Home Sales Are Up, Prices Down in Boulder
Late in September, the Fed lowered interest rates for the first time in over two years, and mortgage rates briefly eased as well. This likely led to more activity in the city of Boulder's real estate market, which was reflected in October's data. Still, with inventory high, buyers had the ability to stack better rates with better prices and terms.
Taking a closer look, you'll see how reduced rates positively affected the market in Boulder month-over-month while the year-over-year numbers are somewhat different.
In September, and likely in anticipation that the Fed was going to lower rates that month, 129 new, single-family listings hit the market. In October, that dropped to just 84—though that's an increase of 25.4% compared to 2023. This is especially significant since this is a time when the market should be slowing for the season as buyers and sellers take a winter break from the market.
Sold listings also increased from 63 to 76 month-over-month and by 1.3% year-over-year. This primarily reflected listings that went under contract in September—transactions usually take about 30 days to close. Active listings dropped from 334 to 289 MoM, while increasing by 6.6% over the prior year. October also closed with 4.3 months of inventory compared to 5 months in September.
With more activity came an increase in the median home price. In October, the median was $1,272,500 compared to $1,155,000 in September. However, that's a 16.6% decrease compared to the prior year, and sellers received an average of 96.6% of their asking price as buyers continued to negotiate.
Average days on market also increased month-over-month yet decreased by 9.2% YoY, further showing that the market didn't hit the brakes like it usually does come this time of the year.
As for attached properties, such as condos and townhomes, the market continues to experience challenges related to rising HOA dues caused by increased taxes and insurance premiums. But, just like single-family homes, there was more activity last month.
New listings increased slightly month-over-month and by a solid, 20.3% year-over-year. Capturing some of that lower-rate magic, closed sales jumped by 63% compared to 2023 and inventory dipped back under the 6-month supply threshold, coming in at 5.8 with 261 properties still on the market.
In addition, the median price for attached properties was $484,415, down significantly from the prior month's price of $580,000 yet 4.2% higher than the prior year. Days on market also came down in October versus September, yet it's still taking 19.2% longer to sell compared to 2023.
Across Boulder County, the numbers were similar. New listings slowed month-over-month while rising by 25.7% year-over-year. Closed sales jumped from 233 in September to 272 in October and by 14.3% compared to 2023.
The median sales price of $834,500 was a big increase over September's $765,000 price and just a hair under the 2023 median. The month also closed with 852 properties still on the Boulder County market, 12.4% higher than last year, though total inventory remained flat compared to 2023, coming in at 3.5 months.
As for city micro-markets, sales in Lafayette increased by 55% YoY while inventory is down by 17.9%. However, the median home price of $780,000 is 4% below last year (yet $25k higher than in September). Louisville regained some sales momentum and the median home price jumped from $800,000 to $962,500 month-over-month.
Finally, Erie posted some interesting numbers. New listings were up by 54.5% year-over-year while sold listings only increased by 12.8%. And while the median price decreased from $792,475 in September to $779,995 in October, that's a 7.6% increase year-over-year. A sold gain in equity for 2023 buyers.
With the Fed reducing rates again in November and another cut potentially coming in December, mortgage rates may also see an effect. So, a typical winter slowdown might not fully arrive in Boulder.
Ready to get started and want to discuss strategy? An experienced PorchLight real estate agent can better assess the market and provide a smart approach, as well as negotiate for you along the way. Our proven professionals have the expertise, connections, and resources to help you achieve your goals.
The Importance of Staging When Selling a Home
With so much inventory available in today’s market here in Boulder and across the Front Range, selling your home successfully takes a smart strategy, one that includes great photos, eye-catching marketing materials, and attractive staging.
Yes, to sell quickly and for top dollar, you need the added power of professional home staging. It’s a proven way to attract buyers online and make the best first impression during an open house or private showing. It allows people to see how each room can be used and configured, especially unique spaces like a sunroom, non-conforming bedroom, or loft.
So, what's the big deal about staging? Check out the statistics, then ask your PorchLight agent for details about the services we offer to ensure your listing gets sold!
Less Time on Market: In 2023, 48% of sellers’ agents stated that staging either slightly or greatly decreased a home’s time on market.
Sell For More: When staged, 44% of sellers’ agents reported that a home’s value increased by 1-20%. None saw a negative impact.
Staging Makes an Impact on Buyers
Among buyers’ agents, 58% of their clients found traditional, physical staging to be more and much more important to have. Here’s why:
- 81% Easier to Visualize as Future Home
- 40% More Willing to Walk Through After Viewing Online
- 34% Positive Impact on Home Value When Matches Buyer’s Taste
- 23% Able to Overlook Faults of the Home
Top Rooms Buyers Want to See Staged
- 47% Living Room
- 42% Master Bedroom
- 35% Kitchen
- 24% Dining Room
- 21% Yard/Outside Space
- 19% Bathroom
*Source: NAR, 2023 Profile of Home Staging
