As I have detailed in my recent blog posts, the market has rebounded very well during the summer and fall of 2020. Sales have now surpassed last years sales through the same time period and prices are again on the rise. The big issue we are seeing is not demand, it is supply. The inventory is very low and as of this writing, 59% of the active listings in Boulder County are marked as “under contract” or “pending”.
This blog post will specifically highlight the luxury segment of the Boulder County real estate market. Has it bounced back as quickly and as strong as the market in general? Are luxury condos keeping up with single family homes? How is the ultra luxury segment doing? Read and watch on, I’ll try to answer those questions as well as others.
First of all, $1,000,000 used to be an impressive sum for a house in this area. Not so much anymore. In fact, the median price of a single family home sale in Boulder so far this year is $995,000 and the average price is $1,266,000. Spending $1,000,000 doesn’t exactly set you apart these days. However, for this blog post, I’m going to give information on both the $1 – $2 million price range as well as the $2 million and above price range.
City of Boulder – Single Family
$1- $2 Million
- 55% of the 93 listings in the City of Boulder area under contract.
- 158 sales so far this year which is a 9% increase.
- 3.5 months of active inventory if the sales rate over the last six months persists. (According to National Association of Realtors this is a sellers market)
More than $2 Million
- 32% of the 72 listings in the City of Boulder area under contract.
- 50 sales so far this year which is a 31% increase.
- 8.6 months of active inventory if the sales rate over the last six months persists. (According to National Association of Realtors this is a buyers market)
City of Boulder Attached Dwelling
$1- $2 Million
- 31% of the 36 listings in the City of Boulder area under contract.
- 14 sales so far this year which is a 33% decrease.
- 15.4 months of active inventory if the sales rate over the last six months persists. (According to National Association of Realtors this is a buyers market)
More than $2 Million
- 62% of the 16 listings in the City of Boulder area under contract. (*see note below)
- 0 sales so far this year. There were three during the first 10+ months last year.
*Note – All 11 active listings that are under contract are new construction condominium projects. The price range on these projects are $2.2 million to $3.5 million. There are a few units available at 3rd and Pearl. Let me know if you have interest.
For Comparison – Boulder County – All Price Ranges
- 59% of the 93 listings in the City of Boulder area under contract.
- 3,171 sales so far this year which is a 1% increase.
- 3.29 months of active inventory if the sales rate over the last six months persists. (According to National Association of Realtors this is a sellers market)
What’s Happening With the Ultra Luxury Market – $4,000,000 and up?
It’s a national trend, the wealthy are on the move! The pandemic has caused many people to question whether their current home is the best place to work from home and stay safe with their family while still enjoying the outdoors. Many with second homes have moved in full-time. Others are leaving their high-end, city properties and heading for lifestyle locations like Boulder. Here are the statistics for properties $4,000,000 and above in Boulder County this year.
- There have been 16 sales up 6 from 2019. Click here to view the sales
- There was definitely a summer surge for these types of properties. 10 of the 16 sales closed in August, September or October. The good news is that there are still quite a few properties to consider in this price range.
- There are currently 37 active listings. Three of which are under contract.
The current listings, updated continually appear below.
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