I’m hearing reports from all around the country that the unprecedented market conditions we are seeing in our market are not unique. Prices are appreciating quickly. Competition has escalated and it’s quite common to see buyers pay 12-15% over the asking price. Along with that they are waiving the right to object to low appraisals and limiting or waiving inspections altogether. This is happening at a time when we are seeing fewer new listings coming on the market. Buyers are writing offer after offer and as they get beat out, they find new ways to be competitive and bid higher and bolder the next time around. It’s a frustrating cycle for buyers and a windfall for sellers.
For many buyers and buyer’s agents it’s like beginning anew each week. Scour the new listings, quickly set an appointment, decide which house in which to make an offer and then answer the big question, how high do we need to go on this one? More often than not the listing agent calls, or worse yet, sends a mass email informing of a better offer. Better luck next time! So the search starts anew, maybe with lower expectations and a willingness to go even higher next week.
Scroll through the slide deck showing the latest statistics for Boulder County. The quick change in prices is easy to see.
It would have been a big stretch for someone to predict what has happened over the last few months.As the stay-at-home orders lifted we have seen a surge in demand for homes. Not only in our local market but almost universally across the country. And just as buyer demand has surged the supply of homes has fallen to near record lows in the modern era.This convergence, along with low interest rates and a surging stock market have caused competition among buyers of the like I have not before seen.
We have seen times where multiple offers were prevalent, but this time the stakes have been upped and buyers are coming in well above asking price and waiving other contingencies to boot.As a result prices are increasing quickly and appraisers are staying on their toes to keep up.
Here are some of the key statistics for Boulder County real estate for the first quarter of 2021:
Total sales were up 11% for the quarter.There were 1,132 sales, up from 1,018.
The median price for all Boulder County single family home sales during the quarter was $566,650 which is up 2% from the same time frame a year ago.This seems low and is just a snapshot in time for each quarter.
The average days to accept an offer decreased by 16 days to 33.
Over the past decade owning real estate in Boulder County has been a great investment!Cumulative appreciation over the last five years has equalled 34%.Since 1991 we have seen homes increase in value by 438% (FHFA.gov).This is #1 in the nation.
This report shows positive signs in all aspects of the home sale market in Boulder County.I expect this trend to continue, but there is still much uncertainty ahead.Homes continue of sell and as always, I’m actively helping buyers and sellers successfully close transactions.I’m always here for you to be of service.Enjoy the report and stay in touch!
There is so much to love about this home! Location, interior and outdoor spaces are all really great! You will want to spend all summer on the back patio enjoying the serenity of your private open space views. Outside features include: custom fence, retaining wall, pergola and a hot tub with a view! Inside you will find a large home with lots of “feel good” spaces. See “documents” for list of improvements including Pella windows. Four bedrooms plus a large main floor study (could be a 5th if needed); finished basement, workout room, rec-room… Great neighborhood with an HOA pool. Great schools with choice of Fairview or Boulder High.
WOW! We are seeing unprecedented market conditions in the Boulder County real estate market. A strong and fast moving, sellers’ market is causing a spike in prices. Inventory is still low and at the end of March 69% of the ”on market” homes were already under contract. Two years ago at this same time 43% of listings were under contract. Most well priced homes are going under contract very quickly with multiple offers. It’s not uncommon for buyers to waive the right to object to a low appraisal and taking houses in ”as-is” condition.
55% of the sales in March exceeded the list price of the home. The average premium over the list price was 6% or almost $42,000! Appreciation is moving quickly!
Take a look at the annotated slide show below to get more details and see the trend charts for the month.
Wow! Like new! Nearly every aspect of this light and bright townhome has been replaced or improved. Beautiful new kitchen, new flooring everywhere, new bathrooms, new roof, new windows, new lighting, new hardware, new outlets and switches, new electric baseboard heat, new paint inside and out, new fence… With no HOA fee you are saving $250-$400 per month. Large fenced backyard with a great patio and large trees. Wood burning stove in the living room. Walk to Sanchez Elementary and Peak To Peak Charter School.
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