Days on Market Up, Prices Down in Boulder
May was another busy month in the city of Boulder and across the county. However, the market continued to see an influx of new properties, which meant less competition and prices easing in certain towns and segments. In the city of Boulder, May also closed with 4.7 months of single-family home inventory, inching it closer to a balanced market and potentially causing the median price to dip by over $100k.
Of course, it was far from being all doom and gloom. Even though the median single-family home price decreased from $1,565,000 in April to $1,452,092 in May, that's still 11.1% above the median 2023 price and shows big equity gains. Boulder remains a highly desirable market and a solid investment for anyone considering homeownership.
A few more data points. There were 168 new listings in May—while down from 174 in April, that's 7.0% higher than the previous year. Sales jumped from 82 in April to 91 in May and increased by 5.8% compared to May of 2023.
Days on the market have gone up and down since the start of the year, and May came in at 64—well above the brisk pace of 52 in April and 39.1% higher when looking back at May of 2023. However, it was taking 87 days to sell at the start of spring, so this pace still indicates healthy conditions for the current year.
Taking a closer look at the rising inventory situation, which is happening in the Denver market as well, May closed with 328 homes for sale in the city of Boulder compared to 281 in April and 270 properties in May of 2023—a 21.5% jump. Last May, the month ended with 3.9 months of inventory, and this May, that number climbed to 4.7.
Again, a balanced market that favors buyers and sellers equally requires about 6 months of inventory. With the seasonal summer slowdown coming up quickly, Boulder could hit the number if sellers decide to skip vacation to focus on prepping and getting their homes on market.
As for townhomes and condos, the number of new listings actually decreased from 122 in April to 108 in May. Year-over-year, that's still a 30.1% increase, which means buyers have more to choose from. Sales, however, were down slightly month-over-month and by 12.1% compared to May of 2023. The median price also decreased slightly from $545,000 in April to $537,00 in May, though that's 4.8% above the 2023 median.
And while days on market fell by nearly two weeks month-over-month, attached homes are sitting on the market for 47 days. That's a significant, year-over-year increase of 56.7%. Inventory of homes for sale was also 111.7% higher than in May of 2023, and the month closed with a 4.8-month supply of inventory, a 140% jump YoY.
Now from a macro level, Boulder County as a whole, the market was somewhat similar.
New single-family listings increased from 488 to 520 while county sales increased from 301 to 334 month-over-month (and by 20.6% year-over-year). Home prices also decreased, but not by much, dipping from $869,950 to $866,000.
As for condos and townhomes, new listings decreased from 209 to 200 while sales increased again from 110 to 124 (though that's 7.5% below 2023 figures). The median price also dipped slightly from $505,000 to $503,563 month-over-month while increasing by 4.8% compared to the prior year.
Looking at city markets, single-family home activity in Lafayette included decreased new inventory and increased sales (up 38.7% YoY). With that dynamic, the median price increased from $767,500 in April to $816,500 in May. Louisville saw the single-family home price cross back over the million dollar mark, coming in at $1,070,000 which is also 12.6% above the prior year.
Over in Erie, new listings continue to climb—from 69 in March to 98 in April, and 126 in May. With sales brisk, rising from 61 in April to 75 in May, prices there increased from $731,310 to $775,000 month-over-month and increased by 2.3% year-over-year.
And finally, in Broomfield County—new listings of single-family homes increased from 78 to 101 month-over-month while sales ticked up slightly from 73 to 78 properties. Days on the market fell again, coming in at 19 and May's median price was $737,500 which is a small increase compared to April but a healthy 8.8% higher than 2023.
May closed with 104 properties still available for sale across the county, and 1.9 months of inventory—both double-digit increases year-over-year.
With the typical summer slowdown just around the corner, it's always best to work with an experienced real estate agent who can better assess the market and provide a smart strategy, as well as negotiate and advocate on your behalf. A proven professional will have the expertise, connections and resources to help you achieve your real estate goals. Choose your agent wisely.
How to Get Your Home Ready for Listing Photos
With inventory on the rise, it's more important than ever that sellers take the steps needed to ensure their homes look amazing in photos.
According to a study by the National Association of Realtors, 96% of buyers who search for a home online found photos to be useful. It's no wonder that photos maximize the number of potential buyers who will want to see your home, and most importantly, book a showing and even make an offer on it.
Preparations for photography not only take a good cleaning (which PorchLight and our agents provide) but two key components:
- Decluttering – Not everyone is a maximalist! Removing extra stuff like mail and other paperwork, kitchen counter gadgets/appliances, phone charger cords, child/pet toys, and excessive knickknacks will keep all eyes focused on the charm of your home and make every space look bigger.
- Depersonalizing – Be sure buyers can imagine moving into the home by tucking away or packing up family photos, taste-specific art or decor, as well as personal care products, especially in bathrooms. You may also want to consider repainting if your home reflects your love of bold color.
Now, let's get a little more specific. Here's a quick checklist to help you prepare your home for photos:
General Prep
- Turn on every light and open up the curtains or blinds. Light and bright is the goal.
- Remove small rugs and runners that hide floors or look cluttered and fussy.
- Turn off all ceiling fans, TVs and computer screens to create a serene, relaxed space.
Kitchen
- Clear the counters of non-decorative and excessive items. Maximize your counter space.
- Make sure there are no dishes in the sink—tuck the drainer and cleaners underneath.
- Remove photos, magnets and artwork from the fridge so cleaners can give it a good shine.
Bathroom
- Remove soaps, toothbrushes, medication, razors, etc. Less clutter is always better.
- Fold and neatly hang up fresh, clean towels. Go for a spa-like or hotel vibe.
- Even if its been freshly cleaned, always check that the toilet seat and lid are closed.
Outside
- Put hoses, garbage cans, bikes, tools and toys away. Add decorative touches.
- Keep your lawn lush and landscape in good shape, trimming and mowing as needed.
- For privacy and great curb photos, no vehicles in the driveway and close the garage.
Pets
- For their peace of mind and our safety, keep pets offsite for the photoshoot.
- It's nobody's favorite chore, but make sure there’s absolutely no pet waste in the yard.
- Remove beds, crates, cat trees, food bowls, toys, etc. Don't scare away allergic buyers!
Staging
- Make beds, fluff pillows and straighten throw blankets. Remove clutter under beds, too.
- Put all shoes, jackets and strollers neatly in a closet. Again, clutter is a big turn-off.
- Add a vase of flowers or bowl of fresh fruit. Simple, classic touches look fab in photos.
