Spring 2023 Market Update
I have always reported that spring is the best time to be on the market for Sellers. That is still the case, but year to date we are seeing a more normalized market compared to the last few years. The inventory of available homes is up 232% from a year ago when inventory was at the lowest on record. The number of sales is down 35% from a year ago when single family homes were selling at 104% of list price compared to 98% today and attached dwellings were selling at 103% of list price compared to 99% today. The market is inconsistent with some areas moving quickly while others are moving more slowly. The changing market has also impacted the median sales price with single family homes in Boulder County selling for an average of 1.5% less than a year ago and attached dwellings selling for an average of 3% less than a year ago. Days to sale have increased with last year being about 60 days to sale and this year being about 90 days to sale.
With all of that being said, the market is still very strong. Sellers will just need to be a bit more competitive and patient in the current market than in the last few years. Well-priced properties that show well and are in highly desirable areas are selling quickly, but Sellers with properties that are dated or are in a location that are less popular with Buyers need to price their properties more competitively.
For Buyers, there are some positive aspects to the interest rates being higher. Inventory is up substantially, so Buyers have more to choose from and in some cases can negotiate a better price. Also, there are some good options for loans with lower interest rates.
Whether you are considering selling or buying, there are opportunities in the current market. Please contact me to discuss how to make the current market work for you.