

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