When I’m asked about the market I note that it is more balanced than one might expect. Although it is taking longer, houses are still selling and prices are holding up remarkably well. At the end of February 2021, 75% of active listings were under contract. This year we are at 42%. Sure, not as robust, but still a lot of activity in the Boulder County real estate market. In our constrained market, we are seeing fewer sales, longer times on the market and more negotiation. Sales in February were down 28% from last year which continues a trend of declining sales which started last June. In February, it took on average 54 days to get a contract on a house which closed. Last year it was 21 days. In the frenzied market last year, homes that sold in February closed for 4.4% above the list price. This most recent month the average home closed for 2.26% below the list price. Higher interest rates have made buyers cautious and have kept sellers from putting their homes on the market. Inventory of homes on the market has increased since last year, but it is still historically very low. Low inventory keeps the market in balance as the number of sales falls. See the full slide show below for all of the details.
Summary:
- February sales down 28%
- Year-to-date sales down 31%
- Sales prices in February (small sample) down 10% from last February.
- On average it took 54 days to get a signed contract up from 21 days a year ago. (see first graph below)
- On average, houses sold for 97.74% of list price. Last year in February homes sold for 104.4% of list price. (see second graph below)
