Welcome

News & Insights

Back To Blog

Boulder Real Estate Stats: December 2024

Boulder Market Stats December 2024 | PorchLight Real Estate Group Denver, Boulder

Typical for December, real estate in the city of Boulder slowed, averaging 92 days until a sale for a detached, single-family home—a year-over-year increase of 19.5%. New listings also slowed from 35 in November to 23 last month.

However, closed sales jumped from 59 to 72 month-over-month and by 53.2% compared to 2023.

And the median price decreased from $1,270,000 in November to $1,148,500 in December and by 7% year-over-year.

Boulder Market Stats December 2024 | PorchLight Real Estate Group Denver, BoulderSo, what's going on? While less inventory and more activity usually drive up competition and home prices, buyers have not been shy about offering below list price to help offset today's mortgage rates. Sellers are also implementing price reductions and becoming more willing to compromise to get their homes sold. 

In fact, homes are selling for 95.3% of their list price, a 2% decrease from 2023. Not reflected in the price data are rate buydowns and other concessions that have also become more common now. All of this adds up to potentially big savings for determined buyers. 

At the close of December, just 137 properties remained on market across the city compared to 212 in November. That's also a decrease of 15.4% year-over-year. Boulder's inventory supply is now down to 2 months and has consistently been easing since it peaked at 5.2 months of inventory way back in July. 

If new listings continue to decrease, sales remain strong, and inventory falls even further, prices have the potential to regain momentum—especially if mortgage rates ease in the coming months. Buyers currently waiting on the sidelines should consider coming off the bench now, well before the spring busy season.

As for townhomes and condos, new listings fell from 44 in November to just 23 in December and by 23.3% year-over-year. Sales also improved in this segment, coming in 51.5% higher than in 2023. This is a major win for condo sellers considering some of the challenges surrounding HOA dues and other rising costs for attached units.

And unlike detached homes, the median price in this segment increased from $504,000 to $565,000 month-over-month and came in 23.6% above the prior year.

Boulder's attached inventory continues to be slowly absorbed as well. Active listings decreased again from 210 to 157, and months of inventory decreased from 4.2 in November to 3.4 at the close of December. While that's still 41.7% higher than last year, properties are starting to move in this market.

The Boulder County Real Estate Market

Countywide, the numbers were similar. New listings of single-family homes decreased from 158 in November to 113 in December. Sales increased month-over-month and jumped by 26.8% year-over-year.

December's median price of $850,000 was a small bump above November's $824,042 and a healthy, 9.7% higher than the prior year. Even the attached market saw prices increase month-over-month and remained flat compared to 2023. 

Active listings decreased again from 677 in November to 486 in December—which is on par with the prior year. Months of inventory stand at 1.9, which is a decrease of 13.6% YoY. So, if new listings continue to dwindle and sales maintain the current pace, spring will likely be busy—though it remains to be seen how that will affect prices and buying power. 

There was more of the same in Louisville, Lafayette and Longmont where new listings slowed while sales increased. Lafayette also saw an increase in median price month-over-month, though it came in 5.8% below 2023. Meanwhile, the median December price for the other two towns decreased compared to November while increasing year-over-year. Louisville came in strong at $948,000 compared to $737,000 in 2023.

And across Broomfield County, new listings held steady at 35 month-over-month while increasing by 52.2% year-over-year. Sales increased by 50% compared to the prior year and the median price of $675,000 rose by 7.6%. 

Looking ahead, mortgage rates are likely to continue driving the market and no drastic drop is forecasted in 2025. So, it remains a waiting game as to whether or not a low-inventory market environment will cause prices to take off. If you're a buyer, the question is—do you want to wait around to find out?

For help with that decision, reach out to an experienced real estate agent. They can assess the market and provide a smart strategy, as well as negotiate for your best interests. A proven professional will have the insight, connections, and resources to help you achieve your buying or selling goals no matter what comes next.

Choose your real estate agent wisely and make sure you have a proven advocate by your side!

How to Navigate the Home Buying Process

If buying a home is one of your goals for 2025, you may be wondering where to start and what to expect. While an agent can guide you through each step, here's the basic process:  

  1. Understand Your Finances: Start by connecting with a lender to get pre-approved for a mortgage. Unlike pre-qualification, which is based on basic financial details, pre-approval involves a more thorough review of your finances and provides a clear budget for house hunting. Ensure the amount aligns with your total monthly budget, as it may not consider all expenses such as groceries and entertainment. 
  2. Select a Real Estate Agent: Find an agent who understands your criteria, budget, and preferred location. At PorchLight, our agents have deep knowledge of local neighborhoods and can show you homes that fit your needs and budget. They may even find you a perfect home in areas you may not have considered.
  3. Find Your Ideal Home: A PorchLight agent can set you up with RealScout home search results. This tool updates every 30 minutes from the MLS, sending instant notifications when homes matching your preferences become available. Then, explore listings, attend open houses, or schedule showings.
  4. Make a Reasonable Offer: With your agent’s help, craft and submit a strong offer. Given today's market, discuss strategies with your PorchLight agent to put together an offer that is beneficial to you, yet amenable to the seller. While you can ask for concessions or a reduced price, being too aggressive can be a big turnoff.
  5. Get Under Contract: Once your offer is accepted, both parties sign a contract outlining the purchase terms. You'll pay earnest money, and the home will be held in escrow until closing.
  6. Conduct Due Diligence: Between contract and closing, you'll need to arrange a home inspection and appraisal, choose insurance, and handle the necessary paperwork. Your agent will guide you through this process, including representing your best interests if issues arise and further negotiations are needed. 
  7. Close on Your New Home: After securing your loan and completing all paperwork, the funds are transferred, and the keys are yours. Up until you sign papers, you need to avoid major financial changes to protect your loan approval. Lenders often run your credit again in the days prior to closing. Leaving a job, putting new appliances on a credit card, even paying off a credit card can all disrupt your credit score and raise red flags.

Add Comment

Comments are moderated. Please be patient if your comment does not appear immediately. Thank you.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Comments

  1. No comments. Be the first to comment.

Bottom Recommended Searches

View all