Boulder County Market Update - October 2021

It's been a beautiful Fall here in Boulder County. Lots of bright sunny days and cool nights, leaves changing and great hiking weather. The change in season and approaching holidays typically results in a slow down in the Real Estate market. Fewer homes are listed for sale and general activity decreases. That's true this year too, though the market is still plagued by extremely low inventory which continues to make it difficult to buyers to find and purchase homes. It's not nearly as frantic as it was in the spring and early summer of this year. That makes it a bit easier for buyers, and sellers have to be a little more patient and not always expect multiple offers way over list price when they list their home for sale. That said, it's still a very strong sellers' market due to the lack of homes for sale.

Here are some quick statistics that illustrate the state of the current market in Boulder County. Looking at the sales of "Detached" homes (not condos and townhouses) through September of 2021, compared to the same time period last year:

• Median Sale Price Jumped 24%

• Number of Homes for Sale Dropped 47%

• The Days on Market (time it takes to sell) Dropped 20%

• Percent of List Price Received - Increased 4.5 % (from 99.3% to 103.7%)

That tells the story of this year, BIG Price increases due to LOW Inventory levels. However, as mentioned above, the first and second quarters of the year had the most extreme price increases and multiple offer frenzies of the year. Things have slowed down in the late summer and fall. Overall, if you're a buyer, though there's still little for sale, there's also less competition at this time of year, so it's a better time to be looking than it was several months ago. As a seller, don't be disappointed if your home doesn't get 10 offers on the first weekend. It may take just a little more time these days and you'll likely see fewer showings and fewer offers than you've heard all your friend and neighbors talking about.