Keeping an Eye on the Bigger Picture
The real estate market across Boulder County continues to shift as days on the market increased to 31 and the average price decreased to $1,006,954 for single-family homes. We're even seeing that homes are going for 99.6% of their asking price instead of well over the 100% mark which became normal for quite a bit of time. With rising interest rates, sellers now need to be smart about their pricing strategy.
Still, county numbers show that the average home prices stand at $1,126,402 year-to-date which is 10% higher compared to the same stretch of time in 2021. That's a very healthy equity gain for anyone who purchased a home in the last year.
Looking at the city of Boulder, just 121 single-family homes came on the market in July after two months of increases. That's also 3.2% lower than the previous year. Average prices dipped again from $1,673,139 in June to $1,513,705 last month. Also down less than a percentage point compared to July of 2021.
Buyers now have 34 days to find a great investment and the perfect home for their needs. And moving into August, the market had 2.3 months of inventory.
Again, year-to-date average prices for single-family homes in Boulder city limits stand at $1,698,783 which is up 11.4% compared to 2021 and further indicates that the market is not in the midst of a 2008-style meltdown.
In addition, the attached market (townhomes and condos) is seeing a bit of action with average prices coming in at $688,485—100.4% of the asking price and 25.6% higher than last year. Year-to-date average prices are 25.3% higher than in 2021.
As we head into the typical late-summer and fall slowdown, one statistic to keep an eye on is new listings. In the city of Boulder, 51 fewer homes came on the market in July compared to the prior month. Across the county, new listings dropped from 546 in June to 434 in July.
If interest rates remain somewhat steady and inventory continues to drop (like it does every year), home prices could begin to creep back up again. It will hinge on buyers adjusting to the higher rates and driving demand back up just as inventory hits its yearly slump.
Bottom line? The market is shifting from one where buyers can work with any agent who will help them "win" the transaction to one where knowledgeable and skilled professionals are the best asset a buyer or seller can have. As everyone realigns their expectations, it's crucial to have a well-connected, highly analytical agent who can best guide you in making smart decisions.
To view our report on Boulder real estate market stats for July, click here.
On-Market Tips for Successful Home Showings
While your house is on the market, it needs to make the right impression during broker previews and buyer showings. To keep it ready at all times, here’s a simple list of items that help to create an inviting and attractive space.
- Make it bright. More light always makes a space feel bigger! Use high-wattage bulbs in light fixtures and turn on all of your lights and lamps—even if it’s daytime. Open drapes, blinds and shades. And make sure the windows are clean to let in as much natural light as possible.
- Stash your stuff. Maximize the feel of your space by clearing out clutter. Pare down clothes in closets, stow your kitchen appliances out of sight and fully clear kitchen and bathroom counters. Then use bins to stash pet toys, kid stuff and other everyday items out of sight.
- Keep things clean. Cleanliness is vital to presenting your home well. Clear cluttered counters and surfaces. Clean cobwebs, as well as dust from ceiling fans, mantels and built-ins. Take out the trash, wipe down bathrooms and kitchens, close toilet lids and sweep the floors.
- Wrangle your pets. Put away toys, vacuum pet hair out of carpets and upholstery, clean the cat box and pick up any waste in the yard. Then secure your pets or take them for a ride in the car during a showing. It’s more appealing for buyers and less stressful for your pets.
- Tidy the outdoors. The walk up from the street is the first impression a potential buyer will have of your home, so the exterior is just as important as the interior! Make it count by mowing the grass, putting away toys, raking the leaves, straightening up furniture and keeping walkways clear.
- Make it welcoming. Fluffed pillows, made beds and a fresh smell make your home more appealing. Remove pet and cooking odors with open windows or air purifiers. Add a natural scent such as fresh flowers or freshly brewed coffee and play soft background music for added ambiance.
- Set the temp. Being too warm or too cold can cause a potential buyer to rush through your home without really seeing it. While you may prefer it warmer or cooler, setting the thermostat to a comfy 70-72° will encourage buyers to take their time while touring your space.
- Make your exit. You want prospective buyers to see your house as their new home, so go for a drive or take the dog for a walk. Buyers will be more comfortable exploring if you’re not around. Just be sure to open doors between rooms and make sure things are tidy on your way out.