The Boulder Real Estate Market in May
In May, the number of new listings for detached, single-family homes in the city of Boulder increased ever so slightly month-over-month and the average sales price dropped by over $358k to $1,526,942.
However, sellers still received 105.2% of their asking price, and days on market dropped to just 41, while the total number of homes sold dropped by 33.
Looking at year-over-year, the total inventory of homes for sale is down 65.2% while the number of sold listings is up 100%.
Did you get all that? What we're seeing is the result of high demand and low inventory. Interest rates are low, so there are more buyers competing for fewer homes.
But they are sticking with the hunt and competing to win, resulting in faster closings and increased sales.
The drop in prices could be attributed to any number of factors, from homes in need of a little TLC coming on the market to more people buying attached homes (sold listings were up 114.3% year-over-year), even fewer ultra-luxury buyers in the mix.
Looking at Boulder County, the story is familiar. The average sales price for detached, single-family homes remained in the million-dollar range but dropped by $151k month-over-month. Days on the market are down to 28 and sellers are receiving an average of 107.3% of their asking price.
And currently, there's just 0.6 months supply of inventory—a more balanced market would need at least a 4-month supply of listings.
While making sense of all this information is no easy feat, you can always rely on a PorchLight agent. Not only will you receive first-class service, but you’ll work with an agent who is connected to and collaborates with 160+ other agents within our brokerage.
Plus, along with our office in Boulder, we now have a new office right on Main Street in Longmont. Come say hello!
So, What Are Some Tips for Boulder Home Buyers?
Our first tip is to work with the right agent, one will guide you through each step and help you not get caught up in the competition which could lead to buyer's remorse.
Second, find a home that checks all your boxes, but try not emotionally move in right away. There IS a home out there for you. It just may take some time and ample patience. This is a tough market but not impossible.
You can easily get pre-qualified for a loan estimate by providing basic financial information. However, getting pre-approved takes it a step further by giving you a more realistic number for your home-buying budget based on verified information. It will also put you in a better position to make an offer on a home right away.
Next, consider looking at houses under your budget, so you have some wiggle room to compete. We’re seeing a lot of homes sell for over asking, but you don’t want to put yourself in a bad financial situation. Talk to your agent about an escalation clause where your bid incrementally increases beat out other offers, as well as securing a backup position in case the original offer doesn't work out.
Also, consider looking at homes that have been on the market longer or have come back on the market after falling out of contract. While it’s easy to assume that they’re sitting due to a crumbling foundation or something horrible, they just might have a funky layout, or the original buyer may have had their loan fall through.
With a little vision and an open mind, you just might find a bargain.
Finally, ask your PorchLight agent about Homeward. This partnership offers buyers financial programs that enable you to make cash offers, even before you sell your existing home. You can even buy without selling at all. Cash offers are more likely to win, so let us put you in the best position possible.
Want to Buy or Sell a Home in Boulder?
If you’re thinking about buying or selling in today's crazy market, reach out to a PorchLight agent. They would love to walk you through the process from start to finish.
Whether you’re looking to buy in Boulder, Longmont, Erie or even the local mountain towns, we have offices and agents ready to assist.
If you’re considering selling, your agent can provide a no-obligation Comparative Market Analysis (CMA) report. It looks at comparable homes (comps) that have recently sold, current market conditions, along with your home’s location, age, condition, size and other factors such as upgrades you’ve made.
If you want a clear picture of your potential sales price (and profit), a CMA is key.
Until next month’s Boulder real estate update, remember to real estate smartly with the help of PorchLight!
CLICK HERE to download our in-depth, printable PDF report.