BOULDER COUNTY – The real estate market nationwide has been a rollercoaster ride over the past several months. With interest rates stabilizing and buyers understanding this is the new normal, buyers are out shopping for homes once again. Here are seven key points about the Boulder County luxury real estate market.
Buyers are buying and sellers are selling their luxury homes. The number of luxury homes listed in January in Boulder County was up 5.8 percent compared to January 2022 with the supply of homes on the market only 2.1 months.
The inventory of homes on the market is higher than a year ago. With 185 luxury homes for sale, closed sales are down. This means it is more of a buyers’ market now.
Homes are taking longer to sell. The days on market are up 47.4 percent compared to a year ago, to 84 days. Ninety days on the market is normal. The continued low number of homes for sale gives sellers less competition when marketing their homes.
Multiple offers aren’t the norm as they were a year ago. With fewer offers per home, the median price of luxury homes fell 5.8 percent to $1.4 million in Boulder County in January compared to January 2022. What does this mean for sellers? It may take longer for your home to sell and you may not receive as much as you would have a year ago.
At the same time, both the average sales price and the average price per square foot were up compared to January 2022. These are very positive signs for home sellers.
Realtors are doing a great job of pricing homes as the sales to list price was an average of 93.1 percent in January 2023.
Now is the time to get your home ready to list if you are thinking about selling. March, April and May are usually the months when the highest prices are received for homes.