Looking at this month’s stats, I got excited when I saw the supply of homes on the market has increased. But, the supply is still under one month with three months being a normal market. So, I quickly deflated!
Boulder County
In Boulder County the average sales price, the number of homes for sale and the average price per total square foot (SF) is up compared to a year ago (YTY). The fewer homes for sale are flying off the market in less than a month. Lenders have gotten creative in ways to get loans approved in a short amount of time. And, with the enormous number of cash buyers it is easy to see why the average days on market is so low. In this market you almost need to have a cash offer to have a chance to buy a house.
Boulder
The average price of a home in Boulder rose only 0.1 percent over the past year but was up about $90K compared to March. Larger homes must have sold in Boulder compared to March as the price per square foot went down $13 but the sales price was up slightly. Sold prices in Boulder averaged about seven percent over the list price.
Erie
Prices in Erie continue to climb, up almost 16 percent compared to last April and up about $50K compared to March. With a decent amount of inventory, moving to Erie might be possible! In Erie expect to pay about 4 percent over list price to get into a new-to-you home.
Lafayette
In Lafayette prices were about the same in April as they were in March. However, compared to April 2021 prices skyrocketed an average of 51 percent. Oh, my goodness!
Longmont
Once again Longmont led the way in the number of homes sold in Boulder County in April 2022. The average sold price in Longmont was down about $110K compared to March 2022 accompanied by a decrease in price per total square foot of $27 during the same timeframe. If you are in the market for a home Longmont has the largest number of homes on the market as well as the lowest sales price of the communities surveyed.
Niwot
A handful of homes in Niwot were listed and sold this past month. The average price was up about $330K with a decrease in the average price per total square foot of about $50. Purchasing a home in Niwot is tricky with the low inventory of homes for sale accompanied by the high price point.
Analysis
Buying a home or an investment property in Boulder County continues to be a good use of your money. Even with the rise in interest rates the demand for housing in Boulder County is continually pushing up home values. If you are currently renting, consider buying your own place and watch the equity grow in your new home!
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 in this low inventory market. Expect to receive more than your list price!
By Mary Hill. Mary is a Realtor at Mary Hill Properties. Call 720.272.5448, e-mail [email protected] or visit maryhillproperties.com.
(YTY = Year to Year). Data from IRES MLS, May 16, 2022.
