Everyone can agree that Colorado is one of the most beautiful places to live in the country. With snow-capped mountains gracing the scenery, excellent schools, and a welcoming atmosphere, it’s one of the most desirable places to raise a family.
In the last two years, Boulder, CO real estate has shifted from a buyer’s market to a seller’s market, and the streak is projected to continue throughout this summer. There has been a slow, albeit steady increase in the number of homes on the market in Boulder County.
For instance, this past March there were 1,057 active single-family home listings on the market. In April, the number of homes increased to 1,149 homes. Though the increase was rather low, it is indicative of the busy summer season ahead.
The market has continued to sustain itself throughout May, and is projected to keep sustaining itself throughout the summer months. As is typical of a seller’s market, we are experiencing more sales, but fewer listings. Because of this, sellers are experiencing a higher demand for their homes, and as a result, are raising their prices.
Summer is the peak real estate season. What this means for buyers is that homes will continue to be placed on the market. Well-priced homes will sell quickly, and sellers must be aware of this as they price their homes.
Unfortunately this also means that buyers are having a tougher time with their search, forcing them to become more vigilant in their house hunt. Because of this, home prices are likely to creep up.
Experts have dubbed this a “perfect storm” for sellers, due to the combination of increased demand, low mortgage rates, and a limited inventory.
Statistics acquired by BARA suggest that the average sales value for a single family home in March 2013 have increased by 5.14 percent in Boulder Valley, compared to last year’s sales.
Sales values have increased throughout surrounding areas as well:
o In Boulder they have risen by 2.62 percent
o In Louisville by 1.56 percent
o In Longmont by 9.66 percent
o In Lafayette by 12.61 percent
o In Superior by .96 percent
o In Erie by 9.50 percent
o In the Suburban Plains by 5.45 percent
o In the Suburban Mountains by 3.40 percent
The number of homes sold in Boulder has risen as well in the last year:
o Boulder (+3.62%) from 138 to 143
o Erie (+40.0%) from 50 to 70,
o Superior (+21.05%) from 19 to 23
o Louisville (+7.14%) from 28 to 30
o Lafayette (+18.60%) from 43 to 51
o Longmont (+36.62%) from 172 to 235
Boulder truly is an incredible place to live. It offers unique landscape and architecture, a commitment to sustainable living, and a plethora of outdoor activities at our disposal. While this remains a seller’s market, buyers continue to flock to this beautiful city.
With the ongoing trend in the market, both buyers and sellers can expect it to continue along this same path. While inventory is expected to increase slightly, the number of buyers is also expected to increase, thus offsetting that inventory increase. Mortgage rates are also expected to shift slightly, though they won’t experience much movement throughout the rest of the year.