BOULDER – While some aspects of Boulder have remained the same for decades (the stunning Flatirons certainly aren’t going anywhere!), the local real estate market has experienced some noticeable shifts. Ten years ago, real estate in Boulder was characterized by greater inventory and less competition. Activity around town ebbed and flowed with the beginning and end of school semesters. Now, Boulder is a hot spot for tourists year-round, and its housing market reflects the increased popularity. Here’s a look at Boulder’s real estate market trends over the last decade.
Inventory and pricing
While the real estate market throughout the state is flourishing, there is a shortage of homes on the market in Boulder. The homes that are for sale are often sold at prices that are thousands of dollars above the seller’s asking price, and often even above the appraised value.
The good news is that prices are staying high. According to data from the Federal Housing Finance Agency, Boulder is the most stable market in the country in terms of maintaining property values. The FHFA also reported that while the average American home gains three to five percent in value annually, Boulder County home prices grew 14.44 percent in 2015.
Home size and neighborhoods
The desire for homes larger than 6,000 square feet isn’t as prevalent as it was in the early part of the decade. Many families and individuals moving to the area are seeking homes around 3,600 square feet above ground and 1,200 square feet in the basement. Most homes in the core area of town are selling for between $750 and $1200/square foot. This has made the outskirts of Boulder (Gunbarrel, the plains between Boulder and Longmont, and up in the hills toward Flagstaff, Sunshine, Pinebrook and Carriage Hills much more sought-after areas. You can expect to see equity gains in those areas strengthen as well.
Colorado has seen record population growth over the last decade and was even the second-fastest growing state in the country last year. Not only are more people moving here, but Boulder’s median and per capita income are consistently higher than those of the state and the nation, as well.
The median household income for the Boulder metro area was $72,009 in 2015, which was $8,100 higher than the median Colorado household income and $16,234 greater than the U.S. median household income. Boulder’s per capita income was $41,012 in 2015, which was $7,449 higher than the median Colorado per capita income.
Add to the mix that Boulder is also consistently ranked as one of the most educated cities in the U.S., and you’ve got a recipe for a highly knowledgeable population.
Over the last decade, surrounding cities just outside Boulder’s city limits, such as Louisville, Lafayette, Longmont, and Erie have gained popularity for their own unique communities and downtown areas, often with a smaller price tag. However, Boulder is not – and likely will not for the near future – losing its appeal to potential buyers.
The Boulder real estate market is unlike any other in the U.S, and the positive growth shows no signs of stopping. It’s never been a better time to sell with confidence.
By Jennifer Egbert, RE/MAX Alliance
Jennifer Egbert is an award-winning, top-producing Realtor with more than eleven years of experience. She is a licensed residential agent that specializes in the Boulder market. She is an expert in Boulder Luxury neighborhoods, home builders and most current market conditions. To learn more about the Boulder real estate market, visit jenniferegbert.com, follow her on Twitter and Facebook or call 303.442.3180.
(Photo courtesy: Flickr)