December 2023 Boulder Porch Report

Happiest of holidays! I hope you’re having a joyful time with your friends and family. As we get ready for the new year, please feel free to reach out if I can help out with anything home or real estate related. I’m always available for my friends. Cheers and all the best!

With Thanksgiving officially ushering in the holiday season, the real estate market in the city of Boulder and across the county cooled month-over-month.

Looking at the data, just 53 single-family homes came on the market in November while 50 sold, down from 73 sales the prior month. Along with less activity, the median price for a single-family home in Boulder decreased from $1,525,000 in October to $1,383,250 last month.

Across Boulder County, the median home price decreased to $790,000 in November compared to $835,000 the prior month. That’s still 9% higher than the 2022 price of $725,000. However, sellers received 97.3% of their asking price as buyers leaned into their negotiation power.

Whether you have plans to renovate or buy a home in the new year, you might be searching for inspiration based on what home design and decor trends are on the horizon.

With gray and white everything heading for the door, home design in the new year will focus on mixed styles, a timeless feel, and welcoming spaces. Top trends for 2024 include:

• Relaxed minimalism
• Organic handmade tile
• Natural wood tones in curved shapes
• Creams and warm neutral paint

Fannie Mae announced that the conforming loan limit for conventional home loans in 2024 is going up to $766,550. In 2023, the conforming loan limit was $726,200. So, this 5.56% increase will help buyers more easily finance one-unit homes at the higher end of the price scale.

The conforming loan limits apply to conventional home loans only. They are basically a dollar cap on the size of a conventional mortgage loan that Fannie Mae and Freddie Mac will purchase from mortgage companies and guarantee.

Under the mandate of the 2008 Housing and Economic Recovery Act, the conforming loan limits are adjusted yearly to account for changes in the average home price in the United States.