More Options and More Time for Buyers
In response to rising interest rates and other economic factors, the Boulder real estate market continues to shift and return to a more normal and sustainable pace. Properties with smart, yet conservative pricing strategies are still selling at a healthy rate. And buyers now have more choices, as well as time to think through their options and select the right home investment.
In the city of Boulder, 172 new single-family listings came on the market in June, up from 165 in May. For a little perspective, that number was just 22 back in December of 2021. By the close of the month, there were 189 homes still available for sale, and Boulder actually reached 2.1 months of inventory—a 40% year-over-year gain, but still nowhere close to the 6 months of inventory needed to balance the market.
With competition easing, prices dropped again from $1,767,782 the prior month to $1,673,139 in June. That's still 20.3% higher compared to 2021, and on average, single-family homes are selling for 102.2% of their list price. Meanwhile, days on the market increased month-over-month to 28, though it was taking an average of 39 days to sell at the same time last year when there was much less inventory and far lower rates.
As for the townhouse/condo market, the average price jumped significantly from $642,311 in May to $912,275 in June. However, the median sale price decreased from $620,150 in May to $578,500 in June. Seems like a few penthouses or luxury condos sold which can skew data. So, if you are looking to buy an attached home, the median price is likely a better reflection of current pricing.
Now, looking at Boulder county as a whole, the average price for single-family homes actually increased slightly from $1,143,416 the prior month to $1,152,369 in June with year-over-year equity gains still in the double digits, currently a healthy 15.1%.
That price increase also comes with a modest month-over-month bump of new listings, 546 homes in June versus 512 in May. Listings also spent more days on the market and there was a decent drop in the percent of list price received—106.8% previously and 103% last month. And 555 listings were still for sale at the close of the month, a 43.4% increase year-over-year.
So, a bit all over the place, possibly due to both buyers and sellers just taking some time off to enjoy a summer vacation.
As for townhomes and condos across the county, average prices are showing the same disruption as seen in the city of Boulder. Meanwhile, the median price came in at $515,000 for June—that's $30k lower than the prior month (yet 12.8% higher year-over-year) and still a great opportunity for buyers who are budget-conscious but have their heart set on living that Boulder lifestyle.
As always, your best bet is to talk with a PorchLight agent who can advise you on making a strong offer as a buyer and a smart pricing strategy as a seller. It’s a very nuanced time with market pockets that are just as hot as ever, as well as neighborhoods where working with a market expert is absolutely crucial. Helping you approach the shift in the market is where our agents truly shine—reach out and let them assist you!
To view our report on Boulder real estate market stats for June, click here.
Quick Tips for a Quick, Top-Dollar Sale
The combination of more inventory and high interest rates pricing out potential buyers means your home needs to look top-notch for open houses and showings. Plus, a typical home buyer will put a large amount of their savings into the down payment, leaving very little money for immediate improvements.
In general, this means if a buyer is choosing between two homes similar in price, they’re likely to choose the one that’s in better condition and move-in ready. For a faster sale, use this list to present your home as well cared for and inviting.
- Make Minor Repairs. Take time to oil squeaky hinges. Fix that leaky faucet. Put a new screw in that doorknob that always comes off in your hand. Tending to small details really adds up with potential buyers.
- Consider Major Fixes. If there are any major repairs you’ve been putting off (like replacing the roof), discuss this with us. It may make sense to go ahead and take care of issues. Another good idea is painting your home— nothing sells a house like a crisp, new coat of paint.
- Eliminate Pests. One bug, dead or alive could be all it takes for a potential buyer to be grossed out and put off. If there’s a chronic pest issue, it’s always best to get it handled by the professionals.
- Spruce up the Yard. Trim bushes to below window-level. Mow and edge the grass, pull weeds from flower beds, clip tree branches, tidy up vines and consider planting colorful flowers.
- Toss the Carpet. If your carpet is outdated, stained, or just plain dingy, consider replacing it. This can provide a ton of home appeal and possibly eliminate unpleasant odors.
- Purge Ruthlessly. If you don’t need it, don’t use it, or don’t like it—get rid of it. Closets, basements, pantries and other storage spaces should be cleared out and organized to appear big and roomy with ample space for lots more stuff.
- Cut the Clutter. Take appliances off your countertops. Remove clothes from your closets (it will make them feel bigger). Organize your desk. Consider moving excess and oversized furniture into storage.
- Deep, Deep Clean. The cleaning to end all cleanings must take place before showing your home. Dust the tops of doors, vacuum every corner and baseboard, clean window sills, scrub mildew out of bathroom grout (re-grout if needed), clean the oven, wipe down the blinds—do it all.
- Shine Up the Exterior. Make the best impression from the start by cleaning exterior surfaces. Pressure washing wood, stone and vinyl surfaces remove years of grime that can make your home look older. Plus, a professional window washing will allow natural light to brighten your home.
If you need a hand or a referral for local professionals who can tackle the work, just let your PorchLight agent know. Along with access to our comprehensive in-house listing services, agents would be happy to give you the names and numbers of trusted service companies in your area. They can also protect your return on investment by advising you on whether or not to make any significant fixes or changes before selling.