More Inventory, Continued Competition
Buyers in the city of Boulder caught a slight break in March with 108 single-family homes coming on the market. While that might not seem like a significant amount, that number was 68 in February, 67 in January, and an underwhelming 27 in December of 2021.
Along with more inventory, days on market increased slightly month-over-month. Still, the competition remains.
The average sales price climbed from $1,695,885 in February to $1,717,499 last month. That's also a year-over-year increase of 18.9%. Overall, the percent of list price that sellers received came in at 108.8%. Buyers are presenting their highest and best.
And by the end of the month, only 72 single-family homes remained available for sale. That's down 40.5% compared to last year and still less than one month's worth of inventory. A balanced market is six.
Potentially fueling this rush are rising interest rates. Many homeowners are looking to sell before potential buyers are priced out. And many buyers are just as eager to purchase a home before rates climb any higher.
This goes to show that now's the time for homeowners to sell. These sales prices show significant potential for a seller's return on investment—if they act fast.
Looking at Boulder county as a whole, there's much of the same in the single-family market. There was a bump in inventory and increased prices, yet things are moving a bit faster with days on market down by 7 month-over-month.
One interesting change is that townhomes and condos decreased in average price from $652,687 in February to $613,876 in March. That's up compared to 2021, but could be a good opportunity for buyers who are more focused on location rather than owning a single-family home.
What’s next for mortgage rates is unknown and so is inventory—things could go either way. Your best bet is to work with a PorchLight agent who can advise you on when to make your move, how to bid strategically, and connect you with the best lenders in the business.
To view our report on Boulder real estate market stats for March, click here.
Mortgage Payment Schedule
Interest and mortgage rates change daily. The rate you get will also depend on other factors like your credit score. So, we've put together this handy chart to give you a better idea of your base mortgage payment (principal and interest) depending on your loan amount.
For example, you buy a home for $500,000 and put down 20% or $100,000. You then secure a 30-year loan for the balance of $400,000.
At 4% interest, your base monthly mortgage payment will be $1,910. If rates go up just one percentage point, you'll pay $2,147. That's an extra $237 a month which can be significant for some buyers—especially once you add in homeowner's insurance and property taxes.
Take a look at the chart below for more numbers, you can also download a PDF to keep handy.