To say Boulder and the Colorado Front Range is experiencing more of the same when it comes to market conditions would be an understatement. A glance at the City of Boulder regional snapshot suggests low inventory continues to dramatically plague the region.
Personally, I’m not a big fan of this market. It is exhausting on home buyers. Buyers make up half the marketplace, so half the people involved in real estate transactions are facing stressful situations. Even selling is stressful. After all, if your friends and neighbors are all getting over full price, will you be satisfied when your house merely sells for full price? This Seller’s Market can be darn intimidating and stress inducing. Let’s take a look at the numbers.
March Review City of Boulder Regional Snapshot Jan-Feb 2022
Let’s start with a review of Single Family homes.
January saw 46 Active listings. This was a sharp decline from the same month in 2021. That year, we had 95 Active listings. Both then and now, the prevailing wisdom says this is a market of stubbornly low housing inventory.
Month over month, inventory increased. There were more Active listings in the City of Boulder for February than January. This tracks with what you would expect. We always have more inventory as winter turns to Spring. However, When you look at the City of Boulder regional snapshot for February 2022 compared with 2021, inventory was considerably off.
The sixty three Active February listings was 39.4% fewer than the year before.
It’s not like suddenly fewer people want to live in Boulder. Nor was inventory jumping next door. Just the opposite really, as the Marshall Fire that destroyed entire subdivisions further reduced inventory levels in the county.
Attached Dwellings Even More Desperate Situation
Seventy two percent fewer units offered in January 2022 versus a year ago. That’s a staggering 93 fewer attached homes on the market year over in January. Inevitably, this will put a great deal of stress on the Boulder housing market.
February was a little better. There were only fifty percent fewer homes on the market year over year.
Pro Tip: While the Spring housing market usually sees the largest number of new listings, it also sees the largest number of buyers. Don’t wait for more inventory, start your home search now!
Bob Gordon, Realtor
Declining City of Boulder Inventory Levels Push Down Monthly Sold Volume
Let’s be clear. People are still moving to the city and county of Boulder.
There remain great businesses that young people want to work for. Wonderful amenities that attract an influx of new residents every single day.
But, with fewer homes to purchase, not surprisingly there are fewer closed transactions.
Appraisals Could Be Challenging In 2022
The lack of closed transactions according to the City of Boulder regional data could add pressure to homes appraising for value this year. Why? Fewer transactions means fewer comparable properties for lenders to make informed decisions.
January and February saw an average of nearly fifteen percent fewer closed transactions this year versus last. Fiver fewer in January. Ten less in February.
Attached Dwellings Median Sales Price Spikes In February
With not a lot of single family homes to choose from, many buyers are switching to attached dwellings in Boulder. No big Earth shattering surprise there. In fact, I’ve been hearing this would be a trend. Why?
- Attached Homes are less expensive on average
- With sky high house prices, first time home buyers are naturally looking elsewhere
- A town house can be an affordable way to “Buy into Boulder.”
Timeline For Attached Dwelling Transactions Speeding Up
Attached Active listings are taking 37-40% fewer days to close in 2022 over the prior year. That’s big news. Last January it was taking eighty days for attached homes to sell. This January, that was down to 54 ADOM. That’s a big adjustment.
Pro Tip: Boulder home buyers, write your offer to quickly address inspection, loan approval and closing deadline. Winning offers are moving fast.
Bob Gordon, Realtor
Median Boulder Attached Dwelling Prices Increase!
This can’t be a surprise to you.
The City of Boulder regional median price is fast increasing on town homes and condos. In January the gain was nearly seven percent. In February, attached dwellings shot up over 30% in value. Buyer beware. In addition to a fast moving marketplace, we have increasing home mortgage interest rates as The Federal Reserve backs tapers securities purchases.
What may surprise everyone are March numbers. Now we have the devastation in Ukraine adding to the mix. Be sure to check back for updates. Leave a comment and thank you for visiting my blog today.