Thinking about buying or selling in Boulder County? Before you list or start your search, it’s helpful to be aware of the latest market conditions. Staying up to date with what’s happening in our community can be challenging, so I’m here to shed some light on what buyers and sellers should know. Let’s get started:
The Fall Season Is Heating Up
As expected, Boulder County experienced a reduction in market activity during the month of August. This is a normal pattern, and it’s no surprise that we’re seeing the market heat up as we enter the fall season. Now that summer plans are winding down and the kids are back in school, expect to see more inventory become available and be prepared for competitive offers.
Inventory Remains Low
Despite plenty of buyer interest, inventory remains exceedingly low. This is partially due to the consistently low interest rates combined with rising home prices, leading to massive appreciation for homeowners. The city of Boulder is leading the pack with the number of listings, with at least half of the units of inventory in the entire county available in Boulder itself. Boulder County cities, including Longmont, Louisville, and Niwot have severely limited inventory–upwards of a 50% reduction from last year. As you might expect, Boulder County’s months’ supply of inventory is at a record low. A balanced market would have four to six months’ worth of housing supply. However, our current supply of inventory is just 0.93 months.
Homes Are Flying Off the Market
We’re undeniably in a sellers’ market right now, and the average days on market reflects this trend. In August 2021, the average home in Boulder County sold in just 37.5 days. In this highly competitive market, that means negotiations took just a couple of days before going under contract. However, as we head into the fall and winter, we’re expecting to see the traditional pattern of extending days on market.
Luxury Sales Are Surging
The Boulder County market is strong throughout each price point, but luxury sales are doing especially well. For homes above $3 million, we’re seeing a 350% increase in sales from last year. Properties from $1.5-1.99M are performing similarly, with 77.69% increase from the previous year.