The math is pretty easy. At the end of July there were 2,399 active listings in Boulder County (single family homes listed in IRES MLS). Since then there have been 591 properties that have closed and 850 new listings to the market. Let’s see…
2,399 + 850 – 591 = 2,658.
According to my quick math, verified by my trusty 18 year old HP 12C, there should be 2,658 listings on the market. But I just checked, and there are currently 1,881 homes for sale. So what happened to 777 listings? Here is the quick answer. This time of year sellers who have been unsuccessful in selling their houses through the spring and summer season get a bit burnt out. After keeping their houses clean for months on end they decide that this was not their year and decide to take their house off the market for awhile. It’s just like the Chicago Cubs, wait till next year!
Seriously, this is an important point. The houses that are selling have a compelling story. They have a(an) outstanding (fill in the blank with one or more of the following: price, location, features). The story for middle of the road listings (okay price, okay location, average condition) is one of buyers look, buyers are ambivalent, buyers move on. It’s that simple. If a house doesn’t have something that grabs the buyers the buyers will move on.
As a side note; once we do see some good positive moves in the market it will be like a break in the dam. A steady stream will soon turn into a rushing torrent. By this I mean that there are many people, I know I have been talking to them, who are emotionally ready to make a move they are just waiting for the “right time”. For more information about the “right time” check out my next article. Why now is the time to cut your price and set yourself up for the future.