ZERO Inventory = Time to Sell NOW!

I know. We've been telling the same old story for years now. Low
inventory. Seller's market. Skyrocketing prices. Blah blah blah. Yes, it's been a very strong
seller's market for nearly 10 years now and there's no sign of things
changing. In fact, it's just getting worse. Record low inventory,
coupled with the recent Marshall Fire has created virtually zero
inventory. And home prices here in Erie are starting to look like Louisville & Lafayette...and [GASP] BOULDER prices?!

This is UNPRECEDENTED news for Sellers -- ESPECIALLY if you're open
to buying new construction (8-10 month build time) or relocating out of
state, or ready to upsize to a much larger, more expensive home.

Therefore, if you've been on the fence about selling, NOW is the time! We are in desperate need of inventory.

Most sellers are pushing the list price even higher than "fair market
value" and then still getting multiple offers and going way above list
price. Most buyers are offering "appraisal gap" clauses. Many are
waiving inspections. Many are offering to pay for title insurance and
other closing costs typically paid by sellers.

Check out this recent sale in Creekside at 1438 Jackson Ct.  Listed on the high end for $899K and just sold for $1M! Crazy! (listing courtesy of Rachel Folger with Re/Max Vista.)

Check out this new listing in Canyon Creek at 212 McDonald Ct. Listed
for $659,900. (Listing courtesy of Jeff Stewart, Jeff Stewart Properties). FYI - I just showed this home yesterday. It's in very rough shape and needs everything -- paint, carpet, you name it. They'll
probably get 10 offers and it will  probably sell for at least $700K. 
CRAZY!!!!

To give you an idea of how little is out there...Check out these numbers:

Erie Market Stats

• As of today, Friday 2/11/2022, there are currently only 11 single
  family homes for sale. 2 homes under $600; 4 in the $600s (which will
  likely be gone by Monday); 2in the $700s & $800s (also likely gone
  soon); and 3 in the $2M+ 
• There are 3 "attached" dwellings (condos & townhomes) for sale.
  One Blue Sky condo for $399 and the other two are new construction town
  homes in Colliers Hill for $600K+
• Average sales price for single family homes: $708K (up 10% from a year ago)
• Average sales price for condos/townhomes: $460K (up almost 30% from a year ago!)

Longmont Market Stats

Lafayette Market Stats

Louisville / Superior Stats

Boulder Market Stats

Frederick / Firestone Stats

BUYERS

Are you freaked out by the lack of inventory and skyrocketing  prices?  I AM too! But I have some ideas and strategies for buyers to compete in a tough seller's market. Stay tuned to my blog post coming next week! :)

Summary

Inventory levels are at the lowest we've ever seen and there's no
sign of this changing anytime soon. If you've thought about selling, I'd
love to speak with you. I can give you a a detailed market analysis to
give you an idea of what you could sell your home for and how quickly it
will sell. In addition, if you need to buy something, I can give you
some advice on that as well. Or if you have questions about the the
Colorado real estate market in general, do not hesitate to contact me!