With Memorial Day around the corner, you may be wondering what's really going on in the Boulder Real Estate Market as we head into summer 2020. Covid-19 has had a profound effect on our society as a whole, and has impacted the real estate market across the country. As one of the states that has begun to re-open in May, Colorado will hopefully see an uptick in the local economy during the coming months, including within the real estate market. If you're curious about a real estate transaction during this uncertain time, consider some of the hard facts about where we stand today. Let's take a look at the data surrounding single family homes in Boulder.
In comparison to 2019, we've seen a huge drop in the number of new listings on the market during Colorado's Stay-At-Home and Safer-At-Home orders. This does not come as a surprise, as many sellers have been cautious and have taken a step back during the coronavirus outbreak. However, there has been a coinciding drop in the number of sold listings, and year-to-date the number sold remains only 1.5% less than in 2019. Although some sellers have pressed pause on coming to market this spring, the supply/demand equilibrium for real estate transactions in Boulder remains strong, indicating that buyers are ready to see more activity.
April 2020 vs. April 2019
New Listings -49.8%
Sold Listings -46%
Jan - April 2020 vs. Jan - April 2019
New Listings -16.6%
Sold Listings -1.5%
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So, are people still paying a pretty penny for Boulder homes? On average, buyers are paying 97.6% of list price for single family homes in Boulder this year. And, with the lower inventory on the market, we have actually seen this percentage increase each month since the start of the year:
Percent of list price received, by month in 2020:
January 95.3%
February 97.3%
March 98.5%
April 99%
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In addition, the median sale price of single family homes in Boulder has risen since January by +5.6%, and is +1.8% higher than in 2019. This shows that the Boulder market is still moving in an upward direction.
Median Sale Price as of April 2020 = $977,500 (+1.8% over 2019)
Median Sale Price as of January 2020 = $925,000
Median Sale Price as of April 2019 = $960,000
Median Sale Price as of April 2018 = $905,000
We still do not know what summer will bring in Boulder, in Colorado, or in the United States. As our community continues to adapt to new ways of life surrounding the Covid-19 pandemic, there will remain many unknown factors. Whether you are a buyer, a seller, or just curious, it is important to base your strategies and decisions on what you do know and how that information can serve you, rather than on speculation.
To summarize, Boulder has seen a decline in market activity this spring among single family homes that reflects Colorado's strict quarantine measures. The slower months have continued to show strong buyer demand and a relatively balanced competitive market. Prices remain stable and buyers are increasingly willing to pay the rates set by sellers. We are eager to watch how the market adapts to the reduction in quarantine measures over the next few weeks, and heading into summer. Since our 'Stay-at-Home' restrictions have been lifted in Colorado, we have noticed an uptick in number of showings during the month of May. Stay tuned for more market updates from The Baldwin Bain Group!
If you would like to discuss your real estate purchase or sales options, now or in the future, please reach out to us anytime. We'd love to hear from you