Hindsight is 20/20. If you purchased a single family home last November in Boulder County market statistics say it is now worth significantly more. Will this trend continue? With the continued low interest rates (3.25% for a 30-year term) and the low supply of homes for sale across the county prices should continue their upward trend.
Boulder County’s average sales price of single family homes increased from $788,230 in November 2020 to $1,014,125 in November 2021. A $15,000 increase in average sales price occurred from October to November 2021. Only 173 homes were available to purchase in November, down 50 percent from a year ago.
In Boulder average sales prices rose about $50K compared to October. But, compared to a year ago, the average price skyrocketed approximately $400,000. WOW! The average price per square foot was similar to that of last month, but up 35 percent over the last year. To put this into perspective, a $1 million dollar home purchased last year (if you could find one) would be worth approximately $1.35 million today. Not a bad return on your investment. Boulder continues to tout the highest average price per square foot in Boulder County ($558).
Single family home prices in Erie reversed course since October, losing an average of $50,000. Compared to a year ago, prices increased an average of $150,000. This correlates with an increase in the average price per square foot of 20 percent. Erie’s average of $218 per square foot makes it the most affordable place to purchase a single family home in Boulder County.
Lafayette home prices continued their wild gyration with single family homes selling for an average of about $90,000 less in November than in October. But, the average price was up 17 percent compared to last year ($638,718 to $747,171).
The average price for single family homes in Longmont rose approximately $46,000 compared to October. This corresponds to an average $11 per square foot increase. With its low inventory of homes for sale (0.4), houses that are in good condition continue to receive multiple offers.
Louisville’s average sold price was about the same as in October as I predicted last month. And, a $1 million dollar home purchased last November would be worth approximately $1.48 million now. Who wishes they had invested in real estate in Louisville last year?
What’s the future of the housing market in Boulder County? If we continue with the low inventory of homes on the market and low interest rates, prices will continue to climb. 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.