The Boulder County real estate market continues to be very hot. Inventory has not kept up with demand and as a result multiple offers are very common. Negotiations on the most popular homes are escalating quickly and prices are sometimes ending up over 10% above the asking price. For the first time since I can recall, average sales price exceeded average list price for the month. To put it another way, on average, every home in Boulder County for the month sold for more than list price.
This exuberance hasn’t yet spread to the $1 million plus segment of the market. Prices seem to be compressing. A $650,000 home a few years ago is now selling for $800,000, but the $1 million home has only seen $50 – $75,000 gain. It will be interesting to see if the normal gap develops.
The slideshow below shows Boulder County sales, inventory and under contract percentage going back five years. You will also find weekly activity of sales, under contract homes and new inventory compared over the past four years. The trends are clear, inventory is holding back sales.