Boulder, CO Metro Area Housing Market: November 2024 Analysis
The Boulder, CO metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 4.7% year-over-year, settling at $724,274. This decline contrasts with the Median List Price, which has increased by 2.9% to $710,000, indicating a potential gap between seller expectations and buyer willingness.
In terms of Price Per Square Foot, the Median Sales Price per square foot has seen a marginal increase of 0.2%, reaching $336.14. Meanwhile, the Median List Price per square foot has risen significantly by 9.6% to $371.76, suggesting that sellers are pricing homes higher on a per-square-foot basis compared to the previous year.
The number of Homes Sold in November 2024 was 288, a slight decrease of 0.7% from the previous year. However, Pending Sales have shown a robust increase of 11.5%, totaling 348. This uptick in Pending Sales could indicate a future rise in closed transactions, assuming these sales proceed to completion.
New Listings have dropped by 15.2% year-over-year, with only 207 homes entering the market. Despite this decrease in New Listings, inventory levels have surged by 20.5%, reaching 1,116 homes. This increase in inventory, coupled with a 70.0% rise in Months of Supply to 3.90 months, suggests a shift towards a more balanced market, potentially giving buyers more options and negotiating power.
The Median Days on Market have increased by 13.0% to 67 days, indicating that homes are taking longer to sell compared to last year. This trend is further supported by the average sale to list ratio, which remains relatively stable with a slight increase of 0.2% to 97.9%. The percentage of Homes Sold above list price has decreased by 1.3% to 14.6%, reflecting a cooling in competitive bidding scenarios.
Price Drops have seen a minor increase of 0.6%, with 25.4% of listings experiencing reductions. Additionally, the percentage of homes going off the market within two weeks has decreased by 4.3% to 18.1%, suggesting a slower pace in the market.
Overall, the Boulder, CO metro area housing market in November 2024 is characterized by a decline in sales prices and New Listings, alongside an increase in inventory and Pending Sales. These dynamics indicate a market in transition, with potential opportunities for buyers as the balance between supply and demand shifts.
