The Boulder area real-estate market continues to be among the strongest in the state. Boulder, Denver, Colorado Springs and Fort Collins are hot markets with limited inventory, resulting in many sales being above the listing price. In April, Denver and Colorado Springs ranked as the third and 12th hottest markets in the nation. Boulder fell out of the top 20 because of its shortage of homes available for sale.
Real estate sales in Boulder, Louisville, Lafayette and Superior continue to be robust for single-family homes below $1.2 million, while Broomfield, Erie, Niwot and Longmont are strongest below $750,000. All of these markets are suffering from a lack of entry-level homes below $300,000. Year-to-date sales in this segment are down 47 percent from a year ago.
Attached dwelling sales in Boulder are strong up to $750,000. Surrounding markets are healthy up to $500,000. As in the single-family home market, sales of attached homes are being limited by a lack of inventory at the lower end. Sales of attached homes below $300,000 are down 47 percent from last year.
This severe shortage of moderately priced dwellings has pushed the median price for single-family homes in Boulder to $822,500, while the median for an attached home is now $376,000. Median prices in the rest of the market area are rising rapidly, with Louisville leading the way at $545,000.
Single-family homes in the Luxury ($1.2 million to $2 million) and Ultra-Luxury ($2 million plus) segments in Boulder were stronger in April with 54 homes transacting versus 28 in April 2015. Homes currently available for sale are also up 49 percent from last year’s levels. Near- term sales appear to be strong with 44 homes currently under contract. This is 56 percent better than last April. The good news is that luxury sales are up. The bad news for sellers is that inventory has increased, resulting in a market that somewhat favors the buyer.
The luxury markets outside of the city of Boulder are continuing their lackluster performance from last season. Sales are slow and inventory is high. Based on current sales, there are enough homes available to meet the demand for more than two years.
If you are thinking about selling your luxury home outside of the city, be patient and realistic. Do everything you can to make your home stand out. Work with your Realtor to make sure that your home is well staged and that it is properly priced for your neighborhood. Do not compare your home to those that are selling within the city of Boulder. They are not the same market!
David W. Scott heads the Scott Group at Colorado Landmark Realtors, Contact him at 303-443-5163 or firstname.lastname@example.org.