Fall Market Update

After being sidelined this spring because of COVID-19, our market has officially caught up. While the number of available homes for sale is down 10.6% over last year, the number of homes sold increased by 3.5%. With limited inventory and interest rates hovering around 3%, the median price of a single-family home in Boulder County is up 4.2% over last year. Condos are experiencing a similar pattern in Boulder County, with the median price up 4.5%.

The pandemic has people on the move to places with more elbow room and key trends are emerging. In San Francisco, the inventory of homes for sale is up 96% compared to 2019. In New York City, inventory is up 87%. Meanwhile, the number of available homes in Boulder County is down 10.6%, Fort Collins is down 14% and Summit County is down 29.6%. Another trend is that buyers want bigger homes. After falling out of favor for 10 years, the big suburban home is back complete with an office and spaces for home learning.

Whether it's good news or bad, Boulder County's real estate market continues to be incredibly strong. Even with low inventory and rising prices, the current market offers opportunities. If you have a child deferring college for a year, consider buying a house together. I just closed on a home with my 19-year-old son as an owner occupant. We were able to buy with just 10% down and got a 2.99% interest rate. He is renting rooms to some friends who are deferring college due to the pandemic, and wanted to get some experience living on their own. If you want to invest or move to a different home that suits your lifestyle better, let's talk. We can make this market work for you.  – Rich

No Summer Slow Down

Despite the pandemic, the summer real estate market has taken off. I am busy and my observation is that properties are selling well. Normally, our active Spring market would be slowing as we approach July 4th, but this year's quarantine seems to have created pent-up demand. Quick sales with multiple offers are common.

The fundamentals in our market remain strong. Boulder County's economy and lifestyle continue to attract out-of-state buyers, especially from urban areas like New York and San Francisco. With interest rates near historic lows, buyer demand is robust. If buying or selling makes sense for you now, I would encourage you to move ahead. The opportunities are there and the real estate community has adjusted to doing business in the time of COVID-19. If you have questions, ideas, or need advice, contact me any time at (303) 931-6979. Best, Rich

Real Estate in the Time of Covid-19

Despite the current crisis, buyers are still game and the percentage of listings going under contract remains about the same as this time last year. However, inventory has been dropping.

A few weeks ago I reported that new listings were down 18%, probably due to seller concern about buyers entering their homes. Since April 1st, new listings are down 37% over last year. The Colorado Attorney General notified Realtors last week that showings and open houses are not permitted. Real Estate transactions already under contract may proceed to closing with inspections, appraisals, and final walk throughs. We're expecting the ban on showings and open houses to last through April 26th, per the current stay at home order. In the meantime, virtual tours and virtual open houses are becoming the only game in town and the quality of both are improving (have a look at this home I just put on the market). People needing to buy or sell right now mean business, and I'm already seeing houses go under contract with viewings by virtual tour.

The fundamentals in our market remain the same: buyers are still eager to buy and interest rates are near historic lows. The lower the price range, the hotter the market with multiple offers the norm at the low end (we'll see if this continues with the ban on showings).

I'm following guidelines, working from home and refraining from doing in-person showings. I am happy to connect with you by phone, email, or virtual tour. I will stay in touch and let you know what is happening. In the meantime, I hope everyone is staying healthy and making the best of the slower pace.

Best, Rich

(303) 931-6979