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!