May 2023 Boulder Porch Report

Can you believe that summer is just around the corner? Hopefully, you have plans to enjoy new adventures and plenty of sunshine. If you’re looking to buy or sell a home, today’s very nuanced market presents challenges for both buyers and sellers. So, get in touch, and let’s talk numbers and what strategies are needed to help you accomplish your goals.

In the city of Boulder, April inventory increased to 142 new single-family listings, up significantly since February when just 88 new homes came on the market.

With more options to meet demand, prices decreased from $1,357,000 in March to $1,325,000 last month. April also closed with 211 active listings or three months of inventory across the city, that’s halfway to a balanced market.

Meanwhile, Longmont’s inventory remained relatively flat while sales increased from 74 in March to 91 in April. With a bump in demand, prices ticked up slightly from $603,000 to $625,000. And in Erie, inventory decreased while single-family home prices increased to $775,000.

A recent report found that the median distance between the home that recent buyers purchased and the home they moved from was around 50 miles—previously, the median was 15 miles.

What’s behind this change? The most likely conclusion is the pandemic. Millions of people went fully remote during the lockdown and millions now remain fully work from home or have a hybrid schedule. If that includes you, a permanent home office is key. Here’s what it should include:

     • The Right Location
     • The Right Workspace
     • The Right Equipment
     • The Right Vibe
     • And the Right Routine

Buying a home without an inspection is technically possible, but it’s generally not a good idea. Home inspections can reveal property issues such as potential hazards, existing damage and aging infrastructure—all things you want to know about before you buy.

However, mortgage lenders don’t require a home inspection before you can close on your loan (although they do require an appraisal). That means that getting a home inspection is up to you.

And although it’s generally not advisable, there are buyers who have found that waiving the home inspection contingency in their contracts works to their advantage.