January 2024 Boulder Porch Report

Happy New Year! With changes and challenges in the market last year, you can trust that I’m staying on top of what’s coming next to provide you with expert guidance. If you’re thinking about buying or selling soon, feel free to reach out. Let’s catch up over coffee and discuss your goals.

In the city of Boulder, there were just 37 new listings of single-family homes while 47 sold last month. December also ended with 143 homes still available for sale, just 2.1 months of inventory.

Despite buying outpacing new listings in December, sales were down 21.7% year-over-year. The median price decreased from $1,383,250 in November to $1,235,000 last month, though that’s up 11.4% year-over-year. As for market pace, it’s now taking 77 days to sell.

In Boulder County, the median single-family home price decreased from $790,000 in November to $775,000 last month. That’s 3.1% below the 2022 price of $800,000—and year-to-date, prices for the county as a whole decreased by 2.9%.  

The dynamics of a Homeowners Association will impact your experience as a homeowner, so it’s vital to consider all aspects before making an offer on a home within one of these communities.

Pros of an HOA:
     • Improve Your Quality of Life
     • Preserve Your Property Value
     • Streamline Your Monthly Bills
     • Get Help with Disputes

Cons of an HOA:
     • You’ll Pay More Than a Mortgage
     • More Uniformity, Less Individuality
     • Possible Fines and Fee Increases 

What will home prices do in 2024? It’s a big question in the mortgage industry every year, and especially so at a time when affordability in the housing market is a hotter topic than ever.

“The price of real estate only ever does one thing: goes up,” is a familiar, oft-repeated refrain, and it is based in some truth. Increases in value over time are the general trend. But that truth may get tested in 2024 as some analysts are predicting a decline in home prices in 2024.

The latest forecasts from nine housing authorities range from -1.7% to 4.1% growth in home prices over 2024, with an average rate of 1.34% of positive growth among them.