The real estate market continues its crazy climb in average price received for a single family home fueled by the lack of inventory of homes for sale. The number of listings is down seventy percent from March 2020 in Boulder County. Erie leads the way in Boulder County for lack of listings, down eighty-three percent from a year ago.
This lack of inventory is accompanied by a continued increase in the average price received for a single family home. The average price increase in the county from March 2021 was 32.4 percent with Louisville having the largest with an increase of 37.4 percent. Surprisingly Boulder lagged all the other communities with “only” an increase in price of 24.4 percent since last March.
The average increase of $94K (10 percent) in price in Boulder County compared to January 2021 is also significant. The price of a home in Boulder actually dropped by 3.5 percent ($53K) in this same period. But, Lafayette’s average home price increased 23 percent ($148K), Louisville up 20 percent ($169K), Erie up 17 percent ($113K) and Longmont up only 8 percent ($53K) since January 2021. If you bought a home just three months ago you could have made a significant amount of money if you had sold it in March! Better than most returns in the stock market!
The number of Boulder County single family homes sold declined 5.9% accompanied by an increase in price of 32.4 percent to $1,030,808. The average price per total square foot went up 27.2 percent to $351. This indicates that larger homes sold this March than last March.
Boulder continued its upward trend in average price received both in price and per total square foot compared to a year ago. With listings down 70 percent this isn’t surprising.
Erie’s average sales price increased 36 percent in a year accompanied by a decrease in listings of 83 percent and an increase of 21 percent in price per total square foot. Homes in Erie took only 48 days to sell, a bonus to the seller to not have an extended time to keep their home in showing condition.
The price of a home in Lafayette continued the upward trend of the rest of Boulder County with an increase of 25 percent since March 2020. Listings in Lafayette are also down significantly
(-68%) compared to last year.
Longmont continued the trend of an increase in average price to $604,806 (up 24 percent), decreased number of listings (down 79 percent), fewer days on market (48) and accompanied by a 38 percent increase in price per total square foot to $270.
Louisville had the largest increase in average price of 37 percent to $998,589. And, that increase is also accompanied by a drastic decrease in houses on the market (down 81 percent).
We are in a catch 22 situation. Many people I talk with are thinking about selling their homes, but are apprehensive they can’t find a replacement home to buy without competing against multiple buyers. So they don’t list.
Thankfully we are approaching selling season. More people will put their homes on the market (hopefully) so buyers can actually catch their breath before putting in their bid/offer on a home. Wouldn’t that be nice!!!!
If you have been in your home ANY length of time and are considering selling you most likely will come out with a significant nest egg. With low inventory, anxious buyers, quick sales and high prices NOW is a great time to sell your home.
By Mary Hill is a Realtor at The Hill Group, Coldwell Banker. Call 303.808.7796, e-mail [email protected] or visit cofrontrangelife.com