Boulder County Market Insights
for the month of July 2015
I love a good yard sale, don’t you? Of the top three signs that get planted in our front yards, the yard sale sign causes almost as much excitement as the HOUSE FOR SALE sign does! When I say yard sale, I’m not talking about the “clean out the garage” kind, but a good estate sale, like when someone retires and is moving away. The kind that is filled with furniture, kitchen items and curios that no longer serve a purpose to the original owner, but offer a new season of usefulness to the one clever enough to recognize the potential.
Many houses in the Boulder and surrounding area fit that same mold and will do well when offered for sale. Originally just the right design to serve the owner’s need and purpose but now outgrown, they are homes that would be perfect for someone else’s ideal living situation.
Since housing prices have rebounded enthusiastically over the previous several years, those who have considered making a move will find this a great time to move forward with those plans.
In June alone, Boulder County enjoyed an average days on market of just 12 days. Less in many cases! While the bargain hunters are out snatching up new yard sale treasures, the real estate market is enjoying a pleasant flood of eager, ready buyers.
Buyers are not discouraged by the home price increases but quite the opposite has proved true. Mortgage rates that remain below 5% interest mixed with easy term loan packages have attracted plenty of buyers to venture into this marketplace with high hopes of sealing a great deal on a new place of their own to call home.
These kind of stable equity gains and beneficial loan terms should result in a flourishing market, balanced between Buyer needs and Seller wants. And yet for some elusive reason Boulder and the surrounding areas continue to experience what can only be described as a housing drought.
Numbers surely never lie, and these are the numbers:
With only 65 new residential listings joining in for June, there were 239 sold and closed units. The average closed sales price of $619,569 was a bit less than the average listing price of $791,762.
Evidenced by stories of disappointed buyers beginning to fear their homeowner dreams may not come to pass indicates many potential sellers reluctant to plant that For Sale sign on the front lawn. It will be interesting to observe how the resulting scarcity of inventory throughout the county affects the numbers in coming months.
Discovering the secret to unblocking the apparent log jam in this real estate market may lie not in looking at past market performance but, much like those bargain items found at the yard sale, envisioning a fresh season of potential. The trick will be in transmitting that season of potential to sellers that will bring about the desired outcome; the steady flow of homes moving from sale to SOLD.
Stirring up interest, curiosity and exciting anticipation sometimes takes no more than planting the right sign out front.