December 2022 Boulder Porch Report

Warmest holiday wishes. I hope youre having a festive time with your friends and family. As we get ready for a joyful new year, please feel free to reach out if I can help with anything home or real estate related. Im always available for my friends. Cheers and all the best!

In Boulder, median single-family home prices came down month-over-month from $1,370,000 to $1,198,350 in November. Thats also 11.2% lower than homes were selling for a year ago.

Looking at the Boulder County market as a whole, the pattern repeats. Prices came down by $70K and homes are selling for 5.2% less than they were in 2021. In Longmont, prices are more resilient. While down month-over-month, theyre still 1.1% higher compared to November 2021.

Meanwhile, condos and townhomes jumped in price as buyers look for more affordable options. And inventory continues to keep the market steady with steep declines in new homes for sale.

After two years of unprecedented, low interest and mortgage rates, the Fed introduced higher rates in 2022 to curb inflation and slow housing price appreciation. And our market shifted.

Looking at 2023, the consensus is that the market will remain the same then begin to improve. Some experts predict that home prices will increase slightly while others forecast a flat market or further price decreases. There is agreement, however, that rates will fall but not by much.

Taking this all into consideration, the 2023 market will likely be a time for buyers to reconcile their budgets and wish lists while enjoying more time to shop and less competition.