Ahh... Autumn's in the air. If you're a boulder real estate seller, I've got bad news for you. The summer selling season is OVER.
The following charts show the percentage change in Inventory from about two months ago.
As you can see in the charts above, active listings - those you can actually buy - have dropped nearly 10% for houses and a whopping 25% for attached dwellings (condos, townhomes, etc).
Listings that are pending (about to close) or under contract have fallen a massive 38% for houses and 30% for attached dwellings, respectively.
|note: Pending includes active/backup in these pie charts|
The pie charts above tell the story.
Many sellers remain on the market, looking for a buyer. About 175 properties are available and ~200 properties are on track for closing in the next 30-60 days. Selection is substantially better for houses than attached dwellings.
Buyers: Whether you're looking at houses or attached dwellings, the intense pressure to submit offers has lessened. Yes, some newly listed property will still attract multiple offers but it's not like it was a few months ago. You have breathing room. Plan your strategy accordingly.
Sellers: If you've been on the market for the past few months without an offer, I have bad news for you. The summer selling season is over.
You blew it.
Don't say I didn't warn you (read: Don't Wait, Adjust Your Strategy Now.) Now, the horse has left the barn.
Maybe you didn't have your house buttoned up and ready to sell. Maybe you overpriced it. Either way, you're now dealing with a much cooler market. As fall arrives, you'll have fewer showings.
As we head into the end of the third quarter, smart buyer's agents should not encourage their clients to go all in with "highest and best" offers. Sellers should accordingly be prepared to find themselves in a tougher negotiation. Be ready to give up a little more to get it under contract.
Remember: If you'd like to talk about your real estate strategy, don't hesitate to contact me. I've added a shiny new schedule app. Please, schedule an appointment.
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