Anthony Meisner of Land Title has provided our community with a comprehensive look at what’s going on in our local market. The data is in from June 2023, and it’s positive. Here are some key takeaways:
The City of Boulder Has More Inventory
When looking at the data for Boulder County as a whole, inventory is down 5% from last year. However, each city within the county is behaving differently. Perhaps surprisingly, the city of Boulder is experiencing a marked increase in inventory–up approximately 25% from this time last year! This is drastically different from the last few years, in which our city was notorious for severely limited supply. Other cities within Boulder County are experiencing just the opposite, with Superior seeing an inventory decrease of 27% year-over-year. On average, Boulder County has 2.7 months’ supply of inventory, which is still far from a balanced market.
Days in MLS Are Trending Downward
Even though we’re past the peak of the market for 2023, days in MLS continue to trend downward. On average, homes in Boulder County are in MLS for 28.5 days. This is 5% lower than last month, which is encouraging news for sellers. As mentioned above, submarkets are performing differently, so areas such as Niwot and Louisville are experiencing a much faster market.
The Market is Friendlier to Buyers
As interest rates rise and we leave the frenzied market of 2022 behind, buyers in Boulder County can finally enjoy a better outlook. That’s not to say that it’s tough out there for sellers, because it’s not! Sellers are still receiving approximately 99.5% sold-to-list price, which is excellent. However, with rising inventory in the city of Boulder, buyers have more negotiating power than they did in the past couple of years. Having some time to shop around is a luxury that looks like it’s coming back to Boulder–at least for the time being.
It’s been a wild couple of years for Boulder County’s real estate market, but ultimately, the numbers demonstrate that this market is extremely resilient. Despite rising interest rates and unusual economic waters, Boulder County remains strong. As we move past the peak of the market, we should expect to see sales slow down a bit, but that’s not unusual for this time of the year. Whether you’re planning to buy or sell in Boulder, you’ll need an experienced agent in your corner. If you need assistance, please contact me.