As we approach the halfway mark of 2021, the real estate market continues its remarkable and unprecedented trends throughout the country. There’s no question that the pandemic has had a significant impact on market conditions, as you’ll undoubtedly discover if you’re planning to buy or sell. If you’re interested in listing your home in Boulder County or becoming a resident here, here’s what you need to know about our current market:
Inventory Is Extremely Limited
Even as we proceed through 2021, inventory remains at historic lows. This is an unusual occurrence for this time of year, as more homes are typically listed in late spring through early summer. Active inventory was much lower in May of 2021 than it was in 2019 since fewer people are listing their homes. Due to the lack of available homes, our under contract numbers are excellent. Thus far in 2021, Boulder County is up nearly 15% in properties sold and up 16% in homes under contract compared to last year. Due to the unusual market conditions we’re experiencing at the moment, our county has a monthly supply of inventory of just 0.64.
How Boulder Compares to the Rest of Boulder County
Our market continues to be remarkably strong here in Boulder. We had more active listings in May 2021 than the rest of Boulder County, even though inventory is still limited. Other cities in our county, such as Longmont, Superior, Niwot, and Lafayette, are experiencing more (extreme) shortages in inventory than Boulder.
Homes Are Selling More Quickly Than Ever
Since available homes are so hard to come by, the average days on market in Boulder County is 33.5 days. Currently, properties in Boulder are only on the market for approximately 43 days, while homes in Erie are sold within 14 days of listing. This trend is due to the price differences in Boulder, as many of the properties here are larger deals that often take longer to close.
The Luxury Market Is On Fire
2021 has been an excellent year for the luxury market in Boulder County. We’re reporting increases upwards of 100% in sales of homes over $1.5 million, while homes below the $800,000 mark are showing fewer sales due to lack of supply. Since inventory of luxury homes has been more stable than homes priced under $800,000, many buyers are taking the opportunity to upgrade.
Buyer demand remains incredibly strong in Boulder County, so it could be the ideal time to list your home if you’ve been considering selling. If you need a listing agent, please reach out to us to talk about your property. If you’re thinking of buying in Boulder, make sure you’re using a local agent who understands the market. Please contact my team to start the process.