Between the Thanksgiving holiday and a big snowstorm blowing into town, the real estate market slowed in Boulder. November data shows fewer new listings and sales while days on market climbed. However, inventory is slowly decreasing each month, which could lead to a more competitive market come spring.
Right out of the gate, new listings of single-family homes dropped from 84 in October to just 35 in November—and by 31.4% compared to the prior year. Home sales also decreased from 76 to 59 month-over-month, but actually increased by 15.7% year-over-year. That's possibly due to a brief dip in mortgage rates.
Looking at the median price in the city of Boulder, the figure of $1,270,000 remained basically unchanged compared to the prior month but came in 7.1% below the median for 2023. Sellers also received 95.6% of their listing price, showing that buyers continue to have the ability to negotiate, even offset today's mortgage rates compared to a few years ago. Price improvements, rate buydowns, and other concessions are also more prevalent right now.
Buyers are also taking their time to shop around for the right home and the right deal. Days on market reached 86 in November, nearly three months—which is likely contributing to buyer leverage as well. That timeline is also 30.3% higher than last year.
At the close of the month, 212 properties still remained on market across the city compared to 289 in October. That's also a decrease of 5.4% year-over-year. Boulder's inventory supply is now down to 3.2 months and has consistently been easing since it peaked in July at 5.2 months of inventory.
If new listings continue to decrease, sales remain steady or improve, and inventory falls even further, competition for Boulder properties could pick up by spring or even earlier. And with the experts predicting mortgage rates to moderately decrease in 2025, the coming busy season could be quite brisk.
As for the attached segment, including townhomes and condos, challenges persist as buyers weigh the pros and cons of paying their mortgage plus HOA dues. Just 44 new listings came on market last month compared to 83 in October. Sales were down by 11.4% year-over-year, and November closed with 4.7 months of inventory, which is 56.7% higher than last year.
However, month-over-month, the median price regained momentum and came in at $504,000. Days on market decreased MoM and YoY. And like the single-family segment, inventory is being absorbed. Active listings decreased from 261 to 210, and months of inventory decreased from 5.8 to 4.7 compared to October.
The Boulder County Real Estate Market
The numbers here were somewhat similar. New listings fell from 342 in October to 158 in November. Sales decreased month-over-month but increased by 13.7% compared to 2023. And while November's median price of $824,042 came in slightly below the prior month, it was 4.3% higher year-over-year.
Inventory is also potentially setting the market up for more competition in the future. Active listings decreased from 853 to 677 month-over-month—that's just 1.8% above the prior year. Months of inventory now stand at 2.8, which is a decrease of 6.7% YoY. Again, if new listings continue to dwindle and the market chugs along at the current pace, spring will likely be busy and buyers may lose some of the leverage they're currently enjoying.
In Louisville, Erie and Longmont, there was more of the same. Significant month-over-month decreases in new listings and small upticks in median price. Active inventory is being absorbed and months of inventory is declining.
However, mortgage rates continue to suppress prices and none of the experts forecast a drastic drop in 2025. So, it remains a waiting game as to whether or not a low-inventory market environment will cause prices to take off. The question is, do you want to wait around to find out?
Heading further into the winter, Boulder real estate will remain a buyer-friendly environment until inventory is further depleted. For now, it's a great time for determined buyers to shop around, take their pick from a substantial supply of homes, as well as negotiate prices and terms. And now is a great time for sellers who don't want to compete with a ton of other new listings (more on that below).
To discuss your buying or selling goals and strategy, reach out to an experienced real estate agent. They can assess the market and provide a smart approach, as well as negotiate for your best interests. A proven professional will have the insight, connections, and resources to help you achieve your real estate goals.
Choose your real estate agent wisely and make sure you have a proven advocate by your side.
5 Reasons to Buy or Sell a Home During the Holidays
Between now and the end of the year, people are bustling about, spending time with loved ones, preparing feasts, and shopping for special holiday gifts. This is why buying or selling a home during the holidays is a fantastic idea.
While spring and summer are considered the busiest seasons for real estate, winter and the holiday season usually mean that purely window-shopping buyers are taking a break, and fewer sellers are testing the waters to see what kind of interest and offers they can get.
Here are five reasons why now is a fantastic time to buy or sell a home.
- Holiday Real Estate = Serious Buyers and Sellers – During holidays, it’s all about the quality not the quantity of traffic at open houses with less looky-loos. And buyers often encounter sellers who want to, even need to sell (due to circumstances like a new job), and are more apt to negotiate.
- Festive Neighborhoods Give Off Cozy Vibes – Homes and neighborhoods exuding holiday cheer can create a more emotional connection with buyers and even help home shoppers discover a charming new community that wasn’t on their radar.
- Homes Show Their Best Features and Attributes – When the weather outside is frightful, homes are put to the test. Sellers can then show off their cold-weather upgrades while buyers are more easily able to spot potential issues such as drafty windows or insufficient insulation.
- Enjoy More Time and Motivated Professionals – Buyers and sellers often have time off work to focus on their real estate goals. And with fewer homes on the market, lenders, agents and moving professionals have more time to get people across the finish line.
- It's Less Crowded With Less Competition – While stores might be crowded during the holiday season, the real estate market typically is not. That means both home buyers and sellers will encounter less competition and potentially enjoy a smoother transaction.
