Active Inventory OF Boulder County Housing A Fraction Of 2020 Levels
If you are going to sum up the market by one statistic, the Boulder real estate news headline would read: critical lack of housing inventory. Year over year, we saw a historic sixty seven percent drop in active inventory. I mean, there was one third the homes for sale this year as opposed to last year.
It’s not like folks suddenly stopped wanting to live here. In fact, Boulder county housing is at a premium because we continue to see way more people want to live and work in Boulder.
I recall a few years back, I had a listing at Wimbledon. What struck me with that condo was that it wasn’t just college kids and their parents looking at it, we had grown ups too. What I’m saying is, there has already been this shift where people look for places to call home that traditionally might not be considered family housing. Wimbledon is the easy example – of a spot that switched from college housing to family. Will be interesting to see if that trend continues and the complex shifts from investment to owner occupied. This market we are in right now – this is the sort of market that makes big changes like that.
So, inventory is off the charts low. For Boulder county housing in February we had 114 attached dwellings and 192 single family homes.
Low Inventory + High Demand x Low Interest Rates =
I’ll do the math for you. Off the charts low inventory combined with stronger than normal activity resulted in home prices going up a whopping fifteen plus percent year over year in February for Boulder county housing. It was actually a little more. 15.8% for single family detached homes. Even stronger appreciation for condos and attached dwellings at 16.7% year over year.
February Average Detached Home Price: $886,748.00
February Average Attached Home Price: $532,883.00
This is where things get a little unusual, a little different than the norm. Generally, we are talking about home values are up this year over last year and we’ve seen gains of so much percent. In December 2020 for instance, those conversations saw the market up in single digits over last year. By February we’re talking double digit climbs.
Another change? My clients were seeing multiple offers three months ago – say two, four, maybe six offers. Now? Heck, this weekend my buyers made an offer at eleven (11) percent over list. We weren’t even in the ballpark. We were one of 20 offers. As a Buyer’s Agent, representing your best interests. it is difficult to tell you its in your best interests to bring as much money to cover an appraisal shortfall as your down payment.
The market is going to determine home prices, but I’m not sure paying fifteen percent over list is the best value. There are other houses. And yet, the other houses are apparently not on the market this year. Sigh.
Boulder County Tracks Days On Market List To Sold
In February Boulder county housing saw the total days on market plummet to 48 days, start to finish, on average. I mean, homes that listed for sale on January 4th of this year, countywide were (on average) sold with multiple offers for better than full price and closed, done, Final! on February 21st – 48 days start to closed!
Town House and Condo Closings UP
Not surprisingly, the number of attached dwellings closing was up. We saw a fifth more transactions closed in 2021 than a year ago. But, home sales declined. The 216 single family home sales represents almost eighteen percent fewer closings.
Terrible Market For Boulder Home Buyers
It’s really not that great for anyone. I suppose if you are selling and moving out of the area – and you would be surprised, but that is a segment nationally in this market – sure, its a great market. But locally? The same conditions you relish while selling are a curse when buying. There are so few homes for sale. Bidding wars erupt each weekend. And this is a trend versus last month. And it’s happening all along the Front Range.