The Colorado housing market isn’t slowing down and continues to entice more potential house buyers than house sellers.
It’s a sign of Colorado’s economic boom, according to Stephanie Iannone, owner-broker of Housing Helpers-Boulder.
Properties in Louisville are in particularly high demand, she said. Iannone currently is listing a property at 540 Coventry Lane in Louisville for $750,000.
“It’s not unusual for homes in Louisville to have 30 showings in one weekend and 15 offers,” Iannone said. “And most properties are getting multiple offers.
“It’s a very competitive market here – Louisville continually is ranked among the top places to live in the country.”
The draw includes good schools, a cozy community and outdoor activities. Being able to walk to downtown restaurants and shops adds appeal.
“Schools are driving factors because the only way to get into some of them now is to be in the neighborhood,” she said. “The schools are full.”
The most common price point sales in Louisville is in the $500,000 to $700,000 range, according to Iannone. Because of the low inventory in that range, prices are on the upswing.
Another result of the limited number of properties available is a race to seal the deal before someone beats you to it.
Although bank loans aren’t a problem, Iannone said, a lot of eager buyers for Louisville properties are showing up with cash in hand to increase their chance of beating out the competition.
“We’re occasionally running into appraisal issues because price increases aren’t keeping up with sold comps,” she said. Competitive bidding is causing selling prices to occasionally jump over appraised values of nearby properties.
Another factor in the rush to buy comes from the influx of out-of-state people moving to the area because the local economy is calling for increased hiring.
“Real estate agents are busy here, and it’s the lowest level of inventory since I can remember.”