Anyone who has ever driven US 36 into Boulder and seen the view of the city from the top of the hill just past McCaslin Blvd has probably thought about living there. The Boulder real estate market can be a hard one to crack.
Nestled in the Flatirons and home to the flagship campus for the University of Colorado and countless tech companies, Boulder is a coveted place to live.
One of the first things that prospective buyers will notice is that there isn’t as much inventory in Boulder as some of its surrounding areas. Pulling data for Boulder is based on far fewer total listings than other towns.
As you can see here, even during the peak summer sales months there aren’t a lot of houses on the market in Boulder.
The homes that are for sale don’t stay that way for long. For most of the past 12 months the average days on market is below 60. That means properties sell fast. Check out April and May of last year. The average number of days on market are 29 and 26 respectively. That’s borderline insanity in real estate.
Judging by the drop between March and April of last year, it likely makes sense not to be too worried about the spike in CDOM in January 2018. If that sustains into the spring, we’ll definitely let you know.
It’s interesting that despite the pace of home sales in the Boulder real estate market and the low number of active listings that there’s such variation in the months of inventory.
Naturally, some of that corresponds to the number of active buyers, which is a fluid number. But there’s another factor at work here.
Boulder Real Estate Prices
To be blunt, homes in Boulder tend to be very expensive. As you can see in the chart below, average sale price topped one million dollars for three of the last twelve months.
The lowest monthly average in that span (not including February 2018, which is still in progress) is November 2017, where the average sale price was $926,315.
If you’re looking to sell, this is great news.
That said, sellers need to be aware of sales trends in the Boulder real estate market. Sales prices steadily slipped below asking prices throughout the year. A 4% drop may not seem like a lot, but at the price point of many Boulder homes that can be a significant difference.
February 2018 is looking better, but we’ll have to wait until the end of the month to see how the final numbers pan out. So, be sure to check back in a few weeks.
This last chart might give buyers and sellers alike something to think about. Notice the dip in price per square foot in January? It’s fascinating that this occurred in the same month that average home prices topped one million dollars.
Through most of February PSF seems to be rebounding to match its previous trajectory, but this is something to keep an eye on in the coming months. The PSF inched higher in over the past twelve months.
As we noted in our post about asking price vs market price, the price per square foot can be a good metric when you’re pricing your home.
If you have questions about any of these data, or if you’re looking to sell your home and would like a free consultation, don’t hesitate to contact us. We want to help you maximize the amount of money you get from your home sale.