Author/Blogger Bob Gordon brings you the latest on what Boulder condos cost as of August 2021. Bob is an avid blogger, author of Boulder Real Estate News and a local Boulder real estate pro with 26 years experience.
Boulder Condos Cost a Median Price of $500,000
That’s stunning news when you think about it.
When I got into real estate back in the nineties, you could pick up a house for about half that price. But now, your median price point is $500K. Whoa!
And this is based up on the latest statistics from Fidelity National Title. This number is actually down since April and the peak of our market in late May. Back on May 21st, Boulder condos cost a median price of $729,000.
Makes sense. Late May was the height of the craziness, when we were routinely seeing wall to wall showings, multiple offers, one weekend sales. Thankfully, that moment has passed. Why thankfully? Sure, those selling a condo in Boulder and moving out of the area were happy. But anyone looking to sell, then buy faced the same hurdles. 20 offers. Plus a hundred thousand over list. Close in days. Not fun.
Boulder Condo Days On Market
Boulder condos go fast. Boulder home sellers want to be prepared for a quick sale/move. Buying in Colorado? You want your ducks in a row. Line up financing, proof of funds early. Be ready to compete no matter what your preferred Boulder condos cost! It’s very competitive.
The median days on market has bounced around the past ninety days. It is currently 25 days. Start to finish – from listed to under contract to sold in less than a month. That’s quick. Of course, the average time is little more honest.
According to Fidelity National Title, the average was close to 3 months back in April and now is about a month and a half at 49 days.
Price Adjustments Impact Boulder Condos Cost
We are currently witnessing about a fourth of the market experiencing a price reduction between listing and sale. Of course, this being “Boulder” we also have one to two percent of attached homes experiencing a price increase after entering the market to capture a sale.
Rent Vs Own
For those looking to rent, the median rent for all condo type properties in Boulder is currently a tad north of $2,200 a month. When you consider how low home mortgage interest rates are, how low taxes are, this is really a great market to consider home ownership.
For those wanting to own, but on a limited budget, also consider the Permanently Affordable program.
You get an attached dwelling for a fraction of what Boulder condos cost usually. The catch is, you have to sell following the same rules, so you won’t make a lot of money holding one of these PA properties.
Low Home Mortgage Rates Could Change Suddenly
Last word. Jerome Powell, Fed Chair, points out home mortgage rates are being “propped up” by a Fed tapering program. With inflation and various impacts of Covid-19 on the economy, The Fed in recent meetings has elected not to make any adjustments. For potential home buyers (and renters!) this means rates stay low.