While we continue to see more price adjustments and longer days on market than last year at this time, homes that are strategically marketed and priced are selling well.
Number of sales in Boulder and the surrounding towns is slightly down (4.4%) from a year ago and there are 51 fewer sales from last month (down 11.6% to 390 sales).
The average price is $695,000, up 13.0% from this time last year. And the Median price is $522,000, up 1.2% from last year.
(what this means is that the upper end market is what’s driving prices up, more so than appreciation of all homes, which is nearly flat compared to prior years.
The median Days on Market is also up by 9.3% to 47. (Keep in mind that we’re still seeing homes priced well in good condition sell in the first weekend, it’s just not happening as often or in all markets or segments. We’re also seeing homes get 1 or 2 offers in multiple-bid situations vs 7-10 from last year.)
Interestingly, the top of our market is doing well – The over $2m market is still strong with the most growth in the $2-3m band (75% increase from last year to 7 sales last month). The over $3m is flat (6 sales) from last year, and by comparison, the $1.5-$2m market is off 53.3% (down to only 7 sales this year) yet the $1m-$1.5m market is up 13.3% to 34 sales!
So what does all this mean? The market is fractured and different towns, neighborhoods, streets and price-points are behaving very differently from each other, so if you really want to know what’s going on in your market for your home, you should really contact a professional who does this for a living. We’d be happy to come by and give you a free assessment!