Boulder County real estate is booming. For top real estate agents in Boulder County that might even be an understatement as buyers are lining up outside in a snow storm for first shot at a new listing.
That’s right, people are actually lining up to buy homes in Boulder County, Colorado. Even an active snowfall doesn’t keep people from flocking to attend open house showings, according to a March report in the Longmont (CO) Times Call.
Amy Drost, Boulder County real estate agent with Housing Helpers of Colorado says the “Boulder County real estate market is extremely competitive” with some homes in good neighborhoods receiving more than 20 or even 30 offers within the first day of active listing. .
Lisa Wade, president of the Boulder Area Realtor Association calls the current real estate situation in the county a “feeding frenzy.” The number of homes for sale hasn’t been this low for over a decade. As a result, the homes that do go on the market in the county spark fierce bidding battles that soar too high for some prospective buyers.
The county is almost built-out and Boulder itself may enact development restrictions. Eventually no more single-family detached homes will be constructed. This fuels the shortage.
Most of the new development activity now is in the area of multifamily housing. But newly constructed dwellings, particularly those available for sale, aren’t nearly adequate to satisfy the demand. And demand doesn’t appear likely to decline anytime soon.
Population, employment and average wages are growing, yet home ownership rates have dropped to under 45 percent, down nearly 30 percentage points from the early 2000s, according to a local mortgage lender.
The real estate situation in the Denver region bodes well for sellers, many of whom are receiving multiple bids when their homes go on the market. The tight market pushes realtors out their doors quickly to snap up listings as soon as they become available.
The numbers of Boulder County single-family homes for sale have declined in recent years. January 2015 saw 543 single-family homes listed, down from 641 in January 2014 and 787 in 2013. This represents a significant drop from the 1,461 single-family homes listed in Boulder County in 2010.
So prices are rising in keeping with the limited availability of single-family homes. The 2014 price of a single-family home in Boulder County rose 3.6 percent from the previous year with a median price ringing in at $427,000.
Whether you’re considering buying a home in Boulder County or already own a home in Boulder County we look forward to being here to help you navigate the Boulder County Real Estate Market.