Heads up. The summer real estate season in Boulder is coming to a close. If you're still in the market to buy or sell, it's time to adjust your strategy.
Take a look at inventory trends during the month of July.
The chart above shows attached dwelling inventory (i.e. town homes and condos) in the City of Boulder from the end of June through today, July 30. The blue line is available, the orange line is under contract, and the grey line is pending.
Since the end of June, available attached dwellings have dropped 18% and property under contract has dropped 19%. Pending sales (i.e. under contract and anticipated to close shortly), have increased about 13%.
Now let's look at traditional detached single family houses.
Since the end of June, available inventory has dropped about 6% while property under contract has dropped nearly 22%. Pending sales have fallen only about 4%.
Adjust Your Strategy
Buyers: in general, inventory has dropped for available attached dwellings but under contract has dropped in lock-step. The market should feel about the same as a month ago for most condo and town home buyers. Buyers of traditional houses meanwhile have slightly less selection but property under contract has fallen much further, suggesting less buyer competition for the most attractive houses and possibly fewer bidding wars.
Sellers: Summer has another month to go, but the real estate market is already cooling. If you haven't gotten an acceptable offer on your listing, I strongly advise reviewing your marketing strategy with your agent. If you're thinking about making a price drop, now is the time. Take a careful look at recent sales and your current competition. Act accordingly.
Don't forget, this is a analysis that includes all price ranges and locations in the City of Boulder. If you're looking for advice for your specific situation, call me at 303.746.6896.