Boulder County Home Appreciation Ranks #7 In The Nation
Boulder County has been one of the hottest real estate markets in the country. In fact, through the third quarter Boulder County home appreciation, as measured by FHFA.gov ranked 7th highest in the nation at 13.39%. During the third quarter alone the appreciation was 5.26% which was #1 in the nation. The entire front range is red hot – Denver ranked #4 with 13.91%, Fort Collins ranked #9 with 12.87% and Greeley ranked #10 with 12.72% in annual appreciation through the end of September. And from what I have seen during the fourth quarter and here at the beginning of 2016 this trend should continue. The first chart presented shows Boulder County’s home appreciation along with that of the United States since 2010. The graph shows that Boulder County had smaller losses in 2010 and 2011 and now is having much larger gains that the country as a whole.
The last time our area was near the top of the nation in home appreciation was in 1999. We were then affected by the dot com bust. The chart below shows our national ranking over time.
The line chart below shows median price trends over the past seven years for different areas within the county. This data includes sales of both single family homes as well as condos and townhomes.
Boulder County home appreciation has been the direct outcome of the positive household creation and the lack of inventory. Strong demand and limited supply results in increased prices. Strong demand in our area is caused by a growing population and a very strong economy. The demand hasn’t been matched by an equally robust supply. In fact inventory of homes on the market is at a 20 year low. Therefore, there are many buyers competing for the few listings out there. This results in competing offers which further enhance price appreciation.