WKRE Luxury Stats Report 2023 Boulder and Broomfield Counties

BOULDER AND BROOMFIELD COUNTIES

2023 LUXURY MARKET - # SOLD WK Real Estate’s Luxury Market Report is your guide to luxury real estate data and trends for Boulder and Broomfield Counties. Our goal is to provide clients with the market insight, information and resources needed to make critical decisions when selling or purchasing property in the Boulder area.

The figures above represent the total number of Residential and Attached units sold in Boulder and Broomfield counties combined for each year indicated. Farm & ranch, vacant land, and other property types are not included.

Year over year the market experienced an overall decrease of 19.7% in the # of units sold. The gold line represents a hypothetical trend line, with constant yearly increases from 2015 to 2023. Clearly both 2021 and 2022 were “outlier” years, with the number of units sold significantly above trend.

2023 represents more balanced market growth.

Sales in the $1-2M price band decreased by 23.8%, and sales over $3M decreased by 12.7%. The only price band that experienced an increase was $2-3M - at only 1.7% that could be reflective of inflation with some properties moving up from the $1-2M band.

WK REAL ESTATE | LUXURY

WKRE.COM

BOULDER AND BROOMFIELD COUNTIES

2023 LUXURY MARKET - $ VOLUME WK Real Estate’s Luxury Market Report is your guide to luxury real estate data and trends for Boulder and Broomfield Counties. Our goal is to provide clients with the market insight, information and resources needed to make critical decisions when selling or purchasing property in the Boulder area.

The figures above represent the total dollar volume of sales of Residental and Attached units sold in Boulder and Broomfield counties combined for each year indicated. Farm & ranch, vacant land, and other property types are not included.

Year over year the market experienced an overall decrease of 16.7% in the dollar volume of properties sold. The gold line represents a hypothetical trend line, with constant yearly increases from 2015 to 2023. As consistent with the units sold, clearly both 2021 and 2022 were “outlier” years, with sales volume significantly above trend. 2023 represents a more balanced market.

Sale volume in the $1-2M price band decreased by 25.1%, and sales over $3M decreased by only 5.0%. The $2-3M price band stayed almost the same with only a 0.1% decrease; that also could reflect inflation with some properties moving up from the $1-2M band.

WK REAL ESTATE | LUXURY

WKRE.COM

BOULDER AND BROOMFIELD COUNTIES

2023 LUXURY MARKET - ABSORPTION WK Real Estate’s Luxury Market Report is your guide to luxury real estate data and trends for Boulder and Broomfield Counties. Our goal is to provide clients with the market insight, information and resources needed to make critical decisions when selling or purchasing property in the Boulder area.

The chart above shows the monthly rate at which luxury properties were sold by price band - this is sometimes referred to as the “burn rate” or absorption rate. This number is useful for sellers as it can indicate how quickly or slowly the market is moving at a given price point.

During the pandemic years of 2020-2022 we saw heightened demand for properties of all types, and buyers in luxury price points especially had the freedom and inclination to move to desireable lifestyle areas, such as Colorado. In 2021 there were an average of 113.6 properties over $1M selling each month, and 114.1 in 2022. That number dropped to 91.6 properties per month in 2023.

The $1-2M price band was the most accessible, with 69.0 properties sold per month. Average days on market (DOM) was 55.1 days while the median days on market was only 37.0. In the $2-3M price band properties sold at a rate of 14.6 per month, with average DOM higher at 86.4 and median DOM of 56.0. Finally for properties priced over $3M, average DOM was much higher at 103.6 but the median was only 54.0 days, with 8.0 properties selling per month.

WK REAL ESTATE | LUXURY

WKRE.COM

BOULDER AND BROOMFIELD COUNTIES

2023 LUXURY MARKET - ADDITIONAL STATS WK Real Estate’s Luxury Market Report is your guide to luxury real estate data and trends for Boulder and Broomfield Counties. Our goal is to provide clients with the market insight, information and resources needed to make critical decisions when selling or purchasing property in the Boulder area.

75.3% of all properties sold over $1M were sold in the $1-2M range, representing 56.6% of the total sales volume over $1M. This is lowest % since 2015, and down from 79.4% in 2022 and when such sales accounted for 62.9% of the total sales volume. The % of sales in the $2-3M range increased from 12.6% in 2022 to 15.9% in 2023, and sales over $3M ticked up slightly from 8.0% in 2022 to 8.7% of total units sold in 2023.

The amount of time properties remain on the market is an indicator of market pace and the strength of demand, as is the ratio of the final sale price to the list price of the property. Specific to each price band, a third or more of the properties sold in 2023 sold at a price equal to or greater than the listed price.

For information on specific cities, towns or neighborhoods, please contact a WK Real Estate Broker Associate or our office | 303-443-2240 or info@wkre.com WK REAL ESTATE | LUXURY

WKRE.COM