Real-estate sales in Boulder and the surrounding areas continue to be strong, with prices continuing to move upward.
According to Lawrence Yun, chief economist and senior vice president for research at the National Association of Realtors, the Boulder area is one of the best real-estate markets because it is being fueled by a strong economy, low unemployment, low interest rates, lots of cash buyers and a severe shortage of homes for sale below $1 million. He has stated that “Boulder is not a real estate bubble”; it’s a market that is based on strong economic principles.
The demand for homes for less than $750,000 in Boulder is exceptionally strong with less than a one-month supply of homes available. The surrounding communities are experiencing similar demand below $500,000. The number of homes sold within these price points is down slightly from 2015, which is to be expected because of the lack of homes for sale. Home sales in Boulder between $750,000 and $1.2 million are up over last year, with about the same level of inventory. Area real-estate agents are working hard to find the right homes for their clients, and it appears to be paying off.
Luxury home sales ($1.2 million to $2 million) in Boulder are similar to last year’s, while ultra-luxury home sales ($2 million plus) have more than doubled last year’s. Unfortunately, the luxury and ultra-luxury markets outside of Boulder are not as strong. Lafayette, Niwot, Longmont and the suburban plains have had very limited sales above $1.2 million, and at current inventory levels there is more than a year and a half’s supply of available homes. This segment is a “buyer’s market” and you can find some exceptional values.
The future is bright because of our strong economy and the number of people who are moving into this market. It is an exceptional time to sell, with most homes in the meat of the market receiving multiple offers and ultimately selling above the asking price. If you have been thinking about selling, now is the time!
David W. Scott heads the Scott Group at Colorado Landmark Realtors. Contact him at 303-443-5163 or firstname.lastname@example.org