• Rich Gribbon

Summer Market Update

Last month I reported that the real estate market appeared to be slowing down and that I'd give you an update as we got into summer. Now that we have reached summer, I can report that the Boulder County real estate market has officially slowed down. In March of this year, the inventory of available homes was down 40% from a year earlier and the number of homes under contract was at 65%. This imbalance was leading to intense multiple offer situations and rapid appreciation. Currently, the inventory of available homes is up 33% from a year ago and the number of homes under contract has decreased to 45% which is causing prices to level off. The market traditionally experiences a seasonal slow down as we get into summer and approach July 4th. This year, the higher interest rates are causing the market to slow a bit more as buyers take a breath and watch to see what will happen next. The Fed’s plan to slow inflation by increasing interest rates is definitely having the desired effect in the real estate segment. I feel this is healthy after the rapid appreciation we have been having for the last 2 years. The good news is that properly priced homes that show well, will still sell. It just may take a few weeks instead of a few days. For buyers, there is an opportunity to look at more homes and have a better opportunity to buy. Even though interest rates are up, which reduces purchasing power, buyers may be able to purchase a home at a better price than a couple of months ago when we were at the peak of the market. Now is the time for discouraged buyers to get back in the game! Please reach out if you want to discuss the current market with me and how I can help to make it work for you, whether you are buying, selling or both. All the best, Rich

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