Last week under-contracts surpassed 2019 YoY. Wow!
Before we get serious with the real estate numbers, here your weekly chuckle – a french version of our favorite Canadian gag troupe.
BOULDER COUNTY REAL ESTATE MICRO DATA:
Boulder County Stats 8/016-8/23/2020
THE AGGREGATE MARKET:
In Boulder County last week, listings were down 16 units YoY, with only 88 coming to market. Sellers may be holding off until after Labor Day, as that is when our fall market typically takes off. Anecdotally, we’re getting lots of new listing announcements, so we’re anticipating that numbers may be up next week.
Under-contracts were up 17 units YoY, indicating continued strong buyer demand. Relative to last year, under-contracts are up 20% YoY.
Price changes are down significantly YoY, from 89 to 45, showing that some sellers might not yet be realistic on their pricing.
Inventory and under-contracts are overall quite balanced with a 111% new listing to under contract ratio.
THE MARKET BY PRICE BAND:
This week the low and high ends of our market were fairly stable, with similar numbers of listings and under-contracts.
Two categories saw unusual results: $1.5-2mm had 6 properties come to market and only 2 go under contract, creating a 33% sell-through rate. $2-2.5mm had 1 come to market and 4 go under contract, creating a 400% sell-through rate.
In order for these unusual results to have a big impact, we would need to see similar trending for multiple weeks, and thus far we are not seeing that.
In general our market remains fairly balanced between inventory and demand.
Local Real Estate In A Nutshell
Inventory fell to .97 months supply last week for Boulder County single family residences. Historically low interest rates and urban flight are stretching our inventory.
Remember that a balanced market has around 5-6 months of inventory (meaning 5-6 months are needed to sell the current existing inventory if no more inventory were introduced to the market). A buyer’s market is above the 5-6 month threshold, and a seller’s market is below. So, looked at generally, .97 months inventory strongly favors sellers.
That said, as we see every week in the price band analysis, some price bands have more inventory/under-contracts than others, so the market does not function as a strong seller’s market in all price bands. Typically Boulder County carries a quite a bit more luxury inventory than we have luxury buyers, so it can still be a buyer’s market in luxury when simultaneously it is a seller’s market in the lower end.
If you’re planning to sell, do your best to come to market for our secondary selling season, which typically starts in the second week in September but seems anecdotally to be
NATIONAL MACRO DATA:
July pending home sales rose 5.9% versus 3.5% expected
Wishing you health. Call us with questions.
Associate Real Estate Broker
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