A Woosh of Inventory, Prices Up and Down
Overall, Boulder County real estate had a solid month. According to the data, 337 new listings came on the market and 210 sold, far outpacing the 120 homes that sold in February. It goes to show just how many buyers have been waiting for the right home to finally come up for sale.
Prices also increased in most county markets, though a rush of inventory in the city of Boulder actually eased prices for buyers. Let's take a closer look.
In the city of Boulder, there were 134 new listings in March, up from 88 in the month prior. Accordingly, the median single-family home price decreased to $1,357,000 compared to $1,400,000 in February. However, sellers still received 99.1% of their asking price, and days on the market dropped by another 5 month-over-month.
March also closed with 2.8 months of inventory still available across the city, that's up 211% compared to the same period in 2022 and about halfway to a more balanced market. If inventory continues to surge, prices will likely come down even further as buyers gain more choices and more leverage.
As for townhomes and condos, the attached market, prices also dipped from $583,000 in February to $549,000 in March. Sellers still received 100.1% of their asking price and days on the market decreased slightly from 53 to 51.
Across Boulder County, the median price for single-family homes in March was $899,500 versus $842,500 in February. That's a decent increase month-over-month and even a 2.8% increase over March of 2022.
Of course, at this time in 2022, the Fed implemented the first in a series of significant interest rate hikes that in turn affected mortgage rates. One year later, county home prices seem to be turning the corner and regaining positive momentum.
County highlights include Lafayette where single-family home prices increased from $760,000 in February to a hefty $825,000 in March. There, the number of new listings actually decreased and sold listings nearly tripled. Louisville also jumped from $756,000 to $936,367, though that's 17.5% lower than the median price in March of 2022.
Meanwhile, Longmont inventory jumped from 79 new listings in February to 123 in March which likely brought prices down slightly by $57K month-over-month. Erie inventory also increased and prices also came down by a scant $2,500.
So, it will be interesting to see if the Boulder market continues to gain more inventory and become a more balanced market—or if pent-up buyer demand continues to drive prices up even with more homes available. No matter what happens, the key to your success will be working with an experienced estate professional who can help you navigate today's market successfully.
Buying a House This Spring? Here's How to Declutter Before Moving.
Whether you house hunt for a month or a year, finding your new home and having your offer accepted is certainly exhilarating. That's followed by a bit of stress as you go through the steps needed to get to the finish line.
At the same time, you're likely preparing for your big move which can be a daunting task all on its own.
Want to pack and unpack less? Want your move to go faster and possibly pay less for movers? Don't want to fill your brand-new home with useless stuff?
Then it's time to declutter. Embrace the purge instead of packing the junk. Here's a quick guide to get you started.
Set Goals and Make a Plan – Just thinking about decluttering your entire house can feel overwhelming. So, create attainable goals, whether tackling a single room or taking 15 minutes to purge old clothes from your closet. For items that you’re not planning to keep, sort them into three categories: sell, donate or toss.
Apply the 90/90 Rule — This is a great way to make quick decisions. Basically, if you haven’t used an item in 90 days and don’t see yourself using it in the next 90 days, get rid of it. For clothes, you have a bit more time, especially for seasonal items. The hard rule here is if you haven’t worn it in a year, it has to go.
Use the Things You Have Now — Have a toothpaste stockpile? A freezer full of frozen veggies? Put a moratorium on shopping and start using up what you have in your house. Personal care to pantry items, the more you get through, the less you have to pack and move—like a heavy box full of canned foods.
So, what should you get rid of when decluttering? Let's take a look.
DON’T Keep Total Junk
- Random papers, cards or mail
- Shoes and clothes that don’t fit
- Old electronics or random cords
- Expired food, medication, etc.
- Worn-out linens, curtains, rugs
- Old instruction manuals
DON’T Keep Extra Anything
- Dishes, glasses or silverware
- Pots, pans and cooking utensils
- Water bottles and coffee cups
- Plastic storage containers
- Excess towels, blankets or pillows
- Pens, paper and office supplies
DON’T Keep Unused Stuff
- Unread books and magazines
- Obsolete VHS tapes or CDs
- Never unpacked holiday decor
- Outgrown baby and kid gear
- Gifts you keep out of guilt
- Broken stuff you haven’t fixed
Once you've lightened your load, moving will be easier and unpacking will be more joyful because you'll be filling your new home with all the items you use and love. Now, that's how to have a perfect fresh start in your new home!
