Is the Market Slowing? [Analyze This]

What's New at House Einstein? Our listing at 810 43rd Street closed. The market was moving up in price so quickly this spring that we advised our seller to push for a longer closing to allow specific comps to close and better support the buyer’s appraisal. It sold for slightly over full list and we negotiated a post closing occupancy period for the seller, so that the move to her new home would be less stressful.  Funny story about this deal. I actually represented the buyers of her previous home. She was so impressed with our approach and professionalism, even though we represented the other side, she hired us as her listing agent. This was a feel good moment. One of the most encouraging things about the work we do are the referrals and repeat clients.   Sophie Kloor and I partnered to list a studio apartment in Boulder's Trout Farm last week. We chose to list with a Coming Soon status to allow the seller to button up a few last minute details. Showings began this past Friday. We had lots of activity over the weekend and it's now under contract. For investors or those seeking a minimal living space in Boulder, this unit's location just makes sense - it’s close to CU, Google, and Downtown Boulder. Plus there are fantastic and useful amenities included.    On a personal note, my wife and I just attended the very first Community Café  at E-Town. For decades, Nick Forster's E-Town has been contributing to the Boulder and National music scene. This new event series combines delicious food from area restaurants with local artists. The music at this first Community Café was by Sound of Honey was provided by chefs Daniel Asher (Ash’Kara & River and Woods), Andy Clark (Moxie Bread Co) and Rainbow Shultz (the Jamestown Merc). It was a cozy event and I expect it to sell out going forward. Grab a ticket for the next one, if you get the chance. Check it out.

How's The Market? Anecdotally, we’re starting to see the impact of rising mortgage rates here in Colorado. Although inventory levels remain abysmally low, I expect to see gradually increasing levels from this point through the rest of the year. This should mean flatter price appreciation and more selection for buyers. Sellers, sensing changing market conditions, are also pushing to get their listings out the door faster. According to conversations in broker-only communities, many realtors are reporting an increase in the number of sellers contacting them to list their homes.  The data, of course, doesn’t show this anecdotal information. Not yet, anyway. For example, only 105 new houses hit the market in the City of Boulder in March, 17.1% below average and 9.5% below March of last year (see chart). If word on the street turns out to be accurate, I think the market might take a bit of a breather later this summer.

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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.