Is the Market Cooling Down this Fall?
The first 10 months of 2018 results show notable trends for Boulder County single family homes:
- Number of active homes listed is down - by nearly 8%
- Interest rates on mortgages are up - by nearly 24%
- Percentage of listed homes Under Contract is down - by about 5%
- The number of homes sold is down - by 2.7%
We’re experiencing some market turbulence as we complete the fourth quarter of 2018. End of year sales numbers show prices are up but number of homes sold is down. Buyers are informed and cautious, willing to buy but only what they feel is the best value. Questions to ponder as we end the year are - What will 2019 show us; a market that is cooling or a new year rebound? And what impact will further increases in the borrowing rate create in our local market? Stay tuned to find out.
View the October Stats here.
Boulder Teaches Nation the Risks of Rising Market Prices
A recent article from Yahoo Finance points out, "Home prices are ballooning in Boulder, Colorado, and the issues facing the idyllic city at the foot of the Rockies could serve as a warning to the rest of the country." As we talked about in last month's Buzz, the average home costs over $1Million. "It’s almost impossible to find anything attached or detached for under $600,000 now. About 52% of our community rents, and of our renter population a majority of them are paying more than 50% of their income on housing."
City council members are calling this a "housing crisis". The regulations and zoning rules "limit the number of units on a property and the number of unrelated people that can live together." In fact, "we have some of the strictest rules in the entire country."
While it's great that the market is going up, it's making it less affordable for many people. Boulder exemplifies the potential risk of this issue well, and the path to solution is still unclear.
Boulder's Rental Market Stabilizes-- For Now
The rental market "throughout Boulder County has finally begun to level out thanks to a large influx of newly constructed housing." How long will it last? Hopefully for a few years. As this article states, "we're building at a controlled pace where we'll be able to maintain our demand." The average rent of a 1 bedroom apartment in Boulder is $1500/month, which is a normal price for a for a major city, and "the slowing in the run-up of rent increases locally mirrors a national trend." For those of you who own rental properties, this means the rest of the year prices will probably stay about the same, and possibly pick up again in the Spring and Summer next year.
Chic Thanksgiving Decor that will Wow your Guests
These centerpiece suggestions from Elle Decor are inspiring! Take a few ideas from here and you're sure to impress your guests. The combinations of flowers and candles and gourds bring a modern yet OldeWorld look to the table, where you won't feel like you need to compromise style for holiday decor.
What's Happening this Month:
Lights of December Parade. December 1st, 6-7:30pm
Boulder Art Walk. December 7th, 6-8pm
Boulder Children's Chorale. December 9th, 2pm and 4pm
Boulder Chorale Holiday Concert - Let Your Heart Be Light. November 10th, 10:30am
St. Nick on the Bricks. Friday November 23, and Saturdays November 24 - December 22, 11am-2pm