The numbers are beginning to roll in for July, so it’s time for another Boulder County market update. As always, I’d like to thank Anthony Meisner for this fantastic dataset. Here’s a closer look at how our market is faring toward the end of summer:
Prices Are Up
I have good news for sellers of detached single-family homes: as of this writing, the average closed price is rising. The average sold price now sits at $1,185,180, which is an increase of nearly 13% month over month and 17% year over year. Keep in mind that the average is skewed by sales of luxury homes, but even the median sold price is up a respectable 6.4%.
Active Listings Have Fallen
Even during this busy time of year for real estate, active listings are down 15.5% compared with last year. New listings are also declining, with a 14% year-over-year decrease and a 7% decrease since last month. Declining inventory means the market is looking up for sellers in the detached market.
Months’ Supply of Inventory is Stable
Right now, Boulder County has 4.00 months’ supply of inventory (MSI). This figure is down from 4.80 MSI a year ago, which is a considerable drop of about 16%. Although Boulder County is still considered more of a buyer’s market, things are looking up for sellers, especially compared to a year ago.
Days in MLS and Percent of Closed Price to List Price Remain Steady
Although the number of days on the MLS has risen slightly from a year ago, we’re still in good shape on this front. The average days on market for a detached single-family home is 41 days, which isn’t far from the 40 days on market last month. More importantly, sellers are still receiving very close to list price. The average percent of closed price to list price remains remarkably steady at 98.1%—almost unchanged from this time last year.
The early numbers from Q3 show promise for both buyers and sellers. If you’re selling, you can take heart that fewer new listings are creating a more balanced market. For those searching for the perfect property, you’re still in a position to benefit from more room for negotiation. This is especially true if you’re considering purchasing a condo or townhouse, as demand for attached product has cooled significantly. As always, the most important factor in your buying or selling journey is working with a realtor you can trust. If you have any questions, I’d love to connect.