The chart above shows the activity of the Boulder County real estate market this year on a weekly basis. The blue line represents the number of properties which went under contract during any given week and the red line shows the number of properties that closed during a week. I have highlighted two sections of the chart. First, the end of April was when the tax credit expired. The number of contracts fell off immediately and the number of closings tapered and then dropped significantly after June.
Since the end of the tax credit our market has been chugging along at roughly between 60 and 80 contracts per week. Not record setting numbers but what I like about it is the consistency. Usually our market starts to tail off at the end of summer and closings in each successive month show a decline from the previous. This year, after the tax credit expired we have been on a straight line and I think this is great. This shows a baseline in the market. It shows that buyers are out there and this gives the market strength going into the winter, right when we need it.
Inventory is dropping. Fewer houses are coming on the market and other sellers are withdrawing their homes from the market after an unsuccessful attempt over the summer. This means that there are fewer homes for buyers to choose from. Sellers, hang in there.