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Boulder Market Update
Ready for the first market analysis? Let's get started.
Note: Sales data is still preliminary and accordingly the analysis below is conservative. The data could improve slightly over the next week, but I think the pie is mostly baked at this point.
The chart above shows pending sales for Boulder County, attached and detached dwellings combined. The blue shaded area represents the average for the past three years. The yellow line is the last twelve months of data, ending in April. Pending sales fell below 300 last month, or 45.4% below average. Yowza.
This next chart shows absorption, or sales from the current month as a percentage of the previous month's inventory. Absorption is one of the clearest indicators of market activity and it shows a substantial slide. Last month, absorption was only 38%. The average for April is 60%.
This last slide shows inventory and now, the plot thickens. Most of last year, inventory was significantly elevated (look at those error bars, Tyler!) which created buying opportunities across the board.
That excess inventory is now history.
This last chart helps explain why: new listings fell off a cliff. Only 418 "new" listings hit the market last month, which is 40% below average and 45.7% below last year.
Of course, this is no surprise.
How should you adjust your buying or selling strategy?
You'll find a detailed discussion of the Boulder Real Estate market, including an up to date breakdown by price range, and our latest advice to buyers and sellers in our latest newsletter. Sign up HERE.
Pro tip: Not all "new" listings are really new. Often Realtors will refresh old listings to restart the clock on the MLS. As of right now, the MLS is actually having a technical issue displaying the correct days on market (DOM). Before writing offers, always double check the listing history.
Osman Parvez is the Founder and Employing Broker of House Einstein. Originally from the Finger Lakes region of New York, he lives in Boulder with his wife and their Labrador Retriever. He has been a Realtor since 2005.Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. For more information, click 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. House Einstein strongly recommends conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. Image: Carl Cerstrand.
