In January, the sellers market in Boulder continued to be red hot, even as temperatures are reaching icy cold lows. With active listings down a whopping 55.8% year-over-year for detached single-family (DSF) homes and plenty of buyers still looking to make a move, prices saw a 17% jump from January 2020 to an average sales price of $1,456,313 for those DSF homes. While the limited inventory and continued elevated prices are fantastic news for anyone in the market to sell, buyers have found a more challenging landscape as they search for a new home. Of course, with interest rates remaining at historical lows, it is still a great time to buy, provided you can find and act quickly enough on one of these coveted Boulder listings.
There is slightly better news for Boulder buyers in the Attached Single Family (ASF) or condo/townhome arena. While the number of active listings was still down more than 40% year-over-year, the average sales price actually dropped from $639,767 in January 2020 to $540,137 last month. This might be at least in part due to a lower in-person student population as CU continues to face COVID challenges, so potential buyers would be smart to act quickly, as these ASF properties will only increase in value once the campus reopens fully.
The numbers tell a similar story in Boulder County as a whole, with DSF active listings down almost 63% from January 2020, and average DSF sales prices up 28.4% year-over-year. Again, ASF buyers saw a bit of relief county-wide with the average sales prices in that market dipping 5.7% over the last year. But the average days to contract for both DSF and ASF dropped more than 20% since January 2020, meaning buyers have to act even faster to land a deal in this market. Speaking of buyers landing deals, PorchLight agents have a fantastic new tool that will help you immeasurably if you're searching for Boulder real estate: Homeward. PorchLight is actually the first brokerage in Colorado to partner with Homeward, which offers financial packages that allow sellers to buy before they sell their old house, or those looking to buy without selling at all to make a full cash offer. Cash offers are three times more likely to win in multi-offer situations, and in this market you need every leg up you can get.
If you're interested in exploring how Homeward can help you buy before you sell or buy with cash—or need some help breaking down all these numbers and what they mean to you—just talk with your PorchLight agent!
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