Boulder, CO Metro Area Housing Market Analysis - August 2024
The Boulder, CO metro area housing market in August 2024 presents a complex landscape with several key indicators showing notable shifts compared to the previous year. The data reveals a market experiencing both declines and growth in various aspects.
The Median Sales Price for homes in Boulder stands at $702,000, reflecting a significant year-over-year (YoY) decrease of 9.4%. This decline is mirrored in the Median List Price, which is $729,000, down by 2.6% YoY. Despite these decreases, the median Price Per Square Foot has remained relatively stable at $347.41, showing a slight increase of 0.3% YoY. Conversely, the Median List Price per square foot has seen a minor decline of 0.7%, now at $357.97.
Sales activity has also seen a downturn. The number of Homes Sold in August 2024 is 362, a decrease of 6.7% YoY. Pending Sales have similarly dropped by 7.2%, totaling 386. New Listings have experienced a smaller decline of 1.7%, with 460 new properties entering the market. However, inventory levels have surged by 25.5%, reaching 1,367 homes. This increase in inventory has contributed to a significant rise in the Months of Supply, which has doubled to 3.8 months, indicating a shift towards a more balanced market.
The Median Days on Market for homes in Boulder is now 49 days, an 8.0% increase YoY, suggesting that homes are taking longer to sell. The average sale to list ratio has decreased slightly to 97.9%, down by 1.3% YoY. Additionally, the percentage of Homes Sold above list price has dropped to 13.5%, a notable decline of 10.7% YoY. Price Drops have remained relatively stable, with a slight decrease of 1.0%, now at 31.5%. The percentage of homes going off the market within two weeks has also decreased by 7.2%, now at 30.8%.
In summary, the Boulder, CO metro area housing market in August 2024 is characterized by declining sales prices and sales activity, increased inventory, and longer times on the market. These trends suggest a cooling market, potentially offering more opportunities for buyers as the balance shifts away from the strong seller's market seen in previous years.
