Has anyone seen any houses for sale in your neighborhood lately? Not many, most likely. In my neighborhood in Boulder, Park East, there are only 2 homes for sale that are not under contract and one has been on the market for over a year, obviously priced too high. It’s the same story most everywhere these days….it’s called, Low Inventory! You’ve probably read about it in the paper. But I don’t quite get it.
Here are some market facts:
- Inventory is 20% lower than last year in Boulder
- The number of homes sold is up over 40% this year
- Prices are up 12% compared to last year
So….Buyers are buying, and they’re even paying more for homes than they have been in the last few years, but Sellers, well, there just aren’t that many Sellers putting their homes on the market these days. Why not?
I could understand why over the last few years. Prices have dropped in areas like Longmont and Erie and Broomfield. Who wants to sell when you’re going to take a licking. Strangely, even as the inventory has been shrinking over the last 4 years, prices have failed to rise. The laws of supply and demand are apparently not infallible.
But now, that’s changing, especially in Boulder. After being flat for 5 years, prices are going up this year. It’s now looking like an advantageous time to sell. Demand is high, supply is low and prices are rising!
If you’ve been waiting for the right time to sell, your time may just have arrived.