Boulder Sees a Small Pop in Summer Activity
July was an interesting month for the city of Boulder where there was a small bump in month-over-month sales and an uptick in prices, yet it's taking nearly two months to sell and inventory is now 30% higher than the prior year. This pattern also repeats when looking at Boulder County's overall data for the month.
Let's get into it. In the city of Boulder, the typical summer slowdown continued with new listings of single-family homes coming in at 115 properties, which is well below the 144 that went on market in June—and a year-over-year decrease of 4.2%. While sales were down by 20.4% year-over-year, more homes sold in July than in the prior month.
Days on market, inventory, and months supply of inventory also increased slightly month-over-month and by a lot compared to July of 2023. It's now taking 26.7% longer to sell. Inventory is up 24.4% YoY, and the city of Boulder now has 5.2 months of single-family inventory, a 30% increase over the prior year.
When inventory reaches these levels in the market, prices typically decrease. However, Boulder's median price actually increased from $1,370,000 in June to $1,415,233 in July. That's also 10.3% above the median price for the same period in 2023.
While this might seem impossible and not great news for buyers, it's not the entire story. Another interesting data point is the percent of list price received which came in at 96.9% for July. Had this number been 100%, the median price would've been much higher. This shows that buyers are gaining the leverage needed to negotiate price and/or sellers are using price reductions to successfully sell.
Last month's numbers for Boulder's townhome/condo market were a bit different. Here, rising HOA fees may be the impetus for current owners to sell while causing potential buyers to hesitate.
New listings in this segment increased month-over-month and by 47.9% compared to 2023. Sales were down by 8.2% year-over-year as well. Like Boulder, the median price increased in July to $534,500. That's a small uptick over June and 7% above the prior year. Here, sellers received 97.6% of their asking price whereas sellers in 2023 received 99.4% of the list price.
Buyers are still taking time to shop around with days on market increasing from 58 to 62 MoM. That's a 26.5% increase year-over-year as well. July also closed with 5.3 months of inventory, a massive increase of 103.8% compared to 2023.
Now from a macro level, Boulder County as a whole, the single-family market was somewhat similar. New listings were down month-over-month while increasing by 4.3% compared to 2023. There was a bump in sales from June to July, and prices increased from $859,000 to $871,000 last month. That's also a healthy, 3.7% year-over-year increase.
Days on market increased to 47 and the month closed with 874 properties still available for sale which is 22.2% above 2023 numbers. In addition, the 3.6 months of inventory that remained at the end of July was a 16.1% increase compared to the prior year.
Looking at city markets, single-family home activity in Lafayette included more new inventory and fewer sales (down 3.6% YoY). However, the median price jumped from $806,200 in June to $914,990 in July. Louisville saw single-family home sales drop while the median price fell from $1,037,500 in June to $857,500 last month, which is also 13.9% lower than the prior year.
In Erie, new listings slowed, coming in at 85 in July versus 97 in June. Sales decreased and prices followed, coming in at $719,995. That's a decrease of 5.3% compared to the 2023 median price. Inventory here increased by 18.6% over the prior year as well.
And finally, in Broomfield County—new listings of single-family homes decreased from 103 to 83 month-over-month while sales increased from 56 to 65 properties. Days on the market also decreased, coming in at 25, yet July's median price was $667,500 which is well below June's price and just 0.4% higher than 2023.
The month closed with 131 properties still available for sale across Broomfield county and 2.4 months of inventory—a 41.2% increase year-over-year.
Even during the slow summer months, the market can vary. That's why it's always smart to work with an experienced agent who can 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.
Why Buy with a PorchLight Agent
Buying a home is likely the most significant decision and largest transaction of your life. The process can quickly turn from exciting to overwhelming. Opting for a do-it-yourself approach or a company touting low commission rates often results in subpar service and buyer’s remorse.
You deserve the best. By partnering with a dedicated PorchLight agent, you’ll receive the expert guidance and support you need to make smart real estate decisions with confidence. Here are eight compelling reasons to hire a PorchLight agent when buying a home.
- Market Expertise: Agents have first-hand, in-depth knowledge of local markets, including neighborhood attributes, pricing trends, and property values. With these insights, they can guide you in finding the right home and the ideal location.
- Negotiation Expertise and Risk Mitigation: In a complex real estate environment, agents are skilled in negotiation strategies that will secure the best possible deal for you, as well as reduce the risk of potential disputes or legal issues.
- Legal Knowledge and Compliance: PorchLight and our agents command a meticulous understanding of real estate laws, regulations, and local ordinances, minimizing your risk and ensuring your transaction complies with all current legal requirements.
- Market Analysis and Data Interpretation: Our agents use advanced tools and analytics to provide you with a comprehensive market analysis. These data-driven insights enable you to make informed decisions when it comes to an offer and negotiations.
- Access to Exclusive Listings: PorchLight agents have access to a network of listings, including properties not publicly advertised, giving you unique buying opportunities that cannot be found on your own or through a discount brokerage.
- Resourceful Connections: We establish and maintain valuable relationships with industry professionals, including lenders, inspectors, and appraisers. This gives you access to reliable and reputable service providers who will keep your transaction on track.
- Time Savings: Our experienced agents handle transactions daily, saving you time by pre-screening properties, scheduling showings, and managing paperwork. As a result, the buying process is smooth, easy, and enjoyable.
- Money Savings: To protect your interests and ensure you get the best deal, our agents focus on securing optimal terms. This can save you money in the long run by avoiding inflated prices, inspection issues, and legal costs.
Bottom line? Choosing a PorchLight agent means partnering with a trusted and dedicated advisor who will empower you to confidently make smart real estate decisions.
