Boulder, CO Housing Market: September 2024 Analysis
The Boulder, CO metro area housing market in September 2024 presents a complex landscape with varying trends across key metrics. The Median Sales Price for homes in the region stands at $710,000, reflecting a modest year-over-year increase of 1.4%. This uptick suggests a steady demand for homes, albeit at a slower growth rate compared to the previous year.
In contrast, the Median List Price has seen a more significant rise, reaching $769,000, which is a 7.6% increase from the previous year. This disparity between sales and list prices indicates that sellers are optimistic about the market's potential, although buyers may not be meeting these expectations as readily.
The median Price Per Square Foot has decreased by 2.5% year-over-year, now at $331.93. This decline suggests that while overall home prices are rising, the value attributed to each square foot is diminishing, possibly due to larger homes being sold or a shift in buyer preferences.
Sales activity shows a slight increase, with 323 Homes Sold, marking a 0.9% rise from last year. Pending Sales have experienced a more robust growth of 6.2%, totaling 378. This indicates a healthy pipeline of transactions that could bolster future sales figures.
However, New Listings have decreased by 6.8%, with only 449 homes entering the market. This reduction in new inventory could contribute to the increased competition among buyers, despite the overall inventory rising by 22.5% to 1,409 homes. The Months of Supply have surged by 80% to 4.4 months, suggesting a shift towards a more balanced market, though still favoring sellers slightly.
The Median Days on Market have increased by 13%, now averaging 52 days. This longer duration indicates that homes are taking more time to sell, possibly due to the higher list prices or changing buyer dynamics.
The average sale to list ratio has slightly decreased by 0.6%, now at 97.8%, indicating that homes are selling closer to their list prices, but not exceeding them as frequently as before. The percentage of Homes Sold above list price has dropped by 6.4% to 15.2%, further emphasizing the tempered buyer enthusiasm.
Price Drops have seen a minor increase of 0.7%, now at 33.4%, suggesting that sellers are adjusting their expectations to align with market realities. Additionally, the percentage of homes going Off Market Within Two Weeks has decreased by 5.7% to 28.3%, indicating a slower pace in buyer decision-making.
Overall, the Boulder, CO housing market in September 2024 reflects a period of adjustment, with sellers recalibrating their expectations and buyers navigating a landscape of increased inventory and longer market times. The market remains competitive, yet the dynamics are shifting towards a more balanced state.
