May Boulder County stats have been collected and they are showing moderate decreases across the board since this time last year. However, it's still too early to tell if these numbers are reflective of the quarantine time when showings weren't allowed and listings were delayed, or if they are going to continue. With unemployment up and the number of mortgages in forebearance, there is more of a possibility that future foreclosures will alter the market later in the year. Even so, Boulder County has a long history of holding steady through crises.
Lawrence Yun, Chief Economist and Senior VP of Research at the National Association of Realtors, points to the number of homeowners who elected mortgage forebearance out of caution and not necessity. This would indicate that less people are seriously in danger of foreclosure this year than the numbers seem to point to.
Just like detached dwellings, there are less condos and townhouses on the market right now, so the number of properties under contract and closing are correspondingly down. Sales prices are up a tick, though, which is consistent with properties listed under $500,000. I was just in another multiple offer situation with a client this weekend for a townhouse in Broomfield, and another for a home in Louisville in the mid-$800s. If you're a seller who's been waiting to see what the market was going to do, give me a call for a specific analysis for your home and your neighborhood. There's still a lot of pent-up buyer demand, so you may discover that now is a great time to get on the market!
I would love to help you with your real estate journey.
