Q3 MARKET OVERVIEW
boulder county
In Q3, selling a home in Boulder County required patience and an expert strategy. Buying came with the ability to shop around, as well as the leverage needed to negotiate prices and terms.
Across all markets and price points, days on market increased from 33 to 51 over the last three months. Median home prices in the classic and luxury segments also decreased year-over-year.
Sales slowed in Q3 which is typical as many buyers and sellers stepped away for vacations and new school year prep. Sold listings dropped by 5.1% in both segments with attached homes and their sharply rising HOA dues being a major factor.
The quarter then closed with 3.6 months of classic inventory, a 16.1% increase over 2023. And the luxury segment reached 6.3 months of inventory, officially creating a balanced market.
Despite a quiet Q3, recent and anticipated interest rate cuts by the Federal Reserve may lead to more activity than usual as we head into the slow season.
Sold listings dropped by 5.1% in both segments with attached homes and their sharply rising HOA dues being a major factor.”
BOULDER COUNTY
DETACHED & ATTACHED ALL PRICE POINTS
Q3 LUXURY MARKET OVERVIEW*
*Overview stats include both detached and attached properties.
Q3 MARKET OVERVIEW
city of boulder
While the real estate market typically slows in Q3, today’s mortgage rates likely reduced activity in the city of Boulder even further.
Average days on market for all segments and price points increased from 39 to 48 between July and August before coming back down to 41 in September. Detached, luxury homes peaked at 58 days in mid-Q3 indicating that buyers are taking their time to shop around before committing.
Along with fewer sales across all segments, median home prices declined. The median price for classic homes (under $1M) was $592,500, a year-over-year decrease of 3.3%. Luxury home prices dropped by 4.3%, coming in at $1,517,200.
The third quarter closed with 5.2 months of classic inventory and 7 months of luxury inventory, which gives buyers continued leverage when it comes to choosing a home and negotiating. For those still on the hunt, the typically slow winter months may be the perfect time to buy.
Detached, luxury homes peaked at 58 days (on market) in mid-Q3 indicating that buyers are taking their time to shop around.”
CITY OF BOULDER
DETACHED & ATTACHED ALL PRICE POINTS
Q3 CLASSIC MARKET
*Overview stats include both detached and attached properties.
*Overview stats include both detached and attached properties.
NORTHERN TOWNS
OF BOULDER COUNTY
GLOSSARY
ACTIVE:
The number of properties available for sale at the end of a reported period.
ATTACHED:
A structure that shares a common wall or walls with another unit such as a townhome, condominium, row house, or apartment.
AVERAGE & MEDIAN:
The average is calculated by adding up all the individual values and dividing the total by the number of values. The median is calculated by taking the “middle” value, the value for which half of the values are larger and half are smaller.
DOM (Days on Market):
Spans the days when a property is first listed for sale on a broker’s multiple listing service (MLS) to the date when the seller has signed a contract for the sale of the property.
DETACHED:
Also called a single-family home, a detached home sits on its own lot and does not share any walls with another home or building.
MOI (Months of Inventory):
A measure of how balanced the market is between buyers and sellers. It is expressed as the number of months it would hypothetically take to sell through all the available homes currently for sale, given current levels of home sales. A balanced market ranges from four to six months of supply. A buyer’s market has a higher number and a seller’s market has a lower number.
MOM (Month-Over-Month):
The change in value of a metric—such as a median price—expressed as a percentage of the prior month’s value.
SOLD-TO-LIST RATIO:
The sales price of a home divided by the last list price, described as a percentage. If the list-to-sell ratio is above 100%, the home sold for more than the list price. If it’s less than 100%, the home sold for less than the list price.
YOY (Year-Over Year):
The change in value of a metric—such as a median price—expressed as a percentage of the prior year’s value.