Interested in the latest market updates for Boulder County? Whether you’re a real estate market enthusiast or are considering buying or selling, it’s exciting when the latest data is out. The numbers are in for the end of 2022, and we’re seeing some encouraging news for both buyers and sellers. As expected, Boulder County continues to buck the national housing market trends. Here’s a recap of how we closed out 2022, and some insight into what to expect in the first quarter of 2023:
Price Points Are Rising in the Attached Market
The attached market (condos and townhomes) is becoming a hot commodity in Boulder County. The price point of this type of product is up quite a bit from December 2021 (13.95%). This rate of price increase is outpacing single family homes, of which the average price per square foot is up 1.9% from December 2021.
Inventory Remains Low
If you’ve been following my previous market updates, you know that Boulder County has experienced extremely limited inventory for quite some time. December 2022 has comparable listings to the same time period in 2018, which is well below the numbers for 2019 and 2020. That being said, inventory was much higher in December 2022 than December 2021–we’re talking about a 56.7% increase in listings compared to this time in 2021!
Expect An Uptick in Listings Soon
December is a predictably slow time for new listings. As we approach spring, expect an uptick in listings as we come out of the slower fall and winter market. Previous years’ data point to this trend, and there’s every reason to believe that 2023 will be no different. Springtime usually brings a surge in buyer demand, as well as more listings. Keep in mind that even with an increase in properties up for sale, we’ll still be in an unbalanced market. In December 2022, Boulder County had 1.4 months’ supply of inventory. While that’s much better than the inventory situation in 2021 (which was an anomaly), it’s still nowhere near a balanced ratio of buyers to sellers.
Days on Market Have Increased
Compared to the same time period last year, days on market are up significantly. Because inventory was so severely limited in 2021, homes were in MLS for an average of just 24 days. In December 2022, properties remained on the market for an average of 45 days, and selling prices weren’t quite as competitive. This past December, the average percentage of closed price to list price was 97.2%, compared to 101.3% during the same month in 2021. Depending upon buyer behaviors and the economic outlook, we may see that percentage rise once again in the coming months.
Boulder County is an exceptional market, and the most recent numbers are encouraging. Because the Boulder area is largely considered to be recession-proof, it’s unlikely that we’ll experience the housing market slump that’s happening in many other parts of the country. Whether you’re planning to buy or sell, get excited about springtime (and let me know if you need any help).