March Madness is here! It doesn’t necessarily refer to basketball!
We got to watch the Buffs play in the Pac-12 tournament. They played valiantly, but weren’t able to defeat Arizona a second time. And, unfortunately their season ended with a loss in the NIT. There’s always next year.
The real estate market continues its wild ride as well. With the Marshall fires home prices rose dramatically in Boulder County compared to both a year ago and to January 2022.
The Marshall fire definitely had an impact of real estate prices in Boulder County with the average price for a single family home up 8.6 percent in just one month and the average price per square foot up $55.
Boulder led the way with 33 percent more home sales in February than in January accompanied by an average price increase of $88,449.
Erie’s home sales stayed about the same as in January, but the average cost to own a home in Erie increased an average of $75K with the average price per square foot up almost 12 percent.
The dollar volume of sales of single family homes in Lafayette increased 25 percent since last year accompanied by a 31.6 percent increase in the average sales price. The average sales price of these home rose $91K in just one month.
Longmont had the largest number of single family home sales in Boulder County and one of the lowest price points. The average sales price here rose $50K in one month with only a ten percent increase over the past year.
With the small number of homes sold in Niwot it’s difficult to make any sort of projection. Last month 3 homes sold in Niwot. Six home sold in January 2022. The average sales price skyrocketed by $1 million, most likely based on the sale of a few very high priced estates.
What’s the future of the housing market in Boulder County? With the influx of buyers displaced by the fire and the lack of inventory I expect prices to continue to rise considerably. Before the fires I expected home prices to level off due to rising interest rates. But, now, as they say, the sky is the limit!
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.
February 2022 vs. February 2021: Single Family Residential Sales. Data from IRES MLS