With home prices spiking and little inventory to choose from, many home buyers took a summer vacation… literally. The travel industry reported record travel due to the COVID-induced ‘vacation deprivation’. With restrictions lifting, many took their 2020 and 2021 vacations all in one summer!
Correspondingly, buyer showings were down 35-44% in July, August and September versus 2019 (a more typical year). That is extraordinary. However, this substantial decrease didn’t seem to affect sales. During this period, Boulder County listings sold in just 6.5 days on average and at 102.3% of list price. Median home prices were up 10.9% and home buyers were again left with slim pickings with 47% fewer available listings than last year.
This trend will likely continue through the year. However, a new 2022 selling season should also bring renewed buyer interest and additional listings.
Traditionally, homes have taken 3-6 months to sell and the best outcomes came by waiting until Spring to list a home. Fortunately, home sellers are finding that timing is less important than ever before as high demand and low inventory make it possible to sell on their schedule, not Mother Nature’s.
Regardless of the strong market, selling a home takes preparation and a good plan. If you’re thinking about selling your home, give me a call so I can help!