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Ready for an update on real estate market conditions in Boulder? Here we go.
Remember: intelligent real estate decisions are based on a deep knowledge of current market conditions. Don't settle for hand waving, happy talk, and old statistics too stale and generic to be useful. Get the facts about market conditions relative to YOUR specific real estate situation. If you're buying or selling real estate in Boulder or surrounding areas, CALL US FIRST. 303.746.6896.
Let's start with a look at the single family house market.
115 houses are currently available, 119 are under contract and headed to closing. This represents a 26% decrease in total inventory compared to a year ago, respectively. We're now in the 6th consecutive summer of declining inventory in Boulder.
The chart suggests house inventory reached the 2015 seasonal peak at the end of May and we expect it will be declining for the remainder of the year.
Inventory for attached dwellings is currently 57 available units and 121 under contract. Taken together, this represents a shocking decrease of 58% from a year ago.
The seasonal peak and percentage of property under contact tend to go in lockstep. This year is no exception.
Percentage of inventory under contract peaked near the end of May, dropping from 78% to 68% for attached dwellings. For houses, its dropped from 57% to 51%. This is a good proxy for competition among buyers for available properties.
Negotiation Strategy
In short, buyers can afford to be a little more patient and slightly more aggressive in negotiations. Sellers need to be cautious if you're choosing a "go high and fish for a buyer" pricing strategy.
Keep in mind that the data above is for the Boulder market as a whole. Your house, your neighborhood, and your property type could be markedly different. Our last research note (sign up HERE) showed massively higher availability at certain price points in the market.
Note: Part TWO of this analysis is HERE.
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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.
Want to get blog updates via email? Click HERE.
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.
