There were many questions as to how the real estate market would react to the pandemic. In Boulder County we are getting the short term answer. Sales have recovered quite nicely, and activity is back up to normal levels for this time of the year. Overall, inventory is dropping back to pre-2017 levels and with nearly half of active listings already being under contract inventory is low in some sub-markets and price ranges. The lower end of the market continues to outperform the higher end. Price reductions have been increasing in recent weeks as sellers who are not finding traction in the market find ways to compete in the market. What will happen in the long term is still an open question. Here are some of the many possibilities.
Locally will we see more people drawn to the area from large urban areas?
Will the importance of housing (after being stuck at home for months) translate into more sales?
Will millennials continue to be a driving engine in the lower end of the market?
Will we see more relationships ending? Resulting in the need for more housing?
Will the economy continue to improve even after the unemployment benefits and other stimuli run out?
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The building has guest parking. An additional guest unit that can be rented on a per night basis. A fitness room and very nice hallways and entry. You will be proud to live here!
1140 Portland Place Exterior – Unit 301 is in the top right corner
Unit 301 – Bright and open. Stained concrete floors.
Unit 301 towards the kitchen and dining room
Unit 301 – Large balcony and view
Unit 102 Living Room – Opens up to the private patio with views of the courtyard.
Unit 102 private deck
Portland Place Courtyard. Unit 102 is on the left side of the photo. Lower level.
Great Louisville townhome with three bedrooms, three baths, new carpet and stainless steel appliances. The finished lower level has a living area, a bedroom and a full bathroom – great for roommates! On the upper level you will find two bedrooms with vaulted ceilings and great light and an additional two bathrooms. Main floor features a fireplace in the living room and laminate wood flooring. Great location in popular Louisville.
You can now sit down and have a meal at a restaurant. Parking spaces are again hard to find in downtown Boulder and buyers are again looking at and writing contracts for properties in Boulder County.
This past week, showings increased to the highest levels we have seen so far this year. Those showings resulted in 107 homes going under contract during the last week. This is a typical number for this time of year and is a bit less than we saw last year but a bit more than the same week in 2018.
Over the last two weeks 238 properties have gone under contract in Boulder County. The activity has not been evenly distributed through the price ranges. Here is the breakdown by price range:
New contracts accepted over the past two weeks by price range
$0 – $500k = 104
$501k – $1 M = 103
$1 – $1.5M = 17
$1.5 – $2M = 7
$2 – $2.5M = 3
> $2.5 = 4
After comparing these to the entire year of 2019 these percentages are very much inline with a normal market in terms of activity by price.
This graph shows the number of properties to go under contract on a weekly basis in Boulder County. Activity levels are up to an expected range for this time of year.
The number of showings in the Boulder market area were higher this past week than during any other week so far this year. Buyer’s are back looking!
The number sales is a lagging indicator. Sales now reflect contracts written over a month ago.
There is a lot to process this month. Definitely not just a continuation of our usual spring market. Sales are down significantly compared to past years (down 48% in May), but this is due to the forced showing moratorium. Sales are a lagging indicator. Looking forward, we have seen a nice rebound in the market in the last few weeks. Showings have increased and the number of contracts written are surprisingly strong. I’m still seeing much more activity in the lower price ranges and not as much in the luxury range, but overall I’m encouraged with the strength in the recovery so far.
The University of Colorado and its students have a big ongoing impact on our local market. CU has announced a hybrid model to conducting their fall classes, using a mix of online and in-person classes. It will be interesting to watch how this will affect the demand of housing as time goes forward. For now, I hope you find the slides below informative.
