Spring Fever in the Boulder County Real Estate Market: 11.1% Increase in Homes Sold and 23.8% Fewer Days on the Market
The Boulder County real estate market is heating up as we head into the spring months. According to the latest data, there was an 11.1% increase in the number of homes sold in February 2023 compared to the same month last year. Additionally, homes spent 23.8% fewer days on the market, indicating that buyers are as eager as ever.
One factor contributing to this hot market is the 3.2% increase in the average price of homes sold in Boulder County in February 2023 compared to the previous month. While there was a 0.2% decrease in average prices since last February, the recent increase suggests that the market is trending upward.
Increase in Inventory Provides More Options for Buyers, But Sellers Face Challenges
Despite the competitive market, buyers will be pleased to learn that inventory has increased by 34.6% since January 2023. This means that there are more options available for those looking to buy in Boulder County. However, it’s worth noting that inventory is still down 1.6% compared to February 2022.
Sellers, on the other hand, may find it challenging to sell their homes quickly as the market is still recovering from the pandemic. However, homes that are priced appropriately are not lingering long, so buyers need to put their best foot forward to win the home.
U/C Percent Increases by 23%
The market is experiencing an uptick in buyer activity as the U/C percent increased by 23% from January to February. This indicates that more buyers are entering the market and are eager to purchase a property. In March, the active inventory of homes for sale increased to 190, the highest in over two years. This increase in inventory is good news for buyers, who have been struggling with a shortage of homes for sale in Boulder County. Although this is still considered a seller’s market, the additional inventory may help alleviate some of the buyer demand.
Currently, the Boulder County real estate market has only 1.5 months of inventory, which is below the six months required to create a balanced market. Denver’s market is even more extreme, with only 0.9 months of inventory. The average days on market (DOM) for properties in Boulder is 46 days, but new listings are going under contract within 14 days. However, in the luxury market, which includes homes priced over 5 million, the DOM is longer as buyers tend to be more selective. Boulder has a bifurcated market, with homes below 1.5 million flying off the market due to the high demand, while luxury homes sell fast but require proper pricing and presentation. Overall, the current market conditions in Boulder County favor both buyers and sellers, with the increase in active inventory offering hope for a more balanced market in the future.
For a detailed Boulder County Real Estate market report, check out this guide from Anthony Meisner.
The Boulder County real estate market is showing positive signs of growth as we head into the spring and summer months. Contact me at jennifer@jenniferegbert.com to provide insights into the latest market conditions and help navigate the competitive market.