The Boulder County market has continued its upward trend through the end of 2021. As we’ve seen all year, shrinking inventory has driven prices up, as demand has continued its pace unabated.
Total volume and current inventory fell
The most staggering statistic for the last year is that the total number of homes for sale in November dropped by 60.4%! By this time last year, Boulder County still had 445 properties for sale - this year, we’re sitting at a mere 176 properties! As you might imagine, Total New Listings have also fallen over the year by a significant amount (10.3%).
This indicates good news for sellers, but stiffer competition for any buyers who are house-hunting out there right now.
Sales volume fell, Prices rose
Speaking of sellers and buyers, there are further indications that Boulder County is currently experiencing a “seller’s market.” This year, along with the falling number of New Listings, the number of Sold properties fell by 5% in our area. Adding to that, annualized single-family average sales prices climbed by more than 25% (27.9%) between 2020 and 2021! That is a massive change compared to this month last year, which could be seen as an inverse relationship to the declining inventory. In essence, lower inventory plus steady demand has kept prices climbing higher.
Days on the market remain steady
The market itself is still actively buzzing, though! Last year, properties were listed and sold within an average of 44 days. This year, that number has dropped to 36 days on average. So, we know that the market is not dying or even resting - if anything, it’s gotten even hotter!
Your opportunities with this knowledge
If you are a Seller
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Contact your agent or one of our Broker Associates to get a market valuation for your property.
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Boulder could be seen as a “Seller’s Market” right now. You could potentially list your property for a higher-than-usual price.
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Stage your property for maximum appeal. Make a few strategic updates or design changes to heighten the looks of your property to attract the best buyers.
If you are a Buyer
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Contact your agent or one of our Broker Associates to start a search for properties that meet your specifications.
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Get pre-qualified so you can submit your offer ASAP - those “Days on Market” numbers should give you an indication of just how swiftly your dream property can be snatched up by someone else.
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Be prepared to put down a higher-than-required Earnest Money Deposit. If you show that you have more skin in the game than other buyers, your offer may have a higher likelihood of being considered.
The Statistics
Here is our Colorado Association of Realtors statistics, which show the most recent month of data (November 2021).
http://marketstatsreports.showingtime.com/CAR-Colorado_hqac0/sst/202111/0SF.htm
And, the Denver Market Area Report link to download market reports for nearby areas.
https://www.dmarealtors.com/news/market-trends/city-and-county-market-trends-reports-dec-21
Low inventory, high demand, and appealing interest rates have all been major factors in Boulder’s continued price growth over the last year. Luckily, the market is still active, and opportunities continue to arise for sellers and buyers alike. Take this knowledge into your next property conversation, and you’ll be better prepared for the challenges.
We at WK Real Estate want to wish you the happiest of times during this season. If there is anything we can help you with, please don't hesitate to contact us.