Weekly Market Update, Real Estate Statistics & National Real Estate News - March 18, 2022

Friends,

Our headlines: Boulder County's new listings last week were in a normal range, but there is still an huge shortage of available homes. Nationally, same news - home choice is down by 50%.

Local Market Update - Boulder County

We had 85 new listings come to market last week, vs 71 in 2018, 90 in 2019, 102 in 2020, and 86 in 2021.

79 properties went under contract, in contrast with 89 in 2018, 71 in 2019, 92 in 2020, and 106 in 2021.

We had 1.70 months supply of inventory, in comparison with 2018's 1.34, 2019's 1.64, 2020's 2.17, and 2021's 1.32 MSI. While this reflects an improvement in our number of new listings, overall our inventory is still much lower than previous years.

The current lower amount of inventory is reflected in our year-to-date under-contract rate. This year we're at 568 under contract. Compare this with 727 in 2018 (year-over-year), 757 in 2019, 752 in 2020, 732 in 2021.

Please remember that 2020 numbers are skewed by the March-May lockdown and ensuing pandemic year.

Activity By Price Band - Boulder County

Last week we had much less activity in the $2.5mm+, $1-1.5mm, and 0-$500k markets, with decent delivery of inventory, so those would be the price bands to shop this week.

Overall, if you look at the price band activity over the last 3-4 weeks, you'll see that all of our segments are moving, there is not one that has stalled.
NATIONAL

Two Years Later: What did the Pandemic do to the U.S. Housing Market?

We've just passed the two-year anniversary of the coronavirus lockdown. The World Health Organization officially declared the pandemic on March 11, 2020.

Our national/global housing market has changed dramatically since then.

As alluded to above in our local info, today's national buyers today have half as many homes to choose from. Remote work and super low interest rates created massive buyer demand, which intensified the national housing shortage.

Homes are 34% more expensive, with the median sale price now at $369,000 than they were two years ago (year-over-year).

Grappling with fierce competition, buyers are twice as likely to pay above list price.

More than two-thirds of offers face multiple-offer scenarios.

Houses are selling twice as fast as two years ago. Nationally, typical homes are on the market for 25 days.

Nearly half of homes sell in just one week. Two years ago, less than one-third sold in just one week.

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