Fewer New Listings Ease Rising Inventory in Boulder
The real estate market in the city of Boulder continues to provide a few surprises. The number of new listings in the single-family segment continued to decline in August. So, while sales slowed, month-over-month inventory numbers decreased for the first time this year.
Looking closer at the city of Boulder, seasonal summer slowing mixed with school starting up again likely contributed to fewer new listings. In August, 112 single-family homes came on the market, which is slightly under July's number and a decrease of 15.8% compared to the same time period in 2023.
Boulder sales also dropped from 78 in July to 65 in August and by 8.5% year-over-year. Plus, it's now taking an average of 76 days to sell a home compared to 57 the prior month and 52 days the prior year.
However, the number of homes still available for sale in Boulder decreased for the first time this year, possibly due to mortgage rates easing in anticipation of an official interest rate drop by The Fed in the coming days. While Boulder's inventory of 338 properties is still 22.55% higher than in 2023, it shows that rates certainly influence the market.
Another factor is price. With buyers capturing more leverage, sellers are learning to be more flexible. After a small bump in Boulder prices in July and a median price of $1,415,233, the August median decreased to $1,325,000. And that doesn't include seller concessions which have also been on the rise.
Basically, with less new inventory, better rates, and sellers ready to make a deal (especially those with homes that have been sitting for a while), the market started to move and may continue to do so if this pattern continues.
Last month's numbers for Boulder's townhome/condo market were quite a bit different with a big drop in prices. Again, rising HOA fees may be driving current owners to sell while causing potential buyers to hesitate, and even leading transactions to fall apart.
New listings in this segment were flat month-over-month and increased by 28.6% compared to 2023. Sales were down by 25.8% year-over-year as well. The median price fell significantly, from $534,500 in July to $399,900 in August. That's also 25.3% below the prior year.
Buyers are still taking time to shop around, though days on market actually decreased from 62 to 53 MoM. Perhaps, this reflects aging inventory and motivated sellers willing to negotiate—along with a slight rush to get a deal done at a lower rate.
August also closed with 277 units still available, which is 6.3 months of inventory and a massive increase of 117.2% compared to 2023. So, for those in the market for a Boulder townhome or condo, it's now what's considered a buyer's market.
Across Boulder County as a whole, the single-family market was somewhat similar. New listings decreased slightly month-over-month while increasing by 1.3% compared to 2023. Sales slowed between July and August, and the median price decreased from $871,000 to $812,000 last month. That's also basically on par with the median for 2023.
Days on market increased to 61 and the month closed with 870 properties still available for sale which is 19.8% above 2023 numbers. In addition, the 3.6 months of inventory that remained at the end of August was a 12.5% increase compared to the prior year.
Looking at city markets, single-family home activity in Lafayette included an increase in sales yet a decrease in median price, coming in at $850,000 and 2.5% below the median for the prior year. New listings and sales were about the same MoM in Louisville, though prices here jumped from $857,500 in July to $925,000 last month.
In Erie, the median price slipped under the $700k mark while days on market increased from 41 in July to 55 in August. That's also 66.7% higher than the prior year.
And finally, in Broomfield County—new listings of single-family homes decreased from 83 to 78 month-over-month while sales ticked up from 65 to 66 properties. Days on market increased, coming in at 37, yet August's median price of $749,100 was well over July's median of $667,500 yet 1.4% below 2023.
The month closed with 129 properties still available for sale across Broomfield county and 2.3 months of inventory—down slightly month-over-month, but a 15% increase year-over-year.
Even during the slow summer months, the market can vary. Rates can increase or decrease. Now, going into the fall, The Fed is likely to drop interest rates which will lead to lower mortgage rates—and all of these lower prices and sales figures could change in an instant.
That's why it's always smart to work with an experienced agent who can provide a smart strategy, as well as negotiate on your behalf. A proven professional will have the expertise, network, and resources to help you achieve your goals. Choose your agent wisely.
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