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2019-08-19 12:49:42
Market Data: Q2 2019

Boulder County Market Data Q2 2019

Local market dynamics are subtly diverging from the super-hot market trends we have experienced over the past few years. When we compare Q2 2019 data to Q2 2018 data we see that the number of homes sold ('Closed Homes' in the KEY METRICS section of the report below) was nearly the same while inventory increased ('Homes for Sale' in the KEY METRICS section of the report below).  Accordingly, 'Months of Supply' currently sits at 2.9 months, which is approximately 20% higher than one year ago.    Note that analysts typically quote six months of supply as the turning point from a sellers market to a buyers market.  Double-digit appreciation in home value has whittled to single-digit appreciation and in some cases leveled off or dipped slightly.  So what does this mean from the perspective of sellers and buyers?

For sellers, it is now more important than ever to make sure your home is in 'cream puff' condition when listing and is priced at a point to attract the maximum number of buyers.  Expect to wait longer for offers.  Buyers sense that the tides have turned slightly in their favor meaning that they do not have to compete with hoards of other hungry buyers on a few properties in their chosen area.  They are taking their time to decide on the right property on which to submit an offer after viewing all inventory in the area.  Low interest rates also give them a sense of security so they do not feel rushed.  When they do identify the right property, they are less willing to pay 100% of list price and they are more confident with their negotiations.  Sellers are reacting to this new dynamic by slowly reducing their asking price and conceding to terms during negotiations that they would not have had to in the previously strong seller’s market.  Note – the outcome of negotiations is highly dependent on the skill of your Realtor regardless of market dynamics.

This trend has certainly concerned our recent sellers and bolstered our current buyers.  The market is shifting and we are helping our clients navigate these new trends successfully.  We work with both sellers and buyers.  We strategize with our sellers, based on their specific situation, to list at a price that attracts super-strong offers from the start without having to go down the road of multiple price reductions.  Once under contract, we protect our sellers from concessions and what can seem like a constant barrage of requests from the buyer.    We coach our buyers to help them submit offers that will be accepted for the best deal possible and negotiate on their behalf once under contract to ensure that any issues that arise during inspection, etc. are dealt with in a manner that benefits them. 

Despite this subtle yet distinct divergence in our local market from the past few years, home valuation continues to appreciate.  Our Boulder County market will always be buffered from national trends and will always be in demand because our region offers folks an ideal living in terms of location, amenities, community infrastructure, etc. and analysts agree!  Smart Asset’s latest housing market report ranks Boulder County as the best market nationwide based on price growth and stability.

 Click here to expand the table below.  


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