Shockingly Low Inventory and the November Stats Say...
We’re still in a strong seller’s market in Boulder County with 2.2 months of inventory for single family homes, and1.6 months of inventory for attached units. The “real estate gurus” say 4-6 months of inventory is a balance market, and over 6 months of inventory is a buyer’s market. Here’s an interesting perspective - in November 2009 in Boulder County there were 1337 active listings. In November 2017 in Boulder County there were only 631 active listings. WOW, there are less than half the number of homes for sale today than November 2009! In the same 8 year period the median sale price in Boulder County increased from $345,000 to $557,000 - a striking 61% increase! Click HERE to see the November Stats.
Is the Colorado Growth Rate Slowing Down?
People have been migrating to Colorado in record-breaking numbers until recently. According to this article in the Denver Post, "those who are leaving in increasing numbers say they were driven away by rising housing prices, jobs that don’t pay enough and traffic jams." Residents of Colorado who are also tired of the traffic and competitive buyers market might be happy to learn that "New annual figures from the U.S. Census Bureau’s American Community Survey show that 193,000 Coloradans moved away last year, 10,000 more than in 2015, while 223,000 moved here, down about 4,000 from the year before but still well above recent years." Home buyers would be happy to have less competition, however, we have to remember that even though there may be an increased rate of people moving away, the number of people moving here is still significantly high, and if you're considering selling your home, remember that the opening of the new Google campus and potentially the new Amazon facility may mean that numbers might not stay low forever.
Uncharted Territory: The 2018 Boulder County Real Estate Market
As 2017 comes to an end, everyone wants to know: what is the 2018 real estate market predicted to be like? DB Wilson, Managing Broker Emeritus at RE/MAX of Boulder was interviewed by Bizwest to get his take on what is to come next year. He said at BizWest’s annual Boulder Valley Real Estate Conference that "he is concerned about affordability as home prices continue to increase throughout the region, and because there is an “extremely low” inventory of homes in local markets.“I’d say we are in uncharted territory, and there are no big housing developments planned,” Wilson said. “The number of home sales through the first three quarters of 2017 is up compared with last year, but lower than 2015.” Even though we can compare the stats year after year, we won't actually know what the future holds, and as we transition into the new year, let me know how I can support you with your real estate decisions.
Renovations that will Pay off in the New Year
If you're considering some renovations for your home in 2018, this article from Realtor.com will help you decide which ones will add value to your home. Sometimes it can be hard to decide which renovations to do first, or which ones will actually make a difference if you're considering selling your home. Fortunately, this article identifies the top 15 areas that are most important to home buyers and will help you focus your time and money where it counts.
What's Happening this Month:
National Eggnog Day. December 24th and 17th, 11am-2pm.
Great Gatsby NYE Celebration. December 31st, 8pm-1am.
Nice Works Jazz. January 17th, 6:30-9:30pm.
Nature Writing Workshop. January 20th, 10am-12pm.
Boulder Wedding Showcase. January 28th, 11am-2pm.