I’m not ready to say that the market has made a turn, but it certainly seems clear that the upward trajectory has slowed over the last few months. Both inventory and interest rates remain low. When that is coupled with strong demand the result is that houses are still selling. In august 49% of closings were for a price above full price. Taken alone that still signals a very strong seller’s market. But when compared to May when 86% of sales were for above list price it isn’t quite as impressive. On average properties sold for 2.9% above list, in May it was 6%. Still a really strong market, but not quite so crazy.
Here is a summary for the month of August in Boulder County (this includes both single family and condo/townhome listings)
- Number of sales 533 (down from 565 a year ago)
- Median price $630,000 (up from $605,000 a year ago)
- The average sale closed for 2.9% above the asking price. (last month it was 4% and it was 6% in May)
- End of month inventory of active and under contract homes 1,114 (down 20% from last year)
- 30% of sales during the month sold for below list price
- 21% of sales during the month closed exactly at list price
- 49% of sales during the month sold for above list price
- The average premium paid for those sales that closed above asking price was 5.09% (July was 7.5%, June 8.7%, May 9.7%)
- There were 10 sales during the month that closed for 15% or more above list price. (36 in July, 72 in June)
