Boulder Real Estate Year in Review
Number Listed vs. Number Sold
In the current real estate market a seller needs to be realistic about price and have their home in top showing condition. If they don’t have both of these essentials in place their house will not sell. It’s not a matter of how long, it is whether it will ever happen. In many parts of the country the inventory of homes on the market has soared to record levels. Locally our inventory is down from six months ago and we continue to eat into our inventory.
One statistic that I have been looking at for the past few years compares the total number of homes (or condos) listed and the total number sold during that same time frame. It goes along with inventory and helps to understand where we are headed in terms of supply and demand. The larger the difference between the number listed and the number sold, the more inventory piles up.
The City of Boulder over the past year has done well. During 2007, 1009 single family homes were listed and 934 were sold. Taken alone this would indicate that we have very little inventory left. In actuality the first half of the year was spent working down the large differential held over from 2006. During 2006, 1663 homes were listed and 990 sold. Currently we have 303 homes on the market in Boulder, this indicates a 3.86 month supply, a great number. Much lower and we wouldn’t have that much to show.
For condos and townhomes in Boulder the story is much the same. During 2006 the differential between the number listed and the number sold was 639 units. During 2007 it was just 145 units. The charts below show the trend.
Basic supply and demand tells me that we are on the upswing and NOW is a great time to buy! With low interest rates, good rental activity and prices which have been unnaturally stagnant for too long. Now is the time to buy that larger home or investment property. I’d love to help you take advantage of the current opportunity.