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The Impact of COVID-19 on the Real Estate Market in Boulder County and Beyond

There’s no question that COVID-19, the disease caused by the novel coronavirus, has created a new normal and may have long-lasting repercussions on many facets of life. If you’re planning to buy or sell a home in Boulder County, you may be curious about how the virus is affecting our market. For the time being, we’re seeing remarkable resiliency compared to many other areas–despite a decreased number of showings in our state. Here, I share the details on how our market is responding to these uncertain times and offer a comparison to other states. 

A Glimpse at Boulder’s Numbers 

In the weeks leading up to stay-at-home orders, Boulder County experienced similar numbers of new listings and homes under contract that we had in 2018 and 2019. Although the severity of the virus became clear in early-to-mid March, our market didn’t see a dip in new listings until the week of March 29 to April 5. Despite the decrease in inventory, the under-contract to new listing ratio (74%) was similar to the same time period during the two previous years. 

The week of April 5 to April 12 shows promising resiliency. Although the market only saw 67 new listings compared to 135 during the same week in 2019, the under-contract to new listing ratio was remarkably similar: 77.6% this year, in comparison to 85.2% during the same week in 2019. Data from the week of April 12-19 tells a story of the new normal: 54 homes were put on the market, and 43 are under contract. The under-contract to new listing ratio of 79.6% is the strongest we’ve seen in five weeks, further demonstrating market strength. Although inventory is noticeably reduced, these numbers indicate a desirable balance of buyers to sellers and are a testament to how strong the market is in Boulder County. 

A Comparison of Showings in Different States 

Now that we’ve explored the number of listings and homes under contract in Boulder County, we can take a broader look at how Colorado’s housing market is faring. 2020 began with almost identical showing stats to 2019 for our state, but the data from ShowingTime clearly reflects the crisis caused by the coronavirus. By March 31, 2020, the number of weekly showings was down nearly 50% from the first week of the year–a drastic change from the same time period in 2019. Although the number of showings continues to drop (appointments for showings are down by 90.9% as of April 15) many agents are using creative means, such as virtual tours, to get houses shown and sold. 

The data that’s currently available by ShowingTime demonstrates that the effect of COVID-19 on scheduled showings across the nation is undeniable. Large-population states, such as California and Texas, saw a precipitous drop in showings in the last week of March. Showings in California were down by 68.8% on March 28, although there’s been a slight uptick in recent days. As of Wednesday, April 15, California showings are still down by 56.5% from the first week of 2020. Texas fared slightly better, with the steepest drop in showings (-44.8%) occurring on March 31. Showings in Texas have rebounded in the last couple of weeks, and appointments are down by just 27.8% as of April 15. To view daily showing data by state, please head over to this site. 

Although COVID-19 continues to cause shockwaves across the globe, Boulder County’s real estate market has proved to be quite tough despite these challenging times. Even though the number of showings is down significantly in Colorado in comparison to 2019, our market continues to adapt, which is good news for both buyers and sellers. If you have questions regarding buying or selling in Boulder, I’m here to help. Whether you choose to proceed with your plans or wait until calmer times, don’t hesitate to contact me to discuss your options. 

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