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Summer officially began last week, but it looks like it's already peaked for the Boulder real estate market. Remember, intelligent real estate decisions are based on a deep understanding of market conditions.
Let's take a look at inventory in Boulder.
The chart above shows the number of detached, single family houses on the market in the City of Boulder over the past year. The blue line represents available inventory, not under contract. The orange line is property that is currently under contract or about to go under contract with a buyer (active/backup or pending, for you brokers with MLS access).
Last year, the total number of available homes peaked at the end of September. Because many buyers need to have completed their moves in time for the school season, and most leases also turn-over during the summer, the number of active buyers typically declines rapidly in July. This means that even though total inventory is also declining, the relative number of available properties actual increases.
This should be good news for buyers who are actively shopping and aren't tied to the academic calendar. Sit tight, your options are opening up. As for sellers who are wondering why they didn't get a bidding war, NOW is the time to reconsider your marketing and in some cases, make substantial price reductions. For a professional opinion, don't hesitate to call me (ph: 303.746.6896).
The chart above shows the percentage of inventory under contract. Same data as the previous chart, easier to see the trend. The writing is on the wall: Summer officially began on the Solstice (June 21), but the Boulder real estate market's ability to absorb inventory has been dropping since the beginning of June.
Note: conditions vary by neighborhood, price range, property type, layout, condition, and location right down to the street level. Call us for professional advice from a Realtor who understands his fiduciary responsibility.
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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. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
Ready to buy or sell? Schedule an appointment or call 303.746.6896.
You can also like our Facebook page or follow us on Twitter.
As always, your referrals are deeply appreciated.
--
The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
