A Look at Real Estate in Boulder
It's no secret that Boulder is a pricey real estate market. And with fewer homes for sale right now, buyers are competing at all new levels. Year-over-year, the number of active listings for detached, single-family homes in the city of Boulder decreased by 57.4% while the average sales price increased by 27%.
Just comparing February to March 2021, average sales prices jumped by $189,111.
Taking a closer look, the number of active listings remained about the same month-over-month in the single-family market, 84 in February and 85 in March. While we typically see an uptick in home inventory as spring arrives, that's simply not manifesting just yet. Average days to contract also held steady at 60 (down from 61 last month).
However, it appears that buyers of real estate in Boulder are now more willing to get to the closing table no matter the cost. Total homes sold jumped by 30 to 94 compared to 64 in February. This could be due to interest rates increasing slightly and buyers not wanting to miss out, though experts predict that rates will not return to the highs of the past.
For attached dwellings in the city of Boulder, the number of active listings actually increased month-over-month by a modest 8, and four more homes closed in March compared to February. Plus, the average sales price dropped by $23,036. In fact, prices are down 24.6% compared to the same time in 2020. If you're a buyer looking to enjoy the Boulder lifestyle but feeling priced out, this may be a good route for your budget.
What's Happening in Boulder County Real Estate
Compared to last month in Boulder County, there was a drop in the number of active single-family, detached homes, and average days on market also dropped by a week. Meanwhile, the total number of homes sold jumped from 216 in February to 305 in March. And the average sales price crossed the million-dollar mark to $1,029,323—up from $886,748 in February and up from $782,053 in March 2020.
Meanwhile, there were a few more attached homes that came on the market in March, an increase in the number sold, and a drop in the average days to contract. The best news for buyers is that prices dipped by $27,480 compared to February and by 13.7% versus March of 2020.
Should Buyers Buy Right Now?
While it's clear that you should sell if you've been considering it, the decision to buy might weigh more heavily on your mind. As interest rates start to slowly tick back up, the economy begins to recover and more people are vaccinated, the question on everyone’s mind is—should you buy real estate in Boulder right now? In short, yes.
While there are whispers of this being a bubble, there’s just too much demand and not enough inventory for the market to suddenly bottom out. It’s more likely that things might eventually start to even out with prices still going up but perhaps not at such an accelerated rate. And buyers frustrated with losing bids are continuing on with their house hunt because they are also smart buyers. Here’s why.
Currently averaging around 3%, mortgage rates are still incredibly low, and it’s unlikely that they’ll jump back up to the crazy highs of the past. That means buyers can afford more home for their money while possibly earning thousands in equity right out of the gate.
Take a look at our recent blog post to see how the numbers could potentially work out in favor of buyers. And if you're looking to buy, make sure you have a PorchLight agent by your side to help you make smart real estate decisions!
For More Information on Real Estate in Boulder
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