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
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