Looking back on 2015, the real estate market was defined by historically low inventory and rising prices. When people are wondering why prices are increasing so quickly I tell them to look at the number of homes on the market.
We have had the lowest number of homes available in the history of our market. This June, usually the most active time of the year, we saw only 400 single family homes available in Boulder County. In June of 2014, the year before, it was 603, a decrease of over 30%.
2016 is going to start out very similar to last year. Currently 60% of the currently listed homes in Boulder county are under contract. Which means there is an incredibly low pool of properties to choose from for the buyer. The Summer usually brings more homes into the market, so we’ll see how the Summer affects our inventory this year.
However! Now is still a good time to buy! Towards the end of last year there was a lot of talk of the Fed raising interest rates. And they did! This did not however, make the interest rate on home mortgages increase.
The average interest rate on a 30 year fixed actually went down! With inventory being so low, the market is still appreciating. Most of Boulder county saw the median sale price increase by double digits over the last year. Wait too long and that property you like might soon be out of your price range!
If you are hesitant about entering the market, think twice. Prices will continue to go up, and interest rates most likely will as well!
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