Lower Inventory in Boulder Keeps the Market...Interesting
Here's the latest on what's happening in the Boulder real estate market. New inventory for the month of October dropped both year-over-year and more significantly, month-over-month. In October, just 80 new, single-family listings came on the market in the city of Boulder compared to 114 the month prior. Across the county, new listings dropped by nearly 100 properties month-over-month. This is part of the typical, seasonal slowdown.
This is also what's keeping prices from dropping significantly as there are still buyers out there looking for their new homes. In fact, in the city of Boulder, median single-family home prices increased from $1,191,500 in September to $1,370,000 in October, also an 11.8% increase compared to the same time period in 2021.
Across the county, monthly numbers were relatively flat, increasing by just $5K with a year-over-year gain of less than one percent. In Longmont, month-over-month prices dipped from $645,155 to $587,500—that's still up 6.5% year-over-year, so not a bad number.
With higher interest rates affecting affordability, the total number of sold single-family listings was 57, down 50% compared to 2021. Yet, the month still closed with just 2.3 months of inventory.
For a truly balanced market, the Boulder area needs to hit 6 months of inventory, and we're far from it. Further drops in new listings and any increases in the number of sales will continue to propel this market and keep home values strong.
In the attached segment, such as condos and townhomes, new listings in the city of Boulder dropped from 70 in September to 49 last month. And buyers looking for a bargain sure found it. Median prices decreased from $610,500 last month to $442,500 in October. That's also well below prices for the same time last year.
This drop was also seen across the county with townhomes and condos going for $474,400 in October compared to $542,500 in September, yet up a healthy 8.6% year-over-year. As for Longmont, the median price was up a small tick and came in at 28.2% higher compared to 2021.
That's quite a mixed bag depending on your neighborhood!
Prices to inventory, with so much variation it's important to have a knowledgeable and experienced professional by your side. It's truly the best asset any 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.
Take a Field Trip with Your PorchLight Agent
If you're ready to take advantage of homes staying on the market longer and want a better idea of where prices are most affordable, reach out to one of our friendly agents and ask them about a Market Education Day. This unique service allows you to explore different neighborhoods and look at an array of architectural styles to help you find the right home for your lifestyle and budget.
Learn from a Neighborhood Expert
Through PorchLight’s one-of-a-kind certification program, agents learn about each neighborhood’s unique characteristics, which enables them to educate and help you make the best investment decision when buying a home. With their market expertise, your agent can provide you with insight into the neighborhoods you love and similar areas where your budget will stretch a little further and give you the most home for your dollar.
Find Your Perfect Fit
From the neighborhood to the type of house, to the floor plan, they will show you a variety of homes. In the end, you’ll know that you made a fully educated decision, no regrets! Because they take the time to learn exactly what you’re looking for, they can even preview potential homes on your behalf—sometimes before they’re on the market. This gives you a true expert on your team and the ultimate partner in finding your new home!