Hello everyone!As I look over the Boulder real estate market for the first quarter of the year, I can begin to see how the pandemic influenced the market and what is likely to happen. Briefly,
Are Houses in Boulder Selling Right Now?
ARE HOUSES IN Boulder SELLING RIGHT NOW?
It seems a bit (or a lot) weird to talk about real estate given the new not normal, yet we've had questions from neighbors and clients asking
Are homes selling?
· What is going on with the real estate market?
· How can we see houses and still be safe?
· Is it safe to list my house and will anyone want to buy it?
The answer is that YES, people are still listing, selling, buying homes but it’s at much lower numbers and only truly motivated buyers and sellers are in the market. We simply pray that everyone is doing it safely!
As an example, one of our clients is going to be "homeless" meaning they've sold their home (it was under contract before anyone heard of COVID) and are living in a temporary home, so yes, they need a home and are actively looking.
As of last week in the Boulder Valley:
- 83 new listings
- 792 homes currently active on the market*
- 19 homes are currently pending*
- 46 homes were withdrawn from the market
- 19 homes came back on the market
- 68 homes closed in the last 7 days
What does this mean?
- We are still closing home sales
- Occupied homes have been withdrawn
- New listings are typically vacant
- New listings are still going under contract quickly - sometimes in a few days and even with multiple offers
- Some investors are holding off, while others have 1031 exchanges or pulled money from stocks prior to the market turmoil and are looking for a safe haven to park their money
To put this all into perspective our local Boulder Valley, we are now at our all-time highest ratio of homes under contract vs homes for sale.
In Boulder Valley we currently have more homes currently under contract than they do for sale. Partly, this is because there are so few homes for sale... we only have 1.9 months of inventory. But at our current sales rate, we expect that number to change.
Yes there are fewer new listings coming on the market these days (down 2.9% in March compared to last year), but more telling is that those listings are selling faster as seen by them getting under contract faster (7.6% fewer total homes for sale) and an increase of 5.5% in the number of homes that sold.
In summary, the housing market has not stopped, but has slowed some.
There are people still moving to Boulder Valley. We predict that when this is over, while the industry may have changed a bit, we'll see a surge in listings and sales as the result of pent-up demand.
We’re here to answer your questions and help you make a plan that makes sense for you. Contact Jason and Trish at 720-295-1604
How we’re listing and selling Boulder Valley homes safely during the coronavirus pandemic
(*note that the "active" homes include homes that have an offer and are "active taking backups" or A/B, not pending!)
Since 2013 Jason has been honing the skills to provide you with one of the best experiences in selling or buying your home: one that is as smooth and as stress free as possible. Prior to real estate....
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These days in real estate, it isn't quite business as usual. But we're finding ways to help people who must buy or sell do it safely! Some are shocked to find out that others are buying homes during