The inventory of existing homes in the United States has reached 11 months. This means that it would take 11 months to sell all of the active listings currently on the market given the sales rate for the last 12 months.
The Boulder area is doing much better than the nation as a whole. In the City of Boulder our inventory is currently at just under 6 months. Louisville is at 3.5 months. The areas with the highest inventory rates are the close-in mountains at 12 months and the suburban plains at just under 10 months. All of these figures are lower than they were approximately a year ago. Sales have fallen but the number of homes on the market have fallen even more. The chart below shows the year-to-year comparison across some local markets.
Just yesterday I spoke with a financial planner from Maui. His client owns a condo in Boulder and he was gathering information about our market so that he could advise her on what she should do with her Boulder investment. As I gave him the details he was amazed by the stability of our market. Steady prices, falling inventory, good rental demand and few foreclosures right in Boulder all pointed toward stability and a quick recovery.
The weather has been great lately and the buyers are starting to come out again. I’m hoping for some early momentum this year to ride us through until the national financial crisis lifts. If you are starting to feel like you want to make a move, don’t feel bad. You are not alone. Many people are realizing that this is a good time to make a move. If this is you – I’d be happy to help you. Good information is a great ally in this market and I’ve got it. 303-818-4055