August 2023 Boulder Porch Report

As kids head back to school, we’re expecting to see the seasonal shift of buyers and sellers heading back to the real estate market. Fall is a popular time to make a move, so if you’re thinking about buying or selling, now is the time—get in touch and let’s talk smart strategy!

Real estate in the city of Boulder mostly reflected what’s typically a slower season for buying and selling. The number of new single-family homes for sale decreased from 153 in June to 124 in July. However, days on market decreased and sales ticked up from 89 in June to 97 last month.

The median sales price was $1,275,000, down compared to the month prior and 6.6% below July of 2022. By the close of the month, there was a 3.7-month supply of homes for sale in the city of Boulder. While that number has been creeping up, it seems to be holding for now.

As for Boulder County as a whole, the median single-family home price inched up slightly from $839,000 in June to $840,000 in July. That’s even 1.7% higher than 2022 prices. The standout here was Louisville where the median home price jumped to $1,075,000.

As the warmth of summer gives way to the crispness of fall, transitioning your exterior spaces will not only enhance their beauty but also prepare your home for the upcoming winter.

Take a look at a variety of projects you can complete during the warmer weather to ensure your yard remains vibrant and appealing even as the temperatures drop:
1. Prune & Trim Everything
2. Tackle Exterior Repairs
3. Plant Winter-Friendly Flowers
4. Add a Bounty of Fall Accents
5. Keep Your Lawn Lush

Private mortgage insurance is a fact of life if you put down less than 20% on a conventional loan. Why? Because lenders take on more risk the lower the down payment they accept. Private mortgage insurance (known as PMI) helps to reduce that risk.

But far from being a dirty word for homebuyers, PMI on a conventional loan is actually a good thing. The option to purchase a home for as little as 3% or 5% down provides the flexibility to buy a home much sooner than you could if you had to save up 20%.

And the sooner you buy a home, the faster you can build up equity—one of the biggest factors in wealth creation in the U.S.