Although the ultra-luxury market moves a bit more slowly because there are fewer buyers that qualify, all turnkey homes under $1.5 million are going under contract at record speed. (Photo courtesy: Jennifer Egbert).
Jennifer Egbert
Whether you’re planning on buying, listing, or staying right where you are, you can benefit from staying apprised of the latest market conditions in your area. Boulder County is home to some of the most coveted neighborhoods in the nation, and our market is seeing unprecedented trends. Ready to learn more about what to expect if you’re buying or selling in Boulder County? Here’s what you need to know:
Inventory Is Exceedingly Low
As discussed in a previous market report, shockingly low inventory continues to be a problem. As a result, we’re seeing bidding wars right off the bat this year. Homes that are just listed are under contract within days for well above asking price in all corners of Boulder County. Interestingly, attached single family homes are performing just as competitively as detached single family homes–a first for this area. Unfortunately, the tragedy of the Marshall Fire also means that inventory will be tightening further in Boulder County.
Homes in All Price Points Are Selling Quickly
Although the ultra-luxury market moves a bit more slowly because there are fewer buyers that qualify, all turnkey homes under $1.5 million are going under contract at record speed. We’re seeing a large number of buyers that are highly motivated to purchase and ready to move in the day they close, suggesting that investing a little extra in upgrades and marketing is well worth it. With a 77% year-over-year decrease in active listings, this means that those turnkey homes are virtually guaranteed to sell above asking price right now.
The Luxury Market is Experiencing Unprecedented Success
Due to the strength of the market, the price point for luxury has been redefined in Boulder County. Homes under $1.5 million aren’t considered part of the upper echelon any longer, and fewer new builds are catering to the first-time buyer crowd. During these remarkable conditions, even homes above $3 million are going under contract more quickly than usual and for full asking price.
The Boulder County real estate market conditions are exceptional right now, and have been for over a year. We thought 2021 was an astounding year, but 2022 is shaping up to be even more competitive. If you’re thinking about buying or listing your home in Boulder, you’ll need a savvy agent who understands the complexities of this market. Having someone on your side to help you navigate this highly unusual moment will be critical in achieving the outcome you have in mind. Contact us to learn how we can help.
By Jennifer Egbert. Jennifer is an award-winning, licensed Realtor® at milehimodern real estate in Boulder with more than eleven years of experience. She specializes in Luxury neighborhoods, home builders and current market conditions. Visit jenniferegbert.com, e-mail [email protected] or call 303.619.3373.
