Boulder Reaches Nearly 5 Months of Home Inventory
Summer arrived and the real estate market eased in both the city and county of Boulder. Fewer new listings came on the market while sales volume and prices decreased across the board. With quite a bit of May inventory rolling into June and less activity last month, the city of Boulder now has 5 months of inventory—6 months is typically considered a balanced market.
Let's take a closer look. In the city of Boulder, new listings of single-family homes dropped from 168 in May to 144 in June. Sold listings decreased from 91 to 74 month-over-month, and by 18.7% year-over-year. And while the median single-family home price decreased from $1,452,092 in May to $1,370,000 in June, Boulder still managed a modest, 2.6% gain compared to 2023.
However, with summer vacation possibly on their minds, single-family home buyers and sellers moved quickly in June. Days on market decreased from 64 to 56 month-over-month. That's also 3.4% below 2023.
And again, June closed with 4.9 months of single-family home inventory in the city of Boulder, which is 24.5% higher than in 2023. For buyers continuing to house hunt throughout the summer, there will likely be more choices as well as greater leverage to negotiate favorable terms.
As for townhomes and condos, the number of new listings continued to decrease, coming in at 100 properties compared to 108 in May. Sales decreased from 58 to 49 and prices followed. The median price of $530,000 was $7k below the prior month—yet 9.6% higher than in 2023.
Buyers here are still taking their time, with days on market increasing from 47 to 58. That's a 13.7% increase year-over-year as well. In this segment, June also closed with 5.1 months of inventory, a significant increase of 74.1% compared to 2023. With HOA fees rising, this excess of inventory will give buyers a greater opportunity to negotiate a deal to help offset these dues.
Now from a macro level, Boulder County as a whole, the market was somewhat similar.
New single-family listings decreased from 520 to 462 homes while county sales decreased from 334 to 264 month-over-month (and by 14.8% year-over-year). Home prices also decreased, but not by much, dipping from $866,000 to $859,000. Days on market decreased by three and the month closed with 3.5 months of inventory. So, not as high as the city of Boulder, but still a good backstock for summer buyers.
As for condos and townhomes, new listings decreased from 200 to 179 while sales decreased again from 124 to 100 (yet 1% above 2023 figures). The median price also decreased again from $503,563 to $499,000 month-over-month while increasing by 5.1% compared to the prior year. Here, 4.3 months of inventory remained at the end of the month, a 43.3% increase compared to 2023.
Looking at city markets, single-family home activity in Lafayette included less new inventory and fewer sales (down 5.7% YoY). The median price also decreased from $816,500 in May to $806,200 in June. Louisville saw the single-family home price ease slightly while remaining over the million dollar mark, coming in at $1,037,500 which is also 27.1% higher than the prior year.
Up in Longmont, new listings finally slowed, coming in at 163 in June compared to 174 in May. However, sales also fell from 120 in May to 85 in June, and prices there decreased from $637,500 to $625,000 month-over-month which is on par with the 2023 median price.
And finally, in Broomfield County—new listings of single-family homes actually increased ever slightly from 101 to 103 month-over-month while sales dropped from 78 to 56 properties. Days on the market also increased, coming in at 31 and June's median price was $703,250 which is below May numbers and 1.6% lower than the prior year.
June closed with 133 properties still available for sale across Broomfield county, and 2.4 months of inventory—another double-digit increase year-over-year.
During these slow summer months, it's always smart to work with an experienced agent who can assess the market and provide a smart strategy, as well as negotiate and advocate on your behalf. A proven professional will have the expertise, network, and resources to help you achieve your real estate goals. Choose your agent wisely.
Home Selling & Capital Gains Tax
Whether you plan on selling a home this year or recently sold, you likely closed for more than the purchase price. And that may result in you being required to pay capital gains tax. However, you can potentially reduce your liability if you meet certain criteria. Here's a quick look at the general rules.
Exemption Threshold
- Single Filers: Up to $250,000 of your capital gain is tax-exempt.
- Married Filing Jointly: Up to $500,000 of your capital gain is tax-exempt.
Eligibility for Full Exclusion of Gain
- Ownership: You must have owned the home for at least 2 out of the last 5 years before the sale. For married couples, only one spouse needs to meet this requirement.
- Residency: You must have lived in the home for at least 2 of the last 5 years, totaling 24 months. Each spouse must meet this requirement individually.
- Look-Back: This IRS rule states that you cannot have claimed this exemption on another home sale within the past 2 years.
Exceptions for Full or Partial Exclusion
Subject to IRS approval, these include:
- Separation or divorce
- Death of a spouse
- Home destroyed or condemned
- Service member status
- Work-related move
- Health-related move
- Like-kind/1031 exchange
- Other unforeseeable events
Tax Forms & Reporting
- If your gain is exempt and you meet the qualifications, you don't need to report the sale on your tax return.
- If you have a taxable gain, report it using Form 8949 and Schedule D (Form 1040).
- Don’t forget to notify the USPS and the IRS (using Form 8822) of your new address to receive all correspondence related to your home sale.
Click here for worksheets and details on the IRS website.
*For informational purposes only. Always consult with a tax professional before filing.
