Like much of Colorado, Boulder Valley housing market sales noticeably rebounded as the state moved into its “safer at home” stage of the pandemic. And although safe and socially distanced showings and open houses have resumed to an extent, the inventory of new listings remains low, and buyers face new challenges around fewer options and rising costs.

Several reasons factor into the current conundrum including buyers who are hesitant to sell because they don’t know where to relocate, as well as fears about potential exposure to coronavirus — as the client would interact with movers in their home. Despite having little to choose from, demand remains robust.

According to the Colorado Association of Realtors’ August market report, pending and under-contract properties were up by 40% compared with August last year. Statewide, CAR reported that 11,621 single-family homes and 3,759 townhomes and condos were under contract, a new record high.

However, inventory for single family homes statewide is down 59.3% from 2019 and Boulder County residential real estate inventory is down 10.6%, lower than Colorado’s inventory shortage.

Boulder has seen the least amount of change in its market compared with other cities in the county, according to CAR’s data. Its inventory decreased only 5.5% compared with August 2019 and appreciation, or the increase of a home’s value based on the market, has remained flat in Boulder.  It is, however, the only city in the county that hasn’t seen price increases since January. Longmont has an inventory reduction of 16.4%, according to CAR’s data. The median price for the city is up by 6%.

Boulder isn’t the only north metro community feeling the impact. Other local markets also have seen a decrease in inventory paired with increasing appreciations:

·       Erie’s housing stock is down 15.2% with appreciation of 3%.

·       Lafayette is down 12.2% in new listings with 2.5% appreciation.

·       Louisville has a 17.3% decrease in new homes with 5% appreciation.

·       Broomfield is down by 14.5% with 5% appreciation.

It’s true that buyers all along the northern front range have less to choose from and are facing high asking prices. But if you have the right team on your side, you can still score a great deal. Contact Metrowest today – we’d love to help you become a homeowner.