Still a Seller's Market, But...
This month’s stats bring to light the fact that Boulder County has almost 5% less inventory now compared to 2017, which declined 10.7% from 2016.
At the same time, our median sales price from 2017 - 2018 went up only 4.6%, compared to 2016 - 2017 when it went up 16.3%. We’re still in the midst of a strong seller’s market and prices continue to rise, but they’re not meteoric.
It will be so interesting to see what March and April stats reveal. I just looked up “homes under contract in Boulder County over $1M”, and there are currently 89. Those closings will amp up our median sale price in the coming months for sure.
Hold onto your hats - I think we’re in for a bumpy ride this year!
What Inventory Shortage Means for First Time Buyers...
Finding a home in your ideal location with the features you desire can be extra challenging when there is such limited inventory. The "soaring home prices and the shortage of properties on the market are taking a toll on buyers, particularly first-time buyers" according to Realtor.com. Budget limits of first time buyers impact their flexibility, and here along the Front Range competition is fierce. Now that the Spring is here, we can expect the market to be competitive for everyone, not just first time buyers. I have a quiver full of great tools to help buyers with in this fickle market.
Statistics, Trends and Outlook
The 2018 RE/MAX of Boulder Real Estate report is out and it is full of statistics, trends and a forecast for the Boulder County market. This pamphlet is helpful for everyone because it outlines a lot of important information including a breakdown of stats for each city in Boulder County. One key point to mention is the imbalance in the real estate market. When we look at the statistics for 2016 and 2017, "for the second year in a row, the market was quite different during the first half of the year versus the second half." What does this mean for 2018? One conclusion is that we are definitely in "a sellers' market". Read the full report here and see what D.B. says is in store for housing this year.
Have you Seen the New Google Campus?
The new Google campus cost $130 million, and yes, it looks beautiful and like a fun place to work! Some of the company perks include in house massage, a food truck, and a climbing wall. And, "If employees walk or bike to work (instead of driving), they also receive a $5 stipend per day". We've already been seeing the impact of this on the real estate market here in Boulder, with more demand for homes now that Google employs 800 people. This trend will likely continue as Google is adding a third building next year which will double that number. What great news for those of you considering selling your home!
What's Happening this Month:
Boulder Arts Week. April 1st, all day.
Boulder Farmers Market. April 7th, 8am-2pm.
Tulip, Fairy and Elf Festival. April 8th, 1-5pm.
Glen Phillips. April 26th, 7pm.
BOGO Fridays at Color Me Mine. Fridays, 5-8pm.