Buyers and Sellers Take a Break from Boulder Real Estate
There has been speculation about the market crashing for months now. Here's why it's not likely to happen. Looking at the city of Boulder, 114 single-family homes came on the market in September. In October, there were 80 new listings and last month, just 53 homes were listed for sale.
Without a flood of inventory, there's simply not enough downward pressure for home prices to plummet. Still, median prices did come down month-over-month from $1,370,000 in October to $1,198,350 in November. That's also 11.2% lower than homes were selling for a year ago—which is a big help to potential buyers who are facing higher mortgage rates.
Looking at the Boulder County market as a whole, the pattern repeats. The median price came down month-over-month by $70K and homes are selling for 5.2% less than they were in 2021. Again, this is good news for buyers along with the fact that buyers now have far more time to choose the right home for their needs and budget.
In Boulder, homes sat on the market for 59 days in November, up 10 compared to October and up 17 days compared to November of 2021. Across the county, days on market reached 49 days which is an increase of 36.1% year-over-year.
Head north to Longmont, and we're seeing more resilient prices. While down month-over-month, the median single-family home price came in at $570,000 and remains 1.1% higher compared to November of 2021. That might reflect the new inventory drop of 55 new listings in November compared to 100 in October. Days on market here also increased, so there's no rush to lock in a home, but no advantage for those waiting for a big price drop.
As we've seen over recent months, there's also been a surge in the city of Boulder's townhome/condo market as buyers look for greater affordability. Inventory fell by 20 listings month over month and 32.6% year-over-year. And the median jumped from $442,500 in October to $558,000 in November, also up 16.5% compared to 2021.
Countywide, 58 new listings came on the market in November, down from 121 in October and down 34.8% year-over-year. Prices also increased from $474,400 to $492,649 month-over-month and came in 9% higher than in November of 2021.
Ultimately, 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 will continue to propel this market and keep home values strong.
Another development that should bring more buyers into the market is the recent announcement of new conforming loan limits for 2023. The baseline loan limit of $647,200 will increase to $726,200 nationwide which will make home buying easier and more affordable. More specifically, conforming loan limits in Denver and most surrounding areas will increase to $787,750 while Boulder County will jump to $856,750.
So, once January 2023 rolls around, more buyers will be able to get into a conventional loan instead of having to adhere to strict guidelines and qualifications for jumbo loans. That should breathe new life into the market no matter what comes next with interest rates.
Make Sure Your Home Shines, PorchLight Can Help
At the market's peak over the last couple of years, even distressed homes were getting snapped up by buyers willing to put in some sweat equity. Now, it's imperative that sellers do everything possible to help their homes stand out from other homes on the market.
That's why all of our agents are backed by a full-service team, including our in-house cleaning crew. We will ensure your home is camera-ready so that it stands out in photos online and in printed marketing materials. It will also make the best possible impression on potential buyers when they view it in person. A clean home keeps them focused on the charm of your home, not the dust.
No matter what level of service your home needs, we have all your bases covered with three great options.
The Market Shine
This is a quick wipe-down and refresh to add that final "shine" before professional photos are taken. While this is not intended to be a typical house cleaning, it does include:
- Spot-dust furniture, fixtures and fans
- Wipe down glass surfaces
- Clean the kitchen and bathrooms
- Vacuum carpeting
- Mop hard surface flooring
- Sweep the front porch
The Full Clean
When a home needs more attention, or you have pets, we offer full cleaning. And if you’ve already moved out, our crew can also tackle the inside of your oven, cabinets, drawers, and other appliances for an additional fee. Your home will be ready for a buyer to move right in.
If you need more extensive cleaning (or even repair) services, just ask for a referral and we’ll connect you with a trusted service professional who will get the job done right. Our extensive and reliable network includes experts who can help with:
- Deep cleaning, furniture/appliances moved
- Exterior and hard-to-reach interior windows
- Patio and deck cleaning, repairs if needed
- Carpet cleaning, repair and/or replacement
- Cleaning a garage or any unfinished spaces
- Mold, waste, debris or biohazard removal
When you first meet with one of our agents, they will walk through your home and advise you on what needs to be done and how we can assist. PorchLight provides a next-level experience and and a full-service approach also encompasses staging, photography, and a full marketing suite—both print and digital.