May 2023 Real Estate Statistics for Boulder County

May 2023 Real Estate Statistics for Boulder County

Spring is in full swing here in Boulder County, with green grass and beautiful flowers all around. It’s the perfect time to talk real estate, but let’s be honest, things aren’t exactly hitting their peak right now.

Sales have been a bit sluggish lately, falling behind the numbers we’ve seen in previous years. Ever since interest rates went up last fall, the market has been feeling the impact. And guess what? It’s led to a rise in inventory. But here’s the thing: it’s mostly because the sales rate has slowed down, not because there’s a flood of new listings. The number of new properties hitting the market has been on the lower side compared to the past five years.

Okay, let’s talk prices. They’re holding up pretty well on average. Month after month, we’re seeing prices that fall somewhere between what we had in 2021 and 2022. But as inventory rises it’s taking longer for houses to sell. In May, it took an average of 31 days for a house to go under contract, which is way longer than the crazy low 9 days we had last year. Sellers are starting to realize there’s some stiff competition out there, especially in the higher price ranges. So, we’re seeing more sellers dropping their prices to attract buyers.

Despite the challenges, there are still opportunities for both buyers and sellers in this market. Buyers can take advantage of the larger inventory and try to make better deals. And sellers, well, you might want to consider pricing competitively right from the beginning and being open to making some price adjustments to entice the buyers who are out shopping.

The market in Boulder County below $1 million is very strong. The table below shows that there is just 3.1 months of inventory (6 months is a balanced market) and 44% of the current listings are under contract. But as the prices increase the market becomes softer. Above $2,000,000 less than 14% of the listings are under contract and the inventory is starting to point towards a buyers market.  For more detailed statistics, see the slide deck below.

Total Listings

Under Contract %

Months of Inventory

Up to $1 million 811 44% 3.1
$1 to $2 million 292 30% 4.1
$2 to $3 million 120 14% 7.7
$3 to $4 million 44 9% 8.3
$4 million and above 48 13% 16

 

3305 Darley Avenue, Boulder $1,125,000  SOLD

3305 Darley Avenue, Boulder $1,125,000 SOLD

Welcome to this meticulously maintained home situated in one of Boulder’s most sought-after neighborhoods.  There is so much to love in this quality home. Some of the outstanding features include:  upgraded bathrooms, new 5 inch baseboard trim, Flatiron views from the front window and back deck, huge kitchen with vaulted ceilings and beautiful hard wood countertops, finished basement that can be used as a 4th bedroom or a large rec-room, beautifully maintained yard with gardens and flowers is highlighted by the huge deck that provides extra living/entertaining space, solar panels provide most of the needed electricity and two sheds provide extra storage… Conveniently located within walking distance to shopping, restaurants, highly rated schools and beautiful hiking trails. Showings begin on May 31st.

 

1323 Wildwood Court – Boulder – $2,436,100  SOLD

1323 Wildwood Court – Boulder – $2,436,100 SOLD

This is why you live in Boulder!

Significant Price Improvement!

Unparalleled location with breathtaking Flatiron and mountain meadow views! Set against the backdrop of Boulder’s iconic open space, this property provides a direct connection to nature, inviting you to immerse yourself in its serene surroundings. The meticulously landscaped yard enhances the outdoor experience, creating a private haven for relaxation and enjoyment. Nestled in the coveted Devil’s Thumb neighborhood with its many amenities, the home has been upgraded both inside and out with stucco siding, extensive decks and patios, wood flooring, and a heated driveway. The home features four bedrooms plus two offices, including one with a private entrance. Mountain views by day and stunning sunsets at night!

I represented both the buyer and the seller in this transaction.

For more photos go to www.1323Wildwood.com

 

3899 Bosque Ct. – Boulder $821,000 SOLD

3899 Bosque Ct. – Boulder $821,000 SOLD

Great opportunity in the quiet Palo Park neighborhood. This three bedroom, three bath front to back tri-level has a nice private yard with mature trees, and nice separation of space. The house has been a rental and will need some cosmetic improvements such as new carpet, but it has been well maintained by the owner and respectfully lived in by long-term tenants. Tenants will vacate at the end of July. The basement is partially finished and there is room for further build-out if desired. Central a/c and radon mitigation installed.

 

 

Boulder County Real Estate Statistics April 2023

Boulder County Real Estate Statistics April 2023

As we move into early May, the real estate market is in full swing with the prime sales season underway. New listings are steadily hitting the market. While sales are still lagging behind, there has been a noticeable uptick in recent weeks.

Boulder County has witnessed a solid 14% increase in inventory during the month, adding to solid foundation of available homes. Despite the influx of properties, prices have remained relatively stable and are comparable to the same time last year.

It’s important to note that the initial listing price of a property can make or break the sales process. An overpriced property will likely deter potential buyers from even considering it, leading to prolonged days on the market. Conversely, a reasonably priced property has a much better chance of selling quickly. In a competitive market like Boulder County, where there are many alternatives, it’s crucial to get the pricing right.

It’s worth noting that this year’s market dynamics are quite different from the previous year. In 2022, the market was more forgiving for sellers, and properties that were overpriced still had a very good chance of selling. However, this year’s market is less forgiving, and buyers have many more options to choose from, making it essential to price the property competitively from the outset.

In conclusion, the current real estate market in Boulder County is in full swing, with an abundance of new listings and a healthy level of inventory. Pricing a property correctly is crucial to ensuring a quick sale, and with the market being as competitive as it is, there is little room for error.