In looking at the stats for last month, the most abnormal number is how many new listings have hit the market recently (up 28%). We are attributing this to the large number of sideline sellers who have been waiting for the market to change. Also what is absolutely fantastic is that both the median and average sales prices have increased (9% and 14.9% respectively). As we have seen historically, buying in Boulder (and in the front range) is a solid investment. Adding to this sentiment is that the average price is actually up by 1% and the median only down by 2.4% when interest rates were in the middle to high 7's earlier this year!
Days on Market has increased as the buying pool has been waiting for rates to come down. This month it is up to 60 days per NAR statistics and 146 days per the Market Action Index*. Also, this is typical of this time of year as people buckle down for the holidays and start to make their 2024 resolutions.
At SRE, we are predicting prices will hold for the next 3-4 months and then continue to rise as rates drop. In the short term, if you are a buyer, now is perfect time to try to take advantage of any opportunities and grab prices while they have held or are lower. Similarly, if you are a seller, now is a good time to try to list your home to see if there are any buyers trying to take advantage of the market. Optimally though, February or March is going to be the best time to list and we have several homes coming to market then.
Regardless, things could start moving pretty quickly in the next year, so please contact us today if you have questions or think it's time for a move or investment purchase. If you would like a quick price on your home or advice on things to fix in case you want to list, now is a perfect time to get on those maintenance items. We would be happy to come over and make some suggestions and provide pricing and contacts for projects. As always, now is more important than ever to have a seasoned and knowledgeable agency putting your goals first.
*Market Index and CAR statistics vary
