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  • Writer's pictureRich Gribbon

2023 Market Update

2023 marks my 29th year in real estate. I couldn't have made it this far without you and it has truly been a privilege working with you! In looking ahead at what this year might look like; I can only guess it's going to be interesting as always. Since RE/MAX of Boulder began tracking Boulder County home values in 1978, annual appreciation has averaged 6.185%. In 2022, the median price of single-family homes in Boulder County increased 7.4% and attached dwellings were up 12.4%. Not too shabby in a year when interest rates doubled and the number of sales decreased 27%. I believe that values will remain stable and most likely rise a bit in 2023 since inventory levels remain near historical lows and Boulder County continues to be rated one of the most stable real estate markets in the country. In the context of other investments – stocks, bonds, crypto-currency, etc. – buying REAL property in Boulder County rises to the top as a powerful and consistent way to build wealth.

It has been my observation over the years that the best time to buy real estate in Boulder County is always 6 months ago, so if you are considering buying, think sooner rather than later. After 11 years of rapid appreciation, the Boulder County real estate market has settled down a bit and buyers have more options. Also, interest rates have risen, but lenders have some creative loan programs. If you’re going to sell this year, the first quarter is traditionally an excellent time to be on the market. Buyers have a high sense of urgency in the first quarter and I’m already seeing good market activity and quick sales in some cases.

As we get into the swing of a new year, I’m writing to offer you my time. Let’s meet for a cup of coffee and review your real estate portfolio (whether it’s one property or many). Together, we can brainstorm goals or talk through any options you may be considering – upsizing, downsizing, remodeling, venturing into income property, purchasing a 2nd home outside of Boulder County or leveraging your investments to increase your holdings.

I’m optimistic about our market in 2023! I hope I’ll have the opportunity to put my experience and passion for real estate to work for you – whether it’s all-around service or just some straightforward advice. Also, please know that I always have time for your friends, family and co-workers and greatly appreciate your referrals. I promise to provide outstanding service that will make us both look good.

Best, Rich

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