Thanks to Anthony Meisner of Land Title, we have a new set of Boulder County data to dive into. The market continues to change, and even the historically strong market here in the city of Boulder is experiencing a bit of a slowdown (read: normalizing). Don’t be discouraged, though–there’s still quite a bit of good news for both buyers and sellers. Here’s a look at the latest numbers, as of May 2023:
Low Inventory Coupled With Lower Demand
Here in the Boulder area, inventory is hard to come by–and it’s been this way for years. However, it appears that inventory is ever-so-slowly rising. There were 576 listings added in Boulder County in May 2023–up 6.1% from the previous month. That’s still 15% lower than this time last year, so it’s clear that limited inventory persists. Buyer demand also isn’t quite as hot as it has been, which is unsurprising due to rising interest rates.
There Are Fewer Bidding Wars
Chances are, you’ve seen firsthand or heard about the prevalence of bidding wars here in Boulder during the past couple of years. If you’ve been hesitant to start shopping because you felt that your chances were low, now may be a great time to start your search. The percent of closed price to list price is still at 100% (which sellers should still be pleased with), but that’s down 6.1% from one year ago.
We’re Approaching the Peak of the Market
Those who are thinking about selling would be wise to list sooner rather than later (typically, aiming to be under contract by the Fourth of July is ideal). The peak of the market is quickly approaching, as evidenced by the average days in MLS. On average, properties were in MLS for 31 days in the month of May. This is down from April’s average of 36 days. This isn’t unusual, and is one of the more predictable behaviors that’s coming out of this market.
Ultimately, Boulder County remains an extraordinarily resilient market. As we move toward more normalized conditions, both buyers and sellers have reasons to feel optimistic about achieving their goals. It’s still far from a buyer’s market, so sellers are in a great position to receive asking price. Buyers, on the other hand, are finally able to be a bit more discerning during their home search. Stay tuned for my next market update! As always, don’t hesitate to contact me for assistance in navigating our one-of-a-kind market.