May 2022 Boulder County Single Family Residential Market Report
The Boulder County real estate market continues its climb into the stratosphere. High high can prices go?
Looking at this month’s stats, I got excited when I saw the supply of homes on the market has increased. But, the supply is still under 1 month with 3 months being a normal market. So, I quickly deflated!
How do you find out how much your home is worth? Read this market update to see what the current market trend is. And, if you want click on the link to get an instantaneous home valuation.
In Boulder County the average sales price, the number of homes for sale, and the average price per total square foot (SF) is up compared to a year ago (YTY). The fewer number of homes for sale are flying off the market in less than a month. Lenders' creativity has lessened the time for finalizing loans. And, with the enormous number of cash buyers it is easy to see why the average days on market is so low. In this market you almost must have a cash offer to have a chance to buy a house.
The average price of a home in Boulder rose only 0.1 percent over the past year but was up about $90K compared to March. Larger homes must have sold in Boulder compared to March as the price per square foot went down $13 but the sales price was up slightly. Sold prices in Boulder averaged about 7 percent over the list price.
Prices in Erie continue to climb, up almost 16 percent compared to last April and up about $50K compared to March. With a decent amount of inventory, moving to Erie might be possible! In Erie expect to pay about 4 percent over list price to get into a new-to-you home.
In Lafayette prices were about the same in April as they were in March. However, compared to April 2021 prices skyrocketed an average of 51 percent. Oh, my goodness!
Once again Longmont led the way in the number of homes sold in Boulder County in April 2022. The average sold price in Longmont was down about $110K compared to March 2022. And, the price per total square foot decreased $27 during the same timeframe. If you are in the market for a home Longmont has the largest number of homes on the market as well as the lowest sales price of the communities surveyed.
A handful of homes in Niwot were listed and sold this past month. The average price was up about $330K with a decrease in the average price per total square foot of about $50. Purchasing a home in Niwot is tricky with the low inventory of homes for sale accompanied by the high price point.
Buying a home or an investment property in Boulder County continues to be a good use of your money. Even with the rise in interest rates the demand for housing in Boulder County is continually pushing up home values. If you are currently renting, consider buying your own place and watch the equity grow in your new home!
Out of town buyers are clamoring to live in Boulder County. They love the easy access to the mountains and skiing, the outdoor lifestyle, and all the area has to offer for dog lovers and families with children.
If you are thinking about selling your home now is a great time to take advantage of the large number of buyers clamoring to purchase a home in this low inventory market. Expect to receive more than your list price!