The newest set of data for the Boulder County market has arrived, and as you may have expected, things are shifting here in the Boulder area. Spoiler alert: we’re still in a strong seller’s market (particularly in the city of Boulder). However, we should all temper our expectations as we move back toward pre-pandemic market conditions. Here’s an analysis of what we’re experiencing at the moment in Boulder County:
Inventory Is Hard to Come By
If you’ve been following the market here in Boulder for the last several years, you already know that inventory is limited. It comes as no surprise that there’s still more buyer demand than there are available homes on the market. Although we’re seeing a marked decline in year-over-year under-contract and sold numbers, under-contract numbers are on the rise again as of April 2023 and may soon close the gap.
Your Mileage Will Vary by Market
When analyzing Boulder County’s numbers, one thing is clear: market conditions vary significantly by area and price point. Some cities, such as Lafayette and Niwot, are experiencing an uptick in active listings. The city of Boulder, on the other hand, is slowing down when it comes to new listings. Whether you’re buying or selling in Boulder, it’s important to take this information in stride. It’s simply a sign that our market is normalizing from the frenzied pace of the last couple of years.
Now, let’s take a look at how submarkets are performing. The luxury market in Boulder County continues to thrive, and there are more listings (and sales) than ever before at the $3 million+ price point. Homes priced between $1-3 million, however, are experiencing a bit of a downturn in sales (more than likely because the cost of money is eating into buyers’ borrowing power).
What to Expect Going Forward
As we wrap up Q2 and head into Q3, you may be curious about what to expect. It may be safe to assume that we will end 2023 in a strong place. Prices are back on the upswing after falling in late 2022 and early 2023, and although the market is no longer as red-hot as it was, both buyers and sellers have a solid chance of achieving their goals.
Boulder County (namely, the city of Boulder) is a great example of market resiliency. Despite the ebbs and flows of the last few years, we remain in an undeniable seller’s market. Buyers shouldn’t be scared off from throwing their hat into the ring, though–in fact, it might be a great opportunity to make a trade-up for that home you’ve always dreamed of.
If you’d like an in-depth look at all the stats, check out this compilation of data provided by Anthony Meisner.