The Boulder Real Estate Market in October 2021
While prices over the last couple of months started to cool things down in Boulder, inventory continues to throw a wrench in the works. Just how much does low inventory affect the Boulder real estate market? Here's what's happening with detached, single-family homes in the city of Boulder.
There were 119 new listings in September and 106 homes sold. The average sales price was $1,447,979. In October, there were only 76 new listings yet 102 homes sold, possibly causing last month's average sales price to jump back up to $1,649,326. This average comes in second place behind April of 2021 when the market peaked at $1,885,264.
And it also comes after two months of prices decreasing.
In fact, new listings are down 32.1% year-over-year and total active inventory decreased by 52.1% compared to the same time last year. Inventory dropped to 92 homes (just one month's worth) and month-over-month, time on market dropped by 9 days to 44.
As for attached homes, such as townhomes and condos, the average sales price in the city of Boulder also increased month-over-month, from $575,926 to $668,923. That's after an increase in new listings from 56 in September to 69 in October and fewer homes sold.
It's contradictions like this that make it so tough to predict what will happen next in the Boulder real estate market.
Looking at Boulder County as a whole, October numbers fell in line with the city of Boulder. Both single-family and attached listings increased in price while the number of sold homes outpaced new properties coming on the market.
Single-family homes recrossed the million-dollar mark and now stand at an average sales price of $1,020,934. In September, that figure was $925,348—it even exceeds the average from May of this year ($1,019,513) which is typically a much busier time of the year. Overall inventory is now down 53.8% year-over-year.
No matter what happens next, the best strategy is to work with an experienced real estate agent who will help you make smart buying or selling decisions. At PorchLight, agents have the connections (including around 200 colleagues in-house) it takes to find a home that fits your needs or a buyer who is ready to get closed.
The right agent can also ensure maximum return on investment if you're a seller. Even if things cool back down in November, great staging and photography, plus smart marketing and maximizing every resource to present your home to buyers locally and even globally is key. And that's where we really shine.
To view our full report on Boulder real estate market stats for October, click here.
How to Inspect a Home During an Open House
Buying a home in the Boulder area can require a significant investment, which is why you want to make sure that you're making an informed decision. While your PorchLight agent will help you hire a reputable home inspector once you're under contract, feel free to do a little sleuthing on your own.
Take pictures and notes, bring a flashlight and measuring tape, and while it's bad form to rummage through an owner's belongings at an occupied home, you should walk away with a good idea of things like available storage space and water pressure. If an open house is busy, you can also schedule a private showing so that you can get a closer look before making an offer.
So here are (more than) a few things to check out on your own. Feel free to ask the hosting agent for clarification about anything you find.
Look Before Going Inside
- How easy or difficult was it to find parking? Will this affect your ability to have company over?
- Is the neighborhood well taken care of? Noisy? Lots of kids? Do you hear any road traffic?
- Does the house itself, as well as windows and structures like a chimney, look plumb, level and square?
- Are the gutters in good shape and are the downspouts pointed away from the house?
- Does the landscape slope away from the foundation? Is it well maintained?
- Are there any cracks, stains or damage to the driveway? What about the roof and siding?
- Do you see any major cracks, sinking or other issues with the foundation?
- Is the garage door crooked and does it sit flat/even on the ground?
- Does it look like there are any additions to the home? Check if they were permitted.
Examine All the Interior Details
- Is there any staining on the walls, floors or ceiling? (These are signs of water damage)
- Are there any offputting or musty smells? Are candles or other room deodorizers being used?
- What's the age, condition and consistency of flooring throughout the home? Any creaks or squeaks?
- Is there old wallpaper a bad paint job, signs of replastering or drywall repair/replacement?
- Do the floors feel level? Do doors or windows stick when opening or closing them?
- If applicable, do the stairs have secure railings? Are the steps evenly spaced? Squeaky?
- Are there any drafts coming from windows or doors? Any rooms that feel colder/warmer than others?
- Check under sinks with a flashlight, are there stains or other signs of water damage?
- Flush toilets and turn on faucets, is the water pressure strong and even (no sputtering)?
- Does the home include appliances? How old are they and do they appear to work?
- Is the water heater less than 12 years old? (Preferably much less than that)
- How old is the HVAC system and has it been serviced regularly? When was it last cleaned?
- Use your measuring tape—will your sectional sofa, king-sized bed and giant TV fit?
- Is there enough storage/closets? A pantry? A linen closet? Attic? Extra space in the garage?
- Are there enough outlets in each room? Is there electrical in the kitchen island?
- Are there GFCI outlets in wet areas such as the kitchen and bathroom?
- Any signs of pests, rodents or uncared for pets? FYI, a general inspection does not cover this.
- If it's a two-story home, look out the windows—are you ok with the views?
Check Out the Backyard
- If there's a patio, is it covered and is the cover in good shape? Any cracks, sinking or other damage?
- If there's a deck, is there damage? Do boards feel soft or spongy? Are the railings and steps secure?
- Again, does the landscape slope away from the foundation? Is it well maintained?
- Is there an irrigation/sprinkler system? Is it working properly? Has it been blown out each winter?
- Is there water pooling anywhere that it shouldn't be?
- Are there any mature trees near the foundation or with branches touching the roof?
- Is the fence in good shape or is it leaning? Is there water damage at the base from snow buildup?
- Find the electrical box–does it contain old fuses (round colored knobs) or circuit breakers (rows of switches)?
- Is there any other damage, rust or signs of a fire in or around the electrical box?
- Is there enough privacy for your preferences? Do you hear dogs barking or other noise?
If you have any concerns but still wish to proceed, that's fine! Along with a general inspection, your agent can bring in pros to complete a sewer scope, radon testing, mold testing, chimney or foundation inspection, even inspections for lead paint and asbestos.
Once any issues are discovered, you can then decide to walk away or renegotiate the contract. Typically, that means having the homeowner perform repairs prior to you taking possession, or purchasing at a lower price so that you can coordinate the work on your own.
Your PorchLight agent can explain the options, put together the paperwork, then negotiate and advocate on your behalf.
If you'd like to speak to one of our professionals, please don't hesitate to get in touch.