If you've been in the market to purchase a home in Boulder, you've likely noticed that the shelves have been empty. It's like trying to find bread at the grocery store before a big snowstorm! To better understand just how low inventory is right now, let's take a look at how many listings were active in February and the percentage change compared to February of 2020.
Detached: 85 (-52.5%) • Attached: 73 (-38.7%)
- Boulder County
Detached: 192 (-67.1%) • Attached: 114 (-54.2%)
With such low inventory and high demand comes an increase in home prices as buyers battle it out to secure a property. Looking at detached, single-family (DSF) homes in Boulder, the average sales price jumped 6.7% to $1,325,362 year-over-year. Across Boulder County, DSF prices increased by 15.8% to $886,748. However, compared to last month's numbers, the average DSF home price dropped by nearly $131,000 in Boulder and by $61,000 when looking at the entire county.
Still, the market continues to favor anyone looking to sell while buyers are facing competition and putting their budgets to the test. Of course, with interest rates remaining at historical lows, it is still a great time to buy, provided you can find and act quickly enough when the right home comes on the market. In February, average days on market dropped by 9 in Boulder and one week across the county. Also, be prepared for a brisk walk-through as time slots for showings are now down to just 15 minutes, compared to the typical hour.
One big advantage when buying with the help of a PorchLight agent in today's competitive market is our partnership with Homeward. Once qualified, you can make a cash offer which is three times more likely to win bids than offers that are mortgage contingent. Homeward also has an option that enables sellers to buy with cash before they sell their current home, alleviating the worry of being stuck in limbo or rushed to find a new home.
If you’d like to learn more about this option, check out our previous blog post, then talk to your PorchLight agent about getting started with the qualification process.
Low Inventory Is Not Just a Boulder Thing
According to Realtor.com, Boulder is not the only city seeing low inventory. It’s actually an issue affecting the real estate market nationwide.
At the end of February, there were nearly half as many homes for sale in the entire United States versus the prior year. Compared to the first two months over the past four years, nearly 207,000 fewer homes were listed during the same time period in 2021. And of course, this had led to a jump in prices across the country.
If you’re a seller who’s waiting to put your home up for sale, now is the time. Yesterday was the time, actually. With the pandemic disrupting the typical seasonality of real estate, waiting until late spring or early summer is no longer the absolute “prime time” to list your home. By then, a jump in interest rates, or an influx of new inventory could cut into your profits and lead to your home taking longer to sell.
If you're concerned about people coming through your home right now, talk to your PorchLight agent. And trust that we adhere to the most rigorous standards to protect our clients. During open houses and showings, masks and gloves are required, and we only allow one family group in the home at a time. Everyone is asked to social distance, not touch anything and sign-in digitally. We’ll keep the windows open as much as possible and wipe down high-touch surfaces on the way out.
Our agents can also meet with you virtually to discuss the real estate market and present a full valuation of your home. Whatever you’re comfortable with, they will accommodate.
For More Information on the Boulder Real Estate Market
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