What an interesting month for real estate in the city of Boulder. Compared to July, days on market for single-family properties increased from 34 to 47 in August. Yet homes are moving and average sales prices increasing. In July, the average sales price was $1,513,705 and in August, that rose to $1,668,794. That's also 15.2% higher than the same time period in 2021 and a considerable gain in equity for recent buyers.
Buying a home is likely one of, if not, the biggest investment you'll make in your life. And protecting that investment is an important responsibility. Along with purchasing top-notch insurance, performing ongoing repairs and maintenance are the key to your safety, the enjoyment of your home, and the ability to sell it for top dollar down the road.
Denver buyers now have more time to find the right home and more leverage to ask for concessions (money towards closing costs)—even submit an offer below asking. In fact, homes closed for an average of 99.4% of their asking price last month compared to 102.5% in August 2021.
Put together your emergency kit, starting with FEMA’s checklist of basic supplies. This includes items needed for basic survival such as food, water, warmth, clean air, and necessary medications/medical equipment. You should be ready to be completely on your own for days, even weeks.
The real estate market across Boulder county continues to shift as days on the market increased to 31 and the average price decreased to $1,006,954 for single-family homes. We're even seeing that homes are going for 99.6% of their asking price instead of well over the 100% mark which became normal for quite a bit of time. With rising interest rates, sellers now need to be smart about their pricing strategy.
You’ve likely heard the saying, don’t put all your eggs in one basket. Doing so puts you at risk of losing everything all at once. That’s the basic premise behind diversification which is applicable to all types of investments, including real estate.
Denver's real estate market continues to offer a greater balance between buyers and sellers. Month-over-month, the average price for all residential properties dropped by 3.3%. Also, on average, homes are closing for just over asking at 100.8% as bidding wars are now few and far between.
