Just Like That, Boulder Springs to Life
Across the board, real estate in the city and county of Boulder came to life in February. Compared to the prior month, more new listings came on the market and more homes sold. Prices went up and days on the market decreased. While this is no repeat of the last couple of years, Boulder County is a resilient market, offering buyers some of Colorado's most desirable cities and communities.
Taking a closer look, the median single-family home price in the city of Boulder reached $1,400,000 in February, a significant increase compared to $1,140,000 in January. The percentage of list price received also jumped from 96.8% to 98.9% last month. As for townhomes and condos, prices increased from $391,000 in January to $583,000 in February. That's also 11% higher than the same time period in 2022.
The one stat that buyers should keep in mind is days on the market until a sale. That number fell from 78 in January to 51 in February—or nearly four weeks. While there's still time to shop around, it certainly shows momentum is building. With a good bump in home sales month-over-month and inventory still available at the end of the month only increasing by 15 properties, things may continue to move fast for Boulder home buyers.
Across Boulder County, February's median price for single-family homes was $842,500 versus $762,714 in January. That's a significant jump month-over-month though down compared to the same month in 2022.
Of course, it's tough to compare now versus then. At the start of last year, it was clear that in an attempt to fight inflation, the Fed was going to increase interest rates in March. That created a rush in the market as both buyers and sellers hurried to the closing table. Sales went up and prices went up all to get in under the wire.
With that being said, Longmont really had another fantastic month with median single-family home prices increasing from $617,825 in January to $660,000 last month. Attached homes also increased by $50k and listings spent about 10 fewer days on the market before selling. Inventory at the end of February also dipped, setting up the area for a busy Mach.
So, will the Boulder market continue to pick up steam as we head into spring? While we likely won't see the absolute frenzy that both buyers and sellers experienced over the last couple of years, indicators currently point to a return to more competition and increased prices.
Though the market has come back down to earth, there are still plenty of opportunities (and challenges) for buyers and sellers. So, make sure you work with a professional who will help you navigate whatever happens next.
The Boulder Buzz: Home Prices Over the Last Decade
While the massive equity gains of the last few years have slowed, now is still a great time to sell—especially if you've owned your home for a good decade. Take a look at the chart below to see how average prices for single-family homes have changed in the county's cities, towns and neighborhoods over the last ten years.
And if you're thinking about selling, feel free to contact a PorchLight agent to get a free, personalized report showing your home's value. You could be sitting on a treasure trove of equity!
