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2017 3rd Quarter Market Report: Home Sales and Prices Hit a Wall

The 3rd quarter of 2017 ended with not much of a change from the 2nd quarter. Home sales are down slightly and home prices continue to rise with median home prices up 4.2% year over year, but down from the second quarter's 6.2% increase. The primary reason for the slow-down in sales is the limited number of homes for sale, higher prices and less buyers being able to afford to buy a home.

The most notable change in the 2nd quarter was a shift in the amount of buyer activity declining 16% from last quarter. Additionally we found a significant change in the amount of price appreciation. Although 91% of the markets reported price appreciation there was an 11% shift from those markets reporting 5-10% appreciation and over 10% appreciation to those markets reporting under 5% appreciation.

According the National association of Realtors (NAR) existing home prices were up 4.2% over last year; the inventory of unsold homes is at a 4.2 month supply and 48% of all homes were sold in under one month. Still home sales dropped overall due to the low inventory of homes for sale.

The data in this report is generated primarily from our survey of HouseHunt.com and MoveUp.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in buyer activity is significantly higher than seller activity, however there was a definite downward trend in the number of markets continuing to show increasing buyer activity in the 3rd quarter. Our Realtors reported increasing buyer activity in 73% of the markets - down 16% from last quarter, but up 7% compared to last year. Seller activity was increasing in 49% of the markets in the 3rd quarter which was no change from the 2nd quarter, but up 9% over last year.

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Winter 2018 Market Update
The market in Boulder is shifting from extreme Seller’s market to Seller’s market. Inventory is increasing, which is providing the buyer with some more choice. We are receiving multiple offers but they are not as high a volume as 2016. The reason why properties are selling a little faster than last year is due to the appraisals being appraised at a faster pace than last year. The market continues to remain strong sue to job growth, great economy and people migrating into the area
Average Sold Home Price: $1,100,000

Average Time on Market: 30-60 days

Best Selling Price Range: $100,000 - $149,000

Existing Home Prices for the past 90 days: Increasing

Market Trend: Decreasing

Buyer's or Seller's Market: More sellers than buyers

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: Increasing

Multiple Offers? Yes

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 0-5%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Limited Supply

Greatest Activity: First Time Buyers

Best reason to buy or sell: Job Growth

Nearest Metro Area: Boulder

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Maureen McCarthy
303-817-1282
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Real Estate Professional, Maureen McCarthy Maureen McCarthy
RE/MAX of Boulder
Specializing in Boulder Real Estate
2425 Canyon Boulevard #110
Boulder, Colorado 80302
303-817-1282
Email Me | Receive New Listings by Email
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(Because current market conditions can change rapidly in any given marketplace,
please check with Maureen McCarthy for current Boulder, CO market conditions before acting on this information.)
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