Tuesday, July 08, 2014

Boulder Market Update [Analyze This]

by Osman Parvez

Put a fork in it. The first half of 2014 is done.    

I'm still crunching the data, but as hinted in previous posts, the Boulder real estate market is not as overheated as last year.   While it's still a seller's market, the preliminary numbers show volume dropped about 10%, year over year. 

I'm putting together my half year report. In the interim, here's some useful information for active buyers and sellers in Boulder.    

Take a look at the following chart. 


You're looking at a snapshot of current market conditions for traditional, detached homes in Boulder.    81 properties sold in the last 30 days, 133 are pending, and 168 remain available (not under contract). 



For condos and town homes, 87 properties closed during the last 30 days, 152 are pending, and 141 are available for purchase (not under contract). 

Here's where the rubber meets the road.   Take closing over the last 30 days and add it to pending sales.  Compare that to what's available.  There's only one conclusion:  inventory (and thus selection) remains sparse. 

This means intense competition among buyers for attractive properties - especially in certain price ranges and locations (talk to your agent for details). 

Case in point, I worked late last night and submitted an offer on behalf of my buyers for a house in Table Mesa.    Apparently, one other offer came in after hours last night and another one this morning.   There are now THREE offers at play for a house priced below $600,000 in S. Boulder.    I wouldn't be surprised if yet another offer materializes.  Meanwhile, several other houses on the market at similar price points aren't getting any offers.   

p.s. I'm playing around with new visual formats.  Feedback on these charts are appreciated. 

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