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Boulder Real Estate Market Stats: May 2023

Boulder Real Estate Market Stats May 2023 | PorchLight Real Estate Group Denver Boulder

The Power of Supply, Demand & Interest Rates

Since the start of 2023, home prices across Boulder County have been a roller coaster. The median price for single-family homes started low, peaked in March at $899,500, and has since decreased, coming in at $847,000 for May. That's also down 7.7% compared to May of 2022.

Also across the county, the number of sold listings increased month-over-month and so did inventory—in April, 379 homes came on the county market, and in May, 442 new homes were listed. Yet, last May, 512 new listings hit the market. What we may be seeing is interest rates creating downward pressure on prices while low inventory overall continues to buoy the market. 

Boulder Real Estate Market Stats | May 2023 | PorchLight Real Estate Group, ColoradoTaking a closer look, inventory in the city of Boulder increased yet again to 155 new single-family listings, more than doubling January's 69 new listings. May also closed with 3.8 months of active inventory, a 123.5% increase year-over-year.

With more homes for sale and an interest rate spike late in May, prices decreased from $1,325,000 in April to $1,307,500 last month. However, sellers received an average of 98.9% of their listing price last month, an increase over April's 97.6%. Perhaps, listing prices are simply coming down to prevent homes from sitting on the market.

While there were more homes for sale in Boulder, May buyers moved quickly to secure a home so that they could get into their new home by the start of summer and before the next school year begins. Accordingly, average days on the market decreased by 9 month-over-month to 46 days.

As for townhomes and condos, the attached market, May prices dropped just slightly from $514,500 in April to $512,500 as new listings increased by 13 month-over-month. Sellers still received 100.1% of their asking price while days on the market ticked down yet again from 34 to 31 in May.

Again, looking at Boulder County, the decrease in median price for single-family homes also came in well below 2022 levels for the same time period when the median was $917,500. That's great news for buyers. 

However, there's good news for sellers as well with plenty of demand and competition in certain areas.

Looking at Lafayette, prices increased from $805,000 in April to $825,000 in May, even with more new inventory and days on the market increasing by seven. As for Longmont, prices remained flat at $652,000, but the median price for May is up 3.8% compared to 2022. And while Erie prices decreased, sellers are getting 100.2% of list price.  

As the data showed last month, the Boulder market is becoming more balanced while buyer demand continues to drive prices up in certain areas. Whether you're buying or selling a home, this goes to show why it's vital to work with an experienced agent who understands the nuances of each micro-market and has the expertise to help you achieve your real estate goals. 

Home Selling and Capital Gains Tax

Even though home prices have generally cooled in 2023, homeowners have gained a lot of equity over recent years and many are making a significant profit with the help of an agent who knows how to get a top-dollar sale. 

If you are thinking about selling, and have been in your home for a while, it's nearly guaranteed that you'll sell for more money than what you initially invested in the home. However, capital gains tax is a consideration to keep in mind.

Luckily, keeping more cash in your pocket is possible if you meet the requirements.

First, there's the exemption threshold. If you’re eligible and file as single with the IRS, up to $250,000 of your capital gain is exempt from taxes. For married couples filing jointly, that figure goes up to $500,000. 

Here are the eligibility requirements to claim this exemption:

  • You must have owned the home for at least 2 years out of the last 5 (up to the date of closing on the home). If you’re married and file jointly, only one spouse has to meet the ownership requirement.
  • You must have lived in the residence for at least 2 of the last 5 years. This is cumulative, not consecutive. All that’s required is 24 total months, but each spouse must meet the requirement individually. 
  • You must not have claimed this exemption in the last two years. The IRS calls this the “look back” requirement. If you didn't sell another home during the 2-year period before the date of sale (or, if you did sell another home during this period, but didn't take an exclusion of the gain earned from it), you meet the look-back requirement.
  • Eligibility exceptions for a full or partial exclusion: separation or divorce, the death of a spouse, home was destroyed or condemned, you were a service member, work-related move, health-related move, like-kind/1031 exchange, other unforeseeable events. 

So, if you're interested in selling or even on the fence, get in touch with a PorchLight agent and request a Comparative Market Analysis. This will show you how much your home is worth today and just how much money you could potentially put in your pocket—completely tax free.

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