The Schlutz Report
Q1 2023 Boulder County
Photographed Home: 2292 Oak Vista Ct.
Listed by Dena and Logan Schlutz at Estate Professionals
Table of Contents
Featured Property 2292 Oak Vista Ct. | Check out this stunning home surrounded by 100-year-old Ponderosa Pines!
About Us Introduction Letter Single Family Homes: All Neighborhoods Single Family Homes: South Boulder Single Family Homes: Chautauqua Single Family Homes: North Boulder Single Family Homes: Niwot Single Family Homes: Northwest Longmont Single - Family Homes: Southwest Longmont Townhomes and Condos: All Neighborhoods Closing 4 5 6 10 12 14 16 18 20 22 27 The Schlutz Group | www.PROS.realtor | 3
Logan Schlutz Associate Broker
720.734.8652
logan@pros.realtor
Dena Schlutz Managing Broker
720.734.8588
dena@pros.realtor
www.PROS.realtor
Dena Schlutz started Estate Professionals in 1996, when her mother-in-law, Hilda Schlutz, told her "if you're going to work that hard, work for yourself." Hilda was also a realtor in Longmont, Colorado. Two of Dena's children, Logan and Victoria Schlutz are also full-time realtors at Estate Professionals. With three generations of real estate experience, it's easy to say that real estate is in this family's blood. Both Logan and Dena have their own team of agents to assist them in providing bespoke white glove service, impeccable attention to detail, and world-class communication. If you're looking for local experts who not only know the area but also perform in the top 1% of Boulder County's agents, then you've found your brokerage. Contact Logan or Dena today to set up a consultation. They are available 7 days a week from 8 AM - 8 PM MST!
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Introduction Letter
Welcome to the Estate Professionals quarterly housing market report! On the macro level, you will find valuable information about the housing market for Boulder County for Single-Family Homes. We also take a deeper dive into the micro level by breaking down our data into certain areas of Boulder and Longmont. At the end of the report, you will find data on townhomes and condos in Boulder County.
Boulder County saw a drop at the beginning of Q1 2023 but began to rise through March. This follows the trend of seasonality where we see the market drop in the winter months and then become more stable as we get into the Spring.
Dena Schlutz
720.734.8588
dena@pros.realtor
The Schlutz Group | www.PROS.realtor | 5 Report Contributors
John Hulen Marketing Director
Managing Broker Estate Professionals
Estate
Logan Schlutz Associate Broker
Professionals
720.734.8652 logan@pros.realtor
Single Family Homes
All Neighborhoods
Q1 2023: Single-Family Homes: Boulder County: All Neighborhoods
v Boulder County has seen some decline in the past year, but it’s a resilient market. We saw a drop in home prices, dollar volume, and closed sales, but the average price per square foot has slightly increased.
HIGH-INTEREST RATES ARE A LEADING CAUSE OF THE SLOWING MARKET.
Q1 2022 Q1 2023 % Change Average Price $1,112,411 $1,170,671 -5.2% Average $/ft2 $390 $393 +0.8% Dollar Volume $679,244,620 $532,756,350 -21.6% Closed Sales 607 457 -24.7%
* Property data from IRES and REcolorado (past three years only). Showings data from ShowingTime and IRES listing data only. Data deemed reliable, but not guaranteed. InfoSparks © 2023 ShowingTime The Schlutz Group | www.PROS.realtor | 7
Q1 2023: Single-Family Homes: Boulder County: All Neighborhoods
Months Supply of Inventory: This graph shows how long it would take for every home on the market to sell if no new homes are listed. A MOS of 1 means homes are selling almost immediately when they are listed. In March 2023, we saw the MOS decrease to 1.8, meaning that it would take just under two months for all existing homes on the market to sell.
Months of Supply
Average Days on Market: Homes take roughly 3 – 4 weeks to close from the time they go under contract. So, homes were on the market for a little over a month before going under contract in Q1, seeing a 73.3% increase YOY.
Average Days on Market
* Property data from IRES and REcolorado (past three years only). Showings data from ShowingTime and IRES listing data only. Data deemed reliable, but not guaranteed. InfoSparks © 2023 ShowingTime
74 60 50 58 71 67 58 53 62 73 63 53 42 43 44 51 44 30 33 40 35 25 33 40 48 54 65 71 65 0 10 20 30 40 50 60 70 80 90 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 Days
The Schlutz Group | www.PROS.realtor | 8 2 2.2 1.8 1.9 2.7 2.8 2 1.7 1.9 2.1 1.7 1.3 0.8 0.6 0.8 0.6 0.9 1.7 2.1 2.2 1.5 1.8 0 0.5 1 1.5 2 2.5 3 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 MOS
Q1 2023: Single-Family Homes: Boulder County: All Neighborhoods
Average Percent of Original List Price Vs Sold: This graph shows if homes were selling over or under the asking price. Q1 2023 saw a 6.7% decrease YOY.
Average % of List Price
Inventory of Homes: From the graph, Boulder County inventory dipped in January and began to rise through March. This is a 202.9% increase YOY.
96.9 99.1 97.9 95.9 98.3 96.295.7 98.8 98.4 100.9 105.5 101.9 100.2 107.7 102.4 96.9 92.6 95.9 98.1 80 85 90 95 100 105 110 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 %
* Property data from IRES and REcolorado (past three years only). Showings data from ShowingTime and IRES listing data only. Data deemed reliable, but not guaranteed. InfoSparks © 2023 ShowingTime
The Schlutz Group | www.PROS.realtor | 9 368 401 555 615 443 587 773 671 511 654 433 274 198 319 254 112 276 497 590 458 373 437 0 100 200 300 400 500 600 700 800 900 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 # of Homes Inventory of Homes
South Boulder
Single-Family Homes
Q1 2023: Single-Family Homes: South Boulder
v South Boulder consists of the homes West of Foothills Parkway and South of Chautauqua Park. Neighborhoods include Martin Acres, Table Mesa, and Highland Park.
Q1 2022 Q1 2023 % Change Average Price $1,305,699 $1,429,666 +9.5% Average $/ft2 $557 $625 +12.2% Dollar Volume $40,047,547 $38,405,500 -4.1% Closed Sales 30 28 -6.7% Price Address Home Ft2 Approx. $/ft2 Days on Market $1,105,000 430 S 42nd St 2724 $406 25 $1,125,000 2840 La Grange Cir 1280 $879 34 $1,140,000 2795 Emerson Ave 1426 $799 17 $1,220,000 348 Hollyberry Ln 2268 $538 47 $1,235,000 3670 Silver Plume Ln 1394 $886 61
Q1
Median Home sales in South Boulder
* Property data from IRES and REcolorado (past three years only). Showings data from ShowingTime and IRES listing data only. Data deemed reliable, but not guaranteed. InfoSparks © 2023 ShowingTime The Schlutz Group | www.PROS.realtor | 11
Chautauqua
Single-Family Homes
Q1 2023: Single-Family Homes: Chautauqua
v Chautauqua consists of homes West of Broadway and South of Aurora Avenue. Neighborhoods include Chautauqua, Lower Chautauqua, Flagstaff, and Interurban Park.
Q1 2022 Q1 2023 % Change Average Price $2,375,777 $2,743,416 +15.5% Average $/ft2 $685 $780 +13.9% Dollar Volume $21,382,000 $24,461,000 +14.4% Closed Sales 9 9 0% Price Address Home Ft2 Approx. $/ft2 Days on Market $2,475,000 870 12th St 3608 $686 37 $2,925,000 820 Grand Pl 3078 $950 21 $2,925,000 1700 Bluebell Ave 3265 $896 32 $3,200,000 1492 Columbine Ave 4240 $755 28 $3,500,000 18 Chautauqua Park 3372 $1,038 125
Q1 Median Home sales in Chautauqua
* Property data from IRES and REcolorado (past three years only). Showings data from ShowingTime and IRES listing data only. Data deemed reliable, but not guaranteed. InfoSparks © 2023 ShowingTime The Schlutz Group | www.PROS.realtor | 13
North
Boulder Single-Family Homes
Q1 2023: Single-Family Homes: North Boulder
v North Boulder consists of homes north of Iris Avenue and East of Diagonal Highway. Neighborhoods include Parkside, Melody Heights, Wonderland Heights, Rural North Boulder, Four Mill Creek, Orange Orchard, and North Broadway – Holiday.
Q1 2022 Q1 2023 % Change Average Price $1,986,840 $1,574516 -20.8% Average $/ft2 $563 $517 -8.2% Dollar Volume $52,000,129 $43,794,778 -15.8% Closed Sales 27 28 +3.7% Price Address Home Ft2 Approx. $/ft2 Days on Market $1,225,000 4858 10th St 2994 $409 68 $1,280,000 1065 Terrance Cir S 3164 $405 163 $1,282,500 1487 Periwinkle Dr 2580 $497 98 $1,286,500 1224 Sumac Ave 1985 $648 34 $1,360,000 4556 Sprucedale Pl 3134 $434 36
Q1 Median Home sales in North Boulder
* Property data from IRES and REcolorado (past three years only). Showings data from ShowingTime and IRES listing data only. Data deemed reliable, but not guaranteed. InfoSparks © 2023 ShowingTime The Schlutz Group | www.PROS.realtor | 15
Single-Family Homes
Niwot
Q1 2023: Single-Family Homes: Niwot
v Niwot consists of homes east of Diagonal Highway and North of Mineral Road. Neighborhoods include Brittany Place, Cottonwood Hills, Johnson Farm, Niwot Hills, and Somerset.
Q1 2022 Q1 2023 % Change Average Price $2,092,694 $1,511,655 -27.8% Average $/ft2 $386 $278 -28% Dollar Volume $22,687,500 $15,646,500 -31% Closed Sales 10 9 -10% Price Address Home Ft2 Approx. $/ft2 Days on Market $890,000 7725 Manila Pl 2912 $306 6 $1,025,000 7069 Johnson Cir 3387 $303 22 $1,937,500 6855 Springhill Dr 5912 $328 173 $1,950,000 7225 Meadow Ln 7776 $251 12 $2,389,000 8316 Greenwood Dr 11,012 $217 199 Q1 Median Home sales in North Boulder
* Property data from IRES and REcolorado (past three years only). Showings data from ShowingTime and IRES listing data only. Data deemed reliable, but not guaranteed. InfoSparks © 2023 ShowingTime The Schlutz Group | www.PROS.realtor | 17
NW Single-Family Homes Longmont
Q1 2023: Single-Family Homes: Northwest Longmont
v Northwest Longmont consists of homes north of 9th Avenue and west of Main Street. Neighborhoods include Champion Greens, Longmont Estates, Lake Shore, Lake Park Estates, and The Shores at Lake McIntosh.
Q1 Median Home sales in Northwest Longmont
Q1 2022 Q1 2023 % Change Average Price $604,262 $694,893 +15% Average $/ft2 $280 $200 -28.6% Dollar Volume $12,040,500 $8,096,235 -32.8% Closed Sales 20 12 -40% Price Address Home Ft2 Approx. $/ft2 Days on Market $587,000 1233 Vassar 2795 $210 4 $600,000 2900 Mountain View Ave 2102 $285 16 $666,730 1023 Champion Cir 3619 $184 155 $725,705 3016 McIntosh Dr 2737 $265 137 $733,900 2979 Dunes Ct 3483 $211 35
* Property data from IRES and REcolorado (past three years only). Showings data from ShowingTime and IRES listing data only. Data deemed reliable, but not guaranteed. InfoSparks © 2023 ShowingTime The Schlutz Group | www.PROS.realtor | 19
SW Single-Family Homes Longmont
Q1 2023: Single-Family Homes: Southwest Longmont
v Southwest Longmont consists of homes south of 9th avenue and west of Hover Street. Neighborhoods include Clover Creek, Nelson Park, Renaissance, Somerset Meadows, Schlagle, and Meadowview.
Q1 2022 Q1 2023 % Change Average Price $816,535 $797,500 -2.3% Average $/ft2 $245 $287 +17.1% Dollar Volume $28,784,566 $29,257,981 +1.6%% Closed Sales 36 36 0% Price Address Home Ft2 Approx. $/ft2 Days on Market $649,000 724 Widgeon Cir 1810 $359 45 $687,000 733 Nelson Park Cir 2412 $285 212 $690,000 4335 Bella Vista Dr 2352 $293 34 $775,000 4951 Eagan Cir 3384 $229 127 $780,000 4513 Bella Vista Dr 3796 $205 5 Q1 Median Home sales in Southwest Longmont
* Property data from IRES and REcolorado (past three years only). Showings data from ShowingTime and IRES listing data only. Data deemed reliable, but not guaranteed. InfoSparks © 2023 ShowingTime The Schlutz Group | www.PROS.realtor | 21
Townhomes Boulder County Condos
Q1 2023: Townhomes/Condos: Boulder County
The Months Supply of Inventory in March was 1.9%, meaning if no new homes came on the market, all existing homes would be sold in just under two months. There is a 354% increase YOY.
Months Supply of Inventory
Q1 2022 Q1 2023 % Change Average Price $597,903 $582,499 -2.6% Average $/ft2 $434 $407 -6.2% Dollar Volume $195,791,921 $147,419,794 -24.7% Closed Sales 327 254 -22.3%
1.3 1.8 2.2 2 2.5 2.9 2.3 1.7 2.2 2.6 2.2 1.11 0.9 1 0.7 0.4 1 1.7 2 1.5 1.9 0 0.5 1 1.5 2 2.5 3 3.5 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 MOS
* Property data from IRES and REcolorado (past three years only). Showings data from ShowingTime and IRES listing data only. Data deemed reliable, but not guaranteed. InfoSparks © 2023 ShowingTime
The Schlutz Group | www.PROS.realtor | 23
Q1 saw a dip in inventory during January but began to increase through the end of March.
Inventory of Homes
This graph shows whether homes went under contract for over or under the asking price. We see an increase beginning in Q1 2023.
Average % of List Price
138 169 218 260 217 253 290 256 214 269 316 297 250 198 135 150 130 56 94 136 176 233 177 199 0 50 100 150 200 250 300 350 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 # of Homes
Q1 2023: Townhomes/Condos: Boulder County
98.2 101.0 99.2 97.4 98.9 97.997.4 98.2 98.1 97.9 99.3 102.2 100.3 99.6 101.9 105.7 102.0 98.6 96.5 97.8 98.9 90.0 92.0 94.0 96.0 98.0 100.0 102.0 104.0 106.0 108.0 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 %
* Property data from IRES and REcolorado (past three years only). Showings data from ShowingTime and IRES listing data only. Data deemed reliable, but not guaranteed. InfoSparks © 2023 ShowingTime The Schlutz Group | www.PROS.realtor | 24
Q1 2023: Townhomes/Condos: Boulder County
Average Days on Market: Homes take roughly 3 – 4 weeks to close from the time they go under contract. So, homes were on the market for about one month before going under contract in Q1, seeing a 40.9% increase YOY.
Average Days on Market
New listings tend to follow seasonality. More homes are put on the market in the late Spring / early Summer, while fewer homes come on the market in the Winter. Q1 had a 3.1% increase in new listings YOY.
* Property data from IRES and REcolorado (past three years only). Showings data from ShowingTime and IRES listing data only. Data deemed reliable, but not guaranteed. InfoSparks © 2023 ShowingTime
The Schlutz Group | www.PROS.realtor | 25
69 61 50 44 53 65 69 102 68 57 79 73 43 49 67 56 41 37 55 46 41 30 42 56 58 61 66 0 20 40 60 80 100 120 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 Days
125 191 122 75 165 220 171 52 171 116 226 170 65 126 172 208 210 156 89 99 139 189 183 147 52 99 144 0 50 100 150 200 250 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 Mar-23 # of Homes
Listings
New
Thank you for taking the time to read our report. We hope that you found the information valuable and now have some more insight into the housing market in Boulder County. If you’re planning on selling or buying, we recommend doing so sooner rather than later. At the beginning of the quarter, interest rates sat around a low of 6%, but by the end, they were breaking 7%. Higher interest rates mean fewer buyers in the market.
720.734.8588
720.734.8652
logan@pros.realtor
In Closing 4450 ARAPAHOE AVE SUITE #78, BOULDER, CO 80303 PHONE 720 637 3312 © 2022 ESTATE PROFESSIONALS ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY WHILE THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED AS SUBJECT TO ERRORS, OMISSIONS, CHANGES, OR WITHDRAWAL WITHOUT NOTICE ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS, AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR ATTORNEY, ARCHITECT, OR ZONING EXPERT EQUAL HOUSING OPPORTUNITY The Schlutz Group | www.PROS.realtor | 26
Managing Broker Estate Professionals
Dena Schlutz
Associate
Estate Professionals
dena@pros.realtor Logan Schlutz
Broker
The Schlutz Group Estate Professionals
