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Here's an update on inventory conditions for Boulder real estate.
Total house inventory is down 25% from the beginning of September. 158 houses are currently on the market in Boulder. 39% are under contract. There was as slight surge in the percentage of homes under contract during most of September and October, before coming back down to the high 30% range.
Sitting on the fence, wondering if the real estate cycle is about to turn? Contrast current inventory to six years ago (October 2009) when 485 houses were available. It's hard to believe we're talking about the same real estate market.
Total condo and town home inventory is down to 102 units, a decrease of 33% from the beginning of September. Meanwhile the percent of inventory under contract has risen from 64% to a steady 67%-70% range. Inventory was more than 4x greater at the bottom of the last market cycle.
Takeaway
There is little to suggest that the market will cool ahead of a possible end of year rate hike. At the same time, we're seeing buyers bid-up poor choices and overpay for marginal assets. Property selection, negotiation skills, and due diligence are critical. The market varies dramatically by price range, location, and property type. Choose your agent carefully.
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
Ready to buy or sell? Schedule an appointment or call 303.746.6896.
You can also like our Facebook page or follow us on Twitter.
As always, your referrals are deeply appreciated.
--
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
