The Boulder County real estate market continues to sizzle with prices of single family homes (SFR) up an average of 34 percent compared to June 2020. However, prices are down an average of $37,000 since May.
In Boulder prices continued their upward trend compared to last June, but the average prices were down $173,000 compared to last month. This indicates that home values are leveling off which corresponds to the 57 percent increase in homes sold compared to June 2020.
Erie saw a continued increase in average home prices compared to June 2020 (up 20 percent) and to May 2021 (up an average of $33,000). The 0.6 month’s supply of homes for sale, down 50 percent from June 2020, makes it difficult for Erie buyers to find a home to purchase.
The average price of a home in Lafayette had a staggering increase of 57.7 percent compared to a year ago. And, home values there rose $8,000 since May.
One hundred sixty-five single family homes sold in Longmont in June 2021, only a 2.5 percent increase from June 2020. However, the average prices of homes rose 27 percent during this same timeframe. Additionally, the price per total square foot increased $14 since May 2021.
What does this mean for home buyers and sellers? Even though prices on average are down compared to May 2021 sellers will receive much more for their homes than if they had sold in June 2020. More homes currently are on the market for days versus minutes, giving buyers an opportunity to breathe and more carefully consider whether a house is right for them. And, with prices being a little less than in previous months they can most likely get more for their money. (The continued low interest rates are also a continued bonus for buyers.)
If you are a homeowner thinking of selling, now is a great time to do so. And, with the increase in inventory you can more easily find a replacement home.