Signs of Seasonal Summer Slowing
The city of Boulder is a prime location for buyers and no wonder, it's a truly amazing place to live. This is likely a contributing factor as to why single-family home prices there increased month-over-month while Boulder County as a whole saw another decline in prices.
Taking a closer look, inventory in the city of Boulder came in at 153 new single-family listings, just two listings lower than in May and 14.5% below 2022 figures. However, more homes sold in June compared to the prior month, and the median price actually increased from $1,307,500 to $1,335,000. Good news for current sellers, though buyers are paying 6% less than the prior year.
In June, active inventory at the end of the month ticked down slightly to 3.7 months of inventory. That's still up 76.2% year-over-year and more than halfway to the balanced market mark. That's giving buyers a bit more leverage right now! They are also taking their time to shop around—month-over-month, days on market jumped significantly from 46 in May to 58 in June.
As for townhomes and condos, the attached market, May prices dropped again from $512,500 in May to $492,500 in June as new listings increased by 23 month-over-month. Sellers still received 99.9% of their asking price while days on the market jumped from 30 to 51 in June.
As for Boulder County as a whole, median single-family home prices peaked in March at $899,500, and have since decreased, coming in at $839,000 for June. That's also down 11.1% compared to June of 2022.
Also across the county, the number of sold listings increased month-over-month and so did inventory, but only slightly. In May, 442 homes came on the county market, and in June, 448 new homes were listed. Yet, last June, 556 new listings hit the market. It's likely that interest rates are simply suppressing prices even with a bump in homes for sale.
The decrease in median price for single-family homes also came in well below 2022 levels for the same period when the median was $943,500. That's great news for buyers and makes the case for smart, conservative strategies if you're in the market to sell your home and don't want it to linger.
Along with the city of Boulder being a hot spot, there's plenty of demand and competition in other areas of the county, including neighboring Lafayette. Prices increased again month-over-month from $825,000 in May to $890,000 in June. Inventory there also decreased compared to May as well as year-over-year.
Adjacent Broomfield County also saw prices surge from $676,500 in May to $715,000 in June. That's also 1.1% higher than prices in 2022. Living in this area has been growing in popularity as it provides easy access to both Denver and Boulder and offers quite a few moderately priced gems.
As the data showed last month, the Boulder County market is becoming more balanced while buyer demand continues to drive prices up in prime areas. Whether you're buying or selling a home, the nuances of today's market make it incredibly important to work with an experienced real estate agent who understands micro-markets and has the knowledge to help you achieve your real estate goals.
Understanding the Home Selling Process
As the market cools amidst the heat of summer, selling a home takes more nuance and a rock-solid strategy. If a sale is in your future, a good place to start is to have a better understanding of the process and what to expect along the way.
Choose a Real Estate Agent – The right agent will provide pricing and marketing strategies to sell quickly and for top dollar. Be sure to ask your agent for a Comparative Market Analysis which will help determine an accurate asking price. This figure is based on local market conditions and comparable sales based on the size and condition of your home.
Prep Your Home for Market – No matter what services are needed, your agent should have everything covered. At PorchLight, we offer:
- Staging: Showing a home’s full potential via staging can help it sell 2x faster and for up to 10% more.
- Cleaning: Our expert team will shine all rooms and surfaces to get your home ready for listing photos.
- Floorplans: A licensed pro verifies specs and square footage for better comps and accurate pricing.
- Photography: We take compelling photos that grab attention and drive buyers to your open house.
- Marketing: Our in-house agency creates print and digital materials plus signage to promote your home.
Show Your Home – Open houses and private showings are scheduled to get tons of potential buyers through your door. PorchLight’s unique, collaborative open house program maximizes buyer traffic and ensures a friendly, knowledgeable agent will host potential buyers at your home.
Accept an Offer and Come Under Contract – Your agent will help you select the best and strongest offer (it's not always about price), ensuring you get the best deal. Once both sides agree and sign a contract, the home will be held in escrow until closing.
Due Diligence – This is more of a waiting game for you as the seller. However, your buyer will be busy setting up an inspection and appraisal, as well as securing their home financing. If there’s an issue along the way, your agent will advocate for you and negotiate on your behalf.
Close and Get Paid – Once the buyer is cleared to close, funds are transferred, paperwork is signed, and you get paid!