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Boulder Real Estate Market Stats: February 2024

Boulder Real Estate Market Stats | February 2024 | PorchLight Real Estate Group

Boulder Market Activity Heats Up, Prices Cool

With the official start of the real estate market's busy season just around the corner, both the city and county of Boulder saw more new listings hit the market along with an increase in sales. However, while the median home price rose across the county, prices dropped in the city of Boulder.

Taking a closer look at single-family homes in Boulder proper, there were 113 new listings in February compared to 88 in January. That's also 21.5% higher than the same period in 2023. Sold listings jumped from 43 to 62 which was 37.8% above the prior year as well. The most significant month-over-month change was days on market, which fell from 106 in January to 58 in February—though that's still slightly higher than in 2023.

Boulder Real Estate Market Stats | February 2024 | PorchLight Real Estate GroupHowever, prices are no longer skyrocketing in tandem with an increase in activity. In fact, prices decreased from $1,450,000 to $1,402,750 in February, also 3.3% below the prior year. Sellers are still receiving 98.3% of their asking price which is nearly 2% higher than the prior month, so easing home prices likely reflect lower initial price points, a smart strategy to offset current mortgage rates. 

The month closed with higher inventory than in January with 187 homes still for sale going into March. That's also 16.1% above the total for 2023 and 2.7 months of inventory. A balanced market takes six months of inventory, so a greater influx of new listings and a drop in sales will be needed to give Boulder buyers more leverage in the coming months.

It also appears that buyers looked for more affordable, attached properties—townhomes and condos. New inventory nearly doubled month-over-month while sales increased slightly. In this market, the median sales price jumped from $464,250 in January to $593,000 in February with sellers receiving 99% of their asking price. Inventory also increased, though supply remains at just 2.7 months.

From a macro level, looking at Boulder County as a whole, we're seeing much of the same in regard to activity.

New single-family listings increased from 262 to 312 while county sales went from 150 to 209 month-over-month (and by 69.9% year-over-year). Home prices also jumped from $764,500 to $802,000. As for condos and townhomes, new listings increased from 96 to 152 while sales climbed from 59 to 95. Prices increased from $445,000 to $485,000 as well. Still, this price came in below the prior year as interest rates continued to apply pressure.

Looking closer, single-family home activity in Lafayette included more inventory, as well as increased sales and prices month-over-month, coming in at $879,995 which is 15.8% higher than the prior year. Sales in neighboring Louisville jumped from 3 in January to 16 in February, yet prices there fell from $1,350,000 to $915,000. In Erie, again, more activity but nothing drastic. The median price for the town was $784,950 last month, well above the $717,000 price point in January and 6.4% higher year-over-year.

And finally, in Broomfield County—new listings and sales came in higher than the previous month. There were 56 new single-family listings while 50 homes sold. However, month-over-month prices decreased, coming in at $639,500 and 4.7% lower than in 2023. February closed with inventory 8.5% below 2023, just 65 properties still available for sale, and 1.2 months of inventory. 

Looking ahead, the typically busy spring season will ultimately reflect the state of inventory, demand and mortgage rates. The Fed meets again later in the month and if they drop the federal interest rate, mortgage rates could follow—which will likely cause a spike in buyer activity. 

With Boulder and the surrounding markets presenting varying opportunities and challenges, your best bet is to work with a seasoned real estate advisor who can better assess the market and provide a savvy strategy, as well as negotiate and advocate for your best interests. A proven professional will have the experience, connections and resources to keep your deal on track until closing. Choose your agent wisely.

Hail Season Starts Next Month—Are You Prepared?

Colorado's hail season typically runs from April 15th until September 15th, though storms are always a possibility earlier or later than this timeline. If you're currently a homeowner or plan to be one in the coming months, here's how to prepare as well as what to do in case of a damaging storm.

BEFORE a Hailstorm

  • Review Your Homeowner’s Insurance Policy – Review and even talk to an agent about your coverage for hail damage, adjust or add riders if needed. In particular, look at your level of coverage—actual cash value, replacement value, or guaranteed/extended.
  • Trim Trees and Shrubs – Hail and a storm’s accompanying wind can easily knock leaves off plants and trees, even snap branches or cause trees to fall. Walk your property with a professional to identify and prune areas that could break and damage your home.
  • Reinforce Your Windows, Doors and Roof – If budget allows, consider installing storm shutters, as well as an impact-resistant roof and windows. For your roof, Class 4 shingles provide the best possible protection from hail. Installing a steel roof is another option.
  • Take Action If Hail Is Forecasted –Keep an eye on weather reports, and secure outdoor furniture and equipment in your garage or shed if needed. Park your car in the garage as well. You can also buy car covers that may provide some protection from small hail. 

AFTER the Storm

  • Address Severe Damage Immediately – To prevent further issues, hire a contractor or reputable disaster response company to board up broken windows, cover holes in the roof with tarps, and handle any other issues that require immediate attention.
  • Inspect and Document Your Property – Carefully take photos or video of leaks, as well as damage to windows, siding, gutters, doors, and A/C units—leave the roof to the pros! Measure hail size if possible and pull documents relevant to the value of all items.
  • Arrange for Professional Inspections – Hire a contractor or roofing specialist to perform a detailed inspection of your home's roof and entire exterior. They may identify damage that wasn’t visible at first and provide you with a comprehensive assessment.
  • Contact Your Insurance Company – File a claim right away. Insurance will then send out an adjuster to assess. Provide them with all documentation and repair quotes so they can process the claim. Remember, you can negotiate and even appeal their initial offer! 

If a PorchLight agent helped you buy your home, or if you're currently on the hunt with one of our advisors, feel free to ask them for more insight and contact information for reputable pros who can also give you a hand. Beyond buying and selling, we are your experts for all things home!

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