• Rich Gribbon

May Market Update

In my March newsletter of this year, I reported that the inventory of available homes was down 40% early this year compared to early last year. As a result, I was experiencing the hottest seller's market I had ever seen. At this point, we are finally seeing more properties on the market with the inventory of single family homes in the City of Boulder down 14.1% YTD while the inventory of single family homes is up in the rest of Boulder County by 7.4%. Attached dwellings are still lagging a bit with the inventory in the City of Boulder down 25.8% YTD and the inventory of attached dwellings in the rest of Boulder County down by 8.3% YTD. Rising prices and rising interest rates may be starting to have an effect on the market. The number of showings on available listings has decreased recently as have the number of multiple offers. I suppose it's still a hot market when a seller gets 15 showings and 4 offers instead of 30 showings and 8 offers, but the numbers seem to be trending down. Also, median prices are up YTD 14% in the City of Boulder and 22% in the rest of Boulder County, so it's still an appreciating market. I'll keeping tracking the trends and update you again as we get into summer. In the meantime, your investment in Boulder County real estate is very secure. Boulder ranked 2nd this year on SmartAsset's report for the Best Housing Markets for Growth & Stability (moving up one position from last year). Since their first report, Boulder has always ranked in the top 3 markets (remaining the number 1 market for growth & stability from 2015-2019). This latest 2022 report reinforces that owning in Boulder County is an outstanding investment. Please reach out if you want to discuss the current market with me and how I can help make it work for you, whether you are buying, selling or both. All The Best, Rich

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