Sales of single family homes in Boulder County dropped 28% compared to last January. There were 110 sales during the month. This represents the lowest total since I began tracking this monthly data in 2004. In addition to the single family sales there were 28 attached dwellings which closed during the month.
At the end of the month 13.4% of active listings were under contract. The graph below shows how that compares to the past. But to get the full story you must also consider the number of homes on the market. So let’s do some quick math; last January there were 2,011 homes on the market and 17% were under contract = 294 homes under contract. This year there are only 1,637 homes on the market and 13.4% of those homes are under contract = 193 homes under contract. It is clear that our market has contracted. How much and for how long is the question. People are cutting back on major purchases for now and houses are no exception.