Again I opened the local paper to find the top story in the Business section about the “Mortgage Mess” and how it is affecting real estate and the foreclosure market. The article, which can be found at http://www.dailycamera.com/news/business/ went on to say that the local market was not affected as severely as other parts of the country. So, how are we doing? Here are a few market stats that may clear it up a bit.
Percentage of Active listings under contract:
In order to have a healthy market you need active buyers. It is healthy to have plenty of listings on the market but without buyers you have a big problem. In order to gauge the number of active buyers in the market I look at a few statistics. One is the number of showings. Better is the number of listings that are currently on the market. The chart below shows the percentage of homes on market that are currently under contract. I have done this search three times in recent months and show all for comparison. On average there are fewer homes under contract now than there were in both May and June. Louisville and Boulder have the highest percentage of homes under contract and Weld County and Longmont have the slowest market.
For condos and townhomes (attached dwellings) the story is much the same but the gross percentages are higher. A greater percentage of condos are under contract than homes. Boulder is the strongest market for condos in our area.
How long is it going to take to sell my home? This is the $64,000 (before inflation) question. The worst case scenario is to look at it like this; how long would it take to sell all of the homes on the market. If you were the least desirable home in the category yours would go last. This next chart shows how long it would take for that “last” home to sell if no other homes were to come on the market. Again in many areas condos are doing a bit better than their single family home counterparts. Still on average it would take about 8 months to sell all of the inventory in Boulder County given the current sales pace. The areas with the least amount of inventory are Superior homes and Louisville condos. The areas with the largest inventory are mountain homes and Longmont condos. Can you tell by the color of my graphs that it is almost football season?