Boulder Continues to Be a Desirable Market
What an interesting month for real estate in the city of Boulder. Compared to July, days on market for single-family properties increased from 34 to 47 in August. Yet homes are moving and average sales prices increasing. In July, the average sales price was $1,513,705 and in August, that rose to $1,668,794. That's also 15.2% higher than the same time period in 2021 and a considerable gain in equity for recent buyers.
What caused the price hike? Month-over-month the number of new listings coming on the market dropped again and inventory at the end of August dipped by a modest six listings. Boulder now stands at 2.3 months of inventory whereas six months is typically a balanced market.
Boulder condos and townhomes also saw average prices increase, from $688,485 in July to $777,881 in August, and 37.8% higher than in 2021. Fewer units came on the market and inventory dropped month-over-month which, again, is the likely culprit for the upswing in prices.
This goes to show that without a huge influx of inventory (like in 2008), the real estate market in Boulder proper will remain strong, buying is still a smart investment and prices will likely continue to go up. Waiting for interest rates to drop just might mean paying a higher sales price later.
On the other side of the table, sellers should expect to be on the market for longer and be willing to negotiate on price if needed. With homes now going for 98.6% of asking despite the price jump this month, it's always best to work with a pro who will help you navigate a pricing strategy and how to maximize your return on investment.
Boulder County as a whole experienced a similar pattern when looking at monthly data. Days on market increased across the board, yet the average sales price for single-family homes jumped from $1,006,954 to $1,081,777 in August—a 12.8% increase over 2021 as well. The average price for condos and townhomes increased by $34,235 over July and these properties are going for 26.2% more than the same time last year.
In addition, just 376 new, single-family listings came on the market last month compared to 434 in July. And new listings for condos dropped by 15. Inventory available at the end of the month remained about the same month-over-month in both segments, indicating that if the number of new listings continues to wane as we get into the slower fall and winter months, prices may keep on rising.
Of course, interest rates are still the wild card and they've recently jumped up yet again as the fed continues to fight inflation.
Bottom line? Whether you're buying or selling, a knowledgeable and skilled professional is the best asset a buyer or seller can have. As everyone realigns budgets and expectations, it's crucial to have a well-connected, highly analytical agent who can guide you in making smart decisions.
To view our report on Boulder real estate market stats for August, click here.
How to Get Your Home Ready for Marketing Photos
According to the NAR Profile of Home Buyers and Sellers for 2021, 96% of buyers who searched for a home online found photos to be useful. In fact, great photos maximize the number of potential buyers who will want to see your home, and most importantly, make an offer on it.
Prep for professional photography not only takes a good cleaning but two key components:
Decluttering – Removing extra stuff like mail, phone charger cords, toys and knickknacks, will keep eyes focused on the charm of your home and make every space look bigger.
Depersonalizing – Be sure buyers can imagine moving into the home by tucking away or packing up family photos, taste-specific art or decor, as well as personal care products.
Below is a list of how to prepare for photos space by space. These are quick fixes that can make a big difference.
Home Prep Checklist
- Turn on every light and open up the curtains or blinds.
- Remove small rugs and runners that hide your floors.
- Turn off all ceiling fans, TVs and computer screens.
- Clear the counters of excess and non-decorative items.
- Make sure there are no dishes in the sink or drainer.
- Remove photos, magnets and artwork from the fridge.
- Remove soaps, toothbrushes, medication, razors, etc.
- Fold and neatly hang up fresh, clean guest towels.
- Always check that the toilet seat and lid are closed.
- Put hoses, garbage cans, bikes, tools and toys away.
- Keep your lawn lush and landscape in good shape.
- Remove vehicles in the driveway and close the garage.
- Keep pets offsite or out of the way for the photoshoot.
- Make sure there’s absolutely no pet waste in the yard.
- Remove beds, crates, cat trees, food bowls, toys, etc.
- Make beds, fluff pillows and straighten throw blankets.
- Put all shoes, jackets and strollers neatly in a closet.
- Add a vase filled with flowers or a bowl of fresh fruit.
If you need further help or plant to move out before selling, you can always rely on your PorchLight agent to help you. Backed by an in-house team, design consultations and full staging can be provided depending on your situation.