Buyers Wrap-Up a Home for the Holidays in Boulder
If you wanted to buy and close on a home in Boulder hopefully by Thanksgiving and definitely by Christmas, October was the month to make it happen. While new, detached single-family listings decreased from 143 to just 66 last month, Boulder sales increased slightly month-over-month and by 19.7% compared to the same time period in 2022.
With less inventory and a jump in demand, median prices increased significantly month-over-month, from $1,262,500 to $1,525,000. Even better news for sellers (and existing owners) is that prices were also up 11.3% year-over-year, showing that equity gains are still going strong. Homes still available for sale at the end of October also eased back to 3.7 months of inventory after hitting 4.2 months in September.
The biggest caveat for sellers right now is that days on the market actually increased massively across the board. It's now taking 76 days to sell a home in Boulder. That's around two and a half months. A year ago, it took 51 days—so, with a 49% year-over-year increase, patience is a big part of the process.
This also shows that buyers are taking their time to find the right home and the right deal before committing to a purchase that comes with today's higher mortgage rates.
In the townhouse/condo market, both new inventory and sales decreased in September. The median price also decreased from $500,000 to $466,000 last month. However, that's 5.3% higher than prices in 2022. Momentum slowed back down in this segment as well, with units selling in 52 days compared to 38 in September.
Looking at Boulder County as a whole, the median single-family home price increased slightly from $829,000 in September to $835,000 last month. That's also 5% higher than the 2022 price of $795,000. However, sellers received 98.4% of their asking price as buyers used their negotiation power to secure the right terms, especially with properties sitting on the market longer.
Also across the county, new single-family inventory dropped while the number of sold listings increased modestly month-over-month. Sales were also 10.9% higher compared to 2022. October ultimately closed with 679 homes still available for sale in Boulder County. This 3.1 months supply of inventory is down slightly compared to September, but a 24% jump year-over-year.
As the market continues to slow for the winter and upcoming holidays, buyers will likely be able to choose from both backstock and new inventory. They may also have the leverage to submit offers below the asking price and even request seller concessions—a negotiation tactic that is on the rise across the state, so be sure you have an expert to advocate for you as a buyer or a seller!
As for county numbers, single-family home activity in Lafayette picked up with more new inventory and an increase in sales compared to September. However, the median price decreased from $827,495 in September to $812,445 but came in 26.9% higher than the median price in 2022. Days on the market also ticked up significantly with it now taking 62 days to sell.
The median price in neighboring Louisville continued to climb, increasing from $835,000 in September to $896,000 last month. That's also an increase of 9.9% year-over-year, again putting some serious equity gains on the board for homeowners. In addition, days on the market fell from 36 to 23 month-over-month and by 46.5% compared to 2022.
And finally, in Broomfield County, there was a little of everything. The number of new single-family decreased while sales increased. Month-over-month prices decreased yet again, coming in at $680,000. However, that's 9.7% higher than in 2022. October then closed with less inventory than last year, 111 properties still available for sale, and just shy of two months of inventory going into November.
As the data showed last month, the Boulder County market picked up, though likely temporarily as we head into the holiday season. Getting a deal done takes patience for sellers, as well as a real estate agent versed in negotiations when buyers come ready to ask for concessions. A highly knowledgeable professional who can provide a nuanced strategy is key to achieving your real estate goals.
Selling Your Home in the Winter
Nothing puts a home to the test like a cold, Colorado winter. If you're thinking about selling, keep in mind that moisture and low temperatures can reveal a lot about the upkeep of your home—or lack thereof.
Before you go on the market, it's wise to winterize so that buyers aren't turned off by any issues that might arise when they tour the home or bring out an inspector. Here are some items for you to attend to if you haven't already.
Exterior
- Clear gutters and downspouts then double-check them if you see leaves fall into them.
- Hire a roofing pro to inspect for loose/missing shingles or flashing and fix any damage.
- Have a lawn care expert blow out sprinkler lines and shut off the system for the season.
- Disconnect all hoses from your outside faucets and install an insulated hose bib cover.
- Close any crawl spaces and other exterior vents that might be left open for the summer.
- Trim weak or dead tree branches that could break and fall on the roof, a car or fence.
- Cover up or store outdoor furniture, grills and hoses in your garage, basement or shed.
- Apply a fresh coat of sealer to any decking to prevent damage from snow build-up and rain.
- To prevent fires and any hazards, have your chimney cleaned, inspected and repaired.
- Buy a snow shovel, salt or sand and other winter supplies and keep walkways clear.
Interior
- Have an HVAC professional service the furnace, checking the blower, motor, piping, etc.
- Replace your furnace filter and continue doing so every 4-6 weeks throughout the winter.
- Seal drafts (with caulk/weatherstripping) around doors, windows, lights and switchplates.
- Clean out your window tracks, removing dirt or debris that may prevent proper sealing.
- Test the fireplace flue, confirming it operates properly and forms a tight, closed seal.
- Insulate your water heater along with exposed pipes in areas like a crawlspace or attic.
- Check all smoke and carbon monoxide detectors and replace the batteries if needed.
- Move furniture and other items away from heating vents to ensure efficient airflow.
- Set ceiling fans to turn clockwise, pushing hot air from the ceiling down to the floor.
- Install a smart or programmable thermostat to control temps when you’re not at home.
You can also talk to your agent about getting a preinspection of items like your roof. A recent snowfall could make it impossible for a buyer's inspector to examine the structure which could potentially put the deal on pause. Being able to show a certified roof, or receipts for furnace and fireplace servicing/repair can go a long way to put buyers at ease.
