The Boulder Real Estate Market in August 2021
And there's the cooldown. Maybe. It looks like the start of the year for the Boulder Valley School District perhaps slowed Boulder's roll in August. Will it continue to cool throughout the fall or regain momentum?
The answer is—who knows. Here's what's going on.
In the city of Boulder, the number of new listings between July and August remained about the same—so did overall home inventory. But, single-family home prices fell from $1,598,515 to $1,478,095 last month. And days on market jumped significantly from 37 days in July to 54 days in August.
Looking at detached, single-family homes across Boulder County, the average price fell from $1,042,325 in July to $960,412 in August. And here, the average days on market increased from 27 to 35. Again, perhaps some buyers took a break to focus on getting the kids off to a new school year.
The only area where prices increased was attached listings, such as townhouses and condos, in the city of Boulder. Average sales prices jumped by nearly $20k month-over-month.
While this is mostly good news for buyers still on the hunt right now, prices are up and inventory in both the city and county of Boulder are down by just over 50% according to year-over-year data. Coupled with incredibly low interest rates, it's still a highly competitive market with listings continuing to sell at or above the asking price.
The best strategy is to work with an experienced, real estate agent who will help you navigate this hot but (maybe) cooling market, whether you're a buyer or seller.
A well-connected agent can find a great home that fits your needs but has been on the market for a week or so—or perhaps has returned to the market due to another buyer's cold feet. This is an excellent strategy if you're a contingent buyer, have less cash for a down payment, or simply don't want to get involved in a bidding war.
The right agent can also ensure maximum return on investment if you're a seller. Even if the market is cooling, it's all about staging, photography, marketing and maximizing every resource to present your home to buyers locally and even globally. And that's where PorchLight really shines.
To view our full report on Boulder real estate market stats for August, click here.
Buying and Selling a Home in the Cooler Months
While spring and summer are the typical busy seasons for buying and selling in Boulder, or anywhere really, that doesn't mean your real estate goals need to be put on hold until the spring thaw.
In fact, as the weather and market cool in the months ahead, some unique advantages come to the surface.
5 Reasons to Sell
- Serious Buyers – By selling during the “slow” season, buyers are less likely to be searching casually and more likely to be focused on closing the deal. You’ll also get fewer looky-loos at open houses.
- Less Crowded Market – During the fall and winter, there are often even fewer listings to contend with. In fact, the drop in inventory gives your home to the opportunity to stand out and sell even faster.
- More Time to Buy – Between paid holidays and vacation time (especially unused hours this summer due to Covid), buyers may have more free time to find the right home! More showing availability on your part will increase your chances of a quick offer.
- Just in Time for the Holidays – Fall and winter are the seasons for home, family and cozy nights by the fire. If your listing evokes a strong emotional connection in a buyer, closing the deal will be simple.
- Stress Less Next Summer – When the weather warms up next year, do you want to want to deal with the hassles of packing and moving? By selling in winter, you’ll free up more time for fun.
5 Reasons to Buy
- Less Competition – Between colder weather and fall festivities, fewer people are out house hunting during the fall and winter. That means fewer buyers and offers to compete against.
- Sellers Want to Sell – Moving during the winter isn’t ideal, but a seller’s life changes may require it. And motivated sellers may be willing to negotiate, price, closing times and other terms.
- Faster Closings – With the pace of transactions slowing in the winter months, lenders will often have more time to tackle your loan paperwork, so you can get settled into a new home quickly.
- Certain Problems Are Easy to Spot – Cooler weather can reveal drafty windows, poor insulation, damaged gutters and more. These are issues you might not see in summer which might mean more bargaining power.
- Movers are Available – While warmer months are a busy time for movers, it will likely be easier to schedule a company in winter, even receive a discount if their business is extra slow.
To learn more and have one of our 170+ agents guide your fall and winter real estate journey, please get in touch!