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Are you ready for another update on real estate conditions in Boulder? Let's take a look at inventory.
The chart above shows total inventory for stand alone houses (blue) and attached dwellings (red) within the City of Boulder. The typical seasonal pattern is present, with inventory having reached its peak towards the end of summer. Total inventory trended slightly higher for houses this year and somewhat lower for condos and townhomes.
This chart shows the breakdown between available houses (dark blue) and those under contract (light blue). Although a fair portion of under contract deals terminate and return to the market, the vast majority get to the closing table. The relationship between under contract and available switches towards the end of the fourth quarter while inventory is still high enough to provide ample selection. This is why this is the best time of year for buyers to negotiate, even when it's a sellers market.
This chart shows the breakdown between available attached dwellings (dark red) and those under contract (light red). Note that for the past two years, there are far more under contract properties than available ones. This is one of the reasons I've been encouraging my condo sellers to be more aggressive when it comes to negotiation. My condo buyers get the data that helps them understand when to submit stronger offers.
It's worth noting that the trend lines converged this month, something that didn't happen last year. Perhaps it's a signal of the market somewhat softening. Even so, the message remains the same. The optimal strategy is opportunistic. If you're a buyer, keep looking and consider moving up your target price range. There are a number of overpriced listings on the market, some with large equity positions. These sellers might be worth tempting with a low offer + a fast closing.
For new sellers, caution is warranted. My recommendation is to market the property professionally but price aggressively, and don't push the comps too far or you'll be on market for 6 months or longer. At this time of year, it's far better to price right (i.e. to market) to create buzz and drive a bidding war to a fast sale with few contingencies. Listings that have been on the market for a significant period of time do not have the critical momentum and air of exclusivity to drive the price higher. In other words, you only have one shot to market your home for its maximum value. Choose your Realtor 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.
