If you’ve been following our updates on the market conditions in Boulder County, you already know that we’ve been experiencing unprecedented trends. Appreciation has been climbing at levels previously unseen, and the extreme shortage of inventory persisted for months. In our last snapshot of the market, we discussed a slight uptick in inventory, which is great news for buyers. Curious about the data from August 2022? Here’s what the latest numbers are telling us:
Prices Remained High in August
The luxury market remains incredibly strong in Boulder County, with the average close price in the city of Boulder hitting $1.7 million. Even attached property prices are on the rise this year, with the median condo close price reaching $783,362.
Inventory Is Still Low
Boulder County remains an anomaly, with inventory remaining low here while many other markets are seeing a steadily increasing number of listings. In August 2022, the city of Boulder had 273 active listings. Although that’s up from a month or two ago, our inventory is still nearly 21% lower than it was one year ago.
Buyer Demand Remains High
A balanced market isn’t anywhere in sight yet, but months’ supply of inventory reached 1.90 last month. Although there are more new listings coming to market than there are pending listings, it’s still encouraging news for both buyers and sellers. There’s enough buyer demand for would-be sellers to feel confident about listing, while there’s enough inventory for buyers to have some choices.
Days On Market Are Increasing
We’re seeing homes stay on the market for a bit longer, with the average time in MLS reaching 27 days. This is up 28.6%, or six days, from July 2022 and on par with this time last year. The ratio of closed price to list price is hovering at 98.7%, which is down just slightly from 99.3% last month and 100.2% from this time last year. This just goes to show that it’s still a seller’s market in Boulder County, even if homes are staying on the market a little longer.
If buying or selling a home is on your radar, it’s helpful to be aware of what’s going on with your area’s market conditions. In Boulder County, we’ve largely been shielded from the more dramatic shifts in other parts of the country. Our latest market update contains encouraging information for prospective buyers and sellers. If you’d like to list your home in Boulder, I’d love to help. Please contact my team to start the process.