Sales Down – Inventory Stable – Increased Price Reductions and Negotiation
As we head toward the holidays and the end of the year it is normal to see a slow down in the market. During October sales were down 3.7% from last October and down 17% from two years ago but they were actually up by 12% from sales in the previous month. So while the overall trend shows a general slowdown in the market that started around Memorial Day, there is still some life in the market and sales are still happening. In October there were 392 closings in Boulder County.
Inventory showed some good improvement during the first half of the year but over the past few months it has reverted to levels that are lower than last year. As the market has slowed we have seen a bit more negotiation (on average homes sold for 97.4% of list price which is roughly 1.4% lower than a year ago) in the market as well as many more price reductions (see the graph directly below).
All of the trends in the market are highlighted in the slide presentation below.