What Will 2023 Have in Store for Boulder Real Estate?
January marked the start of buyers and sellers getting back into the market after the holidays. More new listings came on the market and median prices increased month-over-month in the city of Boulder while the county as a whole experienced a decrease—though prices were slightly higher compared to January of 2022.
According to the data, the median single-family home price in the city of Boulder was $1,140,000 in January, up slightly from $1,117,800 in December and 3.6% higher than the same time period in 2022, which is pretty typical appreciation. That's with 69 homes coming on the market and only 28 listings sold for the month, whereas just 40 homes came on the market in December and 59 sold.
In addition, the percentage of list price received increased slightly month-over-month while days on the market jumped to 78 from 62 the prior month. And January ended with just 1.8 months of inventory available, up just 0.2% compared to December. A lot of give and take in Boulder, giving both buyers and sellers different advantages to enjoy and challenges to navigate.
The Boulder County median for single-family homes was $762,714 versus $800,000 in December with prices falling in Erie and Lafayette while increasing in Longmont and Louisville. And prices across the county also came in at 1.8% higher than in January 2022. So, while the market has slowed, homeowners are still gaining equity, just at a more normalized pace.
Digging a little deeper, Longmont really had a fantastic month with median single-family home prices increasing from $530,000 in December to $617,825 in January. Still, buyers are paying 97.9% of the asking price, so there's a good amount of balance. There were also 59 new listings and 48 homes sold. And days on market increased to 70, so if you're selling, don't worry if there's no offer right out of the gate!
With more activity in the single-family market, the townhome/condo segment saw big decreases in median price, down $83k in the city of Boulder and $31,000 across the county. Days on the market only ticked up by one day and the supply of inventory at the end of the month remained the same, 1.5 months of homes for sale.
So, what comes next? While the typically busy spring season is right around the corner, we likely won't see the absolute frenzy that both buyers and sellers experienced over the last couple of years.
More likely scenarios include increased activity and prices, fewer days on the market, and bidding wars only on the most desirable properties. The market has truly come back down to earth, providing much-needed balance and sanity!
Getting Your Home Ready for Marketing Photos
If you plan on selling this year, PorchLight's comprehensive services include taking professional-quality photos for you. Great photos maximize the number of potential buyers who will want to see your home, and most importantly, make an offer on it.
Preparing your home so that our photographers can capture it in its best light can give you an even greater advantage.
Start by 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.
You'll also want to depersonalize so that buyers can imagine moving in and making the home their own. This requires packing up family photos, taste-specific art or decor, as well as personal care products.
Below is an easy checklist you can use to make sure all your bases are covered.
- 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.