The spring real estate market in Boulder is in full swing! In fact the market has swung so far that it must have had a big push! Sales are up 16.5% year-to-date in all areas of Boulder County and more impressively, sales improved 28.5% from last April. More importantly, the mood of the market has shifted. There is a buzz in the market. As an example, as I write this on Sunday night at 8:15, I just got a call from a Realtor whose client saw one of my new listings hit an internet site and she was afraid that she had missed something. I told her that it would be on the MLS by mid-week. She was relieved and was working hard to make sure that she was working for her clients. Buying a home right now in Boulder County is not just a once in awhile thing, it has to be an ongoing effort. In many market segments it’s a race.
The other eye-popping statistic in the slideshow above is that as of May 1st, 40% of the active listings in Boulder County already had an accepted contract. This is over double the rate of a normal/good market. Combine this with the fact that the number of listings is down 10% from last year, and you get a sense of lack on the part of buyers. This is good news for sellers.
The luxury market has largely not participated in the strong market activity this spring. As of today, sales are down 3 units year to date for properties over $1.5 million and just 8% of listings are under contract.
Now the true test of the market is the longevity of the strong market activity. I have been saying for over a year that there is pent up demand waiting for the time when the market is “good”. Maybe now is that time.