Over the past five years, the local housing market has experienced a mid-summer slump in sales as the frenzy of spring gives way to the dog days of summer. This chart tells why.
Notice the blue lines indicating buyer activity in Boulder County. Sales peak in May, then begin to drop off. At the same time, the red lines, which indicate the number of available listings, continue to rise until mid-August before tapering off. From May through August, the number of houses on the market (red line) increased while the number of buyers in the market (blue line) decreased. More supply and less demand accounts for the quieter vibe that sellers and buyers have seen in the local market during the summer months.
In past years, the summer slump is usually over by August or September, and here again, data tells us why. Notice how the red and blue lines stop diverging and draw closer together in the fall. The red line indicates a decrease in available inventory, so buyers have fewer homes to choose from. This creates a bit more urgency, and makes the market feel more active before tapering off for the holidays.
If you’re selling or buying, our best advice is: enjoy your summer and get ready for a busy fall.