September Market Update
The Boulder County real estate market has continued to slow into September with available inventory increasing and the number of homes under contract decreasing. Statistically, this is normal for this time of year, but rising interest rates are causing housing demand to slow more than usual as some buyers pause to see what will happen with interest rates. This is most likely a temporary situation.
There has been speculation by some economic observers that housing prices will be falling. However, there is one thing that is overlooked in these predictions when it comes to our market - housing supply. The inventory of available homes in Boulder County is still close to the lowest in the last 20 years with the exception of 2021 which had the lowest amount of housing inventory on record. The rapid double digit appreciation of 2020 and 2021 may be behind us, but the Boulder County real estate market is among the most stable in the country. According to a recent CoreLogic Home Price Insights Report, they expect to see a more balanced market in the next year with year-over-year appreciation slowing to 3.8% by July 2023. Annual appreciation at 3.8% may not sound exciting, but it's way better than falling prices.
Housing supply has been on a downward trend for many years in our market which has helped to stabilize and increase home prices. These factors point to our real estate market continuing to remain strong and stable. If you want to buy or sell, I would encourage you to reach out to me for questions, ideas and advice.