If you happen to be reading this you already know that the real estate market in Boulder County is unusually strong. Multiple offers are prevalent, prices are rising quickly and houses are selling quickly. But are all price ranges equal in their strength? This may be helpful to set appropriate expectations for both sellers and buyers in the Boulder area.
Under Contract Percentage
- $0 – $500k 66%
- $500k – $1M 67%
- $1M – $1.5M 55%
- $1.5M – $2M 47%
- $2M – $2.5M 39%
- $2.5M – $3M 38%
- > $3M 31%
Currently 62.5% of all residential listings in Boulder County are already under contract.
Days To Contract
- $0 – $500k 22 days
- $500k – $1M 20 days
- $1M – $1.5M 31 days
- $1.5M – $2M 43 days
- $2M – $2.5M 47 days
- $2.5M – $3M 33 days
- > $3M 78 days
The Boulder County average year-to-date is 22 days.
Inventory Absorption Rate
Inventory Absorption Rate measures how quickly the inventory of homes is getting turned over. I used the sales rate over the past six months to calculate how long it would take to sell all of the current inventory of homes (this includes active, active/backup and pending). The National Association of Realtors has said that a balanced market, neither a buyers market or a sellers market, has an absorption rate of six months. The average for Boulder County is 2.9 months.
- $0 – $500k 2.3 months
- $500k – $1M 3.1 months
- $1M – $1.5M 2.9 months
- $1.5M – $2M 3.29 months
- $2M – $2.5M 3.25 months
- $2.5M – $3M 6.5 months
- > $3M 7.87 months
Did It Sell For Below or Above the List Price (Negotiation or Premium?)
- $0 – $500k + 2.44%
- $500k – $1M + 3.86%
- $1M – $1.5M + 4.04%
- $1.5M – $2M + 1.46%
- $2M – $2.5M + 1.76%
- $2.5M – $3M – .63%
- > $3M – 2.74%
The average sale from January through today, June 25, 2021, closed for 2.2% above the listing price.
Conclusion
While the market is strong throughout all price ranges, it is clear by looking at all three of these statistics that more modestly priced homes are enjoying a stronger market than the higher price ranges. This is especially true for homes over $3 million. Buyers in that price range have a variety of homes to view and consider. This is not true in the lower price ranges where homes sell so quickly that at any one time there is not much to look at.
