Signs show shift in seller’s market nationwide — where does Boulder County sit?
Nationally the housing market may be inching toward buyers, according to signs identified in analysis by Realtor.com of its June Housing Report.
Inventory is on the rise for the second consecutive month, upping the number of homes for sale in June by 18.7% over last year, the largest margin in the data’s history. Buyers benefit from the increased competition among sellers and have a bigger selection of homes to consider.
“The biggest positive for buyers is that they’re seeing more homes on the market now,” says Realtor.com Chief Economist Danielle Hale.
Additionally, homes in nine of the 50 largest metros, including Denver, Detroit and Austin, sat on the market for longer in June compared with the previous year.
But days on market is decreasing — nationally and locally. A typical singlefamily home spent 31 days on the market nationwide— five fewer days than the same time last year, according to Realtor.com.
Across Boulder County, days on market for single-family homes dropped nearly 21% on average in all metro areas except Louisville, where days on market increased 41.2%, according to statistics from the Boulderlongmont Realtors trade association (BOLO Realtors).
“That’s not great from a buyer’s perspective, but the good news is that this frenzied pace is showing some signs of a slowdown in certain places,” writes Realtor.com.
Though price reductions are once again a factor in some areas, home prices are still rising across the U.S., with the median home price hitting an all-time high of $450,000 in June, up 16.9% over last year.
In Boulder County, July’s single-family median sales price rose just over 19% yearto-date. Niwot showed the highest median sales price at $1,825,000 followed by Boulder at $1,437,500. Longmont holds the lowest median sales price at $634,400, reports BOLO Realtors.
Boulder County townhomes and condominium median sales price rose 16.5% on average in July, ranging from a high of 36.2% in Louisville to a low of 5.1% in Niwot.
Home prices decreased in only three of the top 50 markets in June: Rockford, IL; Topeka, KS; and Cape Girardeau, MO-IL. The June Realtor.com report shows that 14.9% of listings slashed their price that month, nearly double the percentage of a year earlier.
Boulder County single-family home sales dropped 19% yearto-date, sliding from 2,834 in July 2021 to 2,298 in July 2022. Sales for townhomes and condos decreased 25% year-to-date, dropping from 1,184 in July 2021 to 882 in July 2022.
In this changing market, buyers and sellers in the Boulder Valley face challenges and opportunities. For buyers, the intense buying competition may be easing. For sellers, the market remains strong.
Read the full national story at https://www.realtor.com/ advice/buy/signs-a-sellersmarket-has-peaked-shifting-tobuyers-market.