Boulder Real Estate Keeps Cool in Spring
Spring officially started mid-March, but the Boulder real estate market is yet to heat up for the typical busy season. While new listings of single-family homes increased month-over-month in Boulder County and the city of Boulder, prices continue to decline.
Taking a closer look at single-family homes in Boulder proper, there were 124 new listings in March compared to 113 in February. However, that's 10.8% lower than the same period in 2023. Sold listings also came down slightly from 62 to 58 which was 24.7% below the prior year as well.
The most significant month-over-month change was days on market. While a brisk market in February dropped DOM from 106 in January to just 58, that number popped back up again in March, coming in at 87 days which is also 74% higher than March of 2023.
Along with a slower pace, prices decreased from $1,402,750 to $1,200,000 in March, also 13.4% below the prior year. Sellers received 96.8% of their asking price as buyers didn't shy away from negotiating a better deal to offset interest rates.
The month closed with 216 single-family properties in inventory, another month-over-month increase and 4.9% higher than the prior year. The city of Boulder now has 3.2 months of homes available, up from 2.7 in February and by 10.3% year-over-year. A balanced market takes six months of inventory, so there's still a ways to go.
The market was similar for attached properties (townhomes and condos). New listings increased month-over-month—however, sales in this sector actually jumped from 34 in February to 51 in March. Despite the increase in activity, the median sales price decreased from $593,000 in February to $485,000 in March which is also 11.7% below 2023 prices. The month also closed with 3.1 months of inventory, a 121.4% increase year-over-year.
From a macro level, looking at Boulder County as a whole, the market was stronger.
New single-family listings increased from 312 to 360 while county sales increased from 209 to 246 month-over-month (and by 12.8% year-over-year). Home prices managed a small uptick, rising ever so slightly from $802,000 to $805,000. As for condos and townhomes, new listings increased from 152 to 185 while sales dipped by just 5 properties. The median price increased from $485,000 to $500,000 as well. This price was also on par with 2023, no change.
Looking closer, single-family home activity in Louisville included more inventory and fewer sales, yet prices month-over-month jumped from $879,995 to $1,192,500 which is 27.4% higher than the prior year. Sales up in Longmont jumped from 66 in February to 84 in March, and prices there increased from $552,500 to $637,500 month-over-month and by a healthy 6.3% year-over-year. In Erie, new listings and sales didn't change much month-over-month, but the median price slipped from $784,950 in February to $712,500.
And finally, in Broomfield County—new listings and sales came in higher than the previous month. There were 91 new single-family listings while 59 homes sold. However, month-over-month prices decreased, coming in at a median of $625,000 and 14.6% lower than in 2023. March closed with inventory 4.1% below 2023, just 71 properties still available for sale, and 1.3 months of inventory.
Looking ahead, the typically busy spring season still has the potential to heat up depending on inventory, demand and mortgage rates. The Fed met again in March, held the federal interest rate steady, and mortgage rates remained elevated. However, the group signaled that they still plan on cutting rates (potentially three times) at some point this year. How this affects buyers will play out in the coming months.
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.
The PorchLight Difference When Buying or Selling a Home
As the numbers show, today's real estate market is nuanced which means it's important to work with a true professional. And not all real estate brokerages and agents are created equal. At PorchLight, our goal is simple: to provide you with a better experience. Every agent has a wealth of market knowledge, as well as a true passion for helping people successfully navigate a home purchase or sale.
We're here to guide you in making smart real estate decisions with absolute confidence. Here's how.
RealScout: Our Buyers are the First to Know
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Want to know if you’re making a smart investment or how much your home could potentially sell for? Along with agent guidance, we provide proprietary data that goes beyond zip codes. You’ll see neighborhood-specific insights going back at least five years—including median price.
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In real estate, location is everything and different locations work for different buyers. That’s why PorchLight has developed a proprietary, Certified Market Expert program that requires mastering area history, stats and architecture—as well as previewing over 300 homes. Agents who earn this designation can better pair every client (and their budget) with the perfect neighborhood.
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To get the most money for your home in the least amount of time (and the least amount of stress), your agent will coordinate services with our in-house team of experts. Cleaning, staging, photos, signage and both digital and printed marketing materials are managed seamlessly for you. Plus, we’ll keep you in the loop on schedules and next steps so you know exactly what’s going on.
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Most real estate agents juggle all the details on their own and clients easily get lost in the shuffle. However, with our collaborative approach, you get a stellar agent backed by all-star transaction and listing coordinators. Team support enables every agent to be 100% focused on your needs, from negotiating the best deal to managing contracts and ensuring an on-time closing.
Making a Match: Market Education Day
Everyone loves a field trip! So join your PorchLight agent for a tour of homes that match your lifestyle, budget and wish list. You'll learn about the neighborhoods you already know and love, then explore similar areas you might not know about—even neighborhoods where you just might get more bang for your buck. It's a great way to get a more holistic and realistic understanding of the market and even fine-tune your home search criteria.
Authentic Relationships: Let Us Earn Your Referrals
At PorchLight, we don’t buy leads or make cold calls. Instead, our agents exceed expectations on every level and inspire our clients to tell their friends and family all about us. We can’t wait to wow you!
