The chart below says it all - higher interest rates are leading to fewer sales and lower prices. What doesn’t show from a quick glance at the stats is that the Boulder County Real Estate Market remains stable. Your property may not be worth what it was one year ago (the top of the market), but it's still worth more than it was two years ago. The median price of single family homes in Boulder County is up 4% to 7% compared to 2021 and the median price for Condos/Town Homes is up 10% to 17% compared to 2021.
We have emerged from a 10 year period of appreciation into a slowing market. The Boulder County real estate market traditionally flattens out after periods of appreciation, so this is normal. For sellers, you will need to price your home more aggressively in order to get it sold, but it should still be a premium price compared to two years ago. For buyers, interest rates are higher, but there is more room to negotiate price as well as contract terms which could include a seller paying points towards reducing your interest rate.
Please reach out if you want to discuss the current market and how I can help make it work for you, whether you are buying, selling or both.
All the best,
Rich