Talk about a busy, fast paced summer selling season! Running around from showing to showing in masks is quite a different experience from last year’s selling habits. We are happy that selling has resumed, and with a vengeance after a few months of near total stagnation. Though sales were good in June, the lack of our usual abundance of listings has created a strong seller’s market swimming in potential buyers. Buyers who have been ready to purchase for a few months.
Since the market is skewed for buyers, the lack of listings is keeping housing prices on a slow, steady rise. According to the Denver Metro Association of Realtors we’ve seen a year-to-date increase of 4.56% in median close prices in the Denver Metro Area. This increase has stayed fairly consistent in Colorado, unlike other markets around the country. Especially post-COVID, when real-estate sales essentially came to a halt. At about 10% fewer new listings, and a shocking 33% fewer active listings, we’re seeing strong trends that this is a seller’s market, and buyers have to be quick to secure the property they choose.
Boulder County has similarly seen housing numbers decrease from last year at significant rates. One bright side to this, however, is that median sales prices in Boulder County have leveled off post-COVID. The average still sits well above the metro Denver average, but it’s not increasing at the same rate as the larger metro area’s median sales prices. The year-to-date median is right around $595,000. Boulder County is an outlier when it comes to Townhomes and Condominiums, however, with a sharp increase of listings in June. I would attribute this rise in listings in Boulder specifically due to the uncertainty surrounding CU Boulder’s operations in the fall. With online-learning being a big push and focus, landlords and property owners may be considering slimming down their investment properties with the potential of fewer renters looming. The sharp increase in condos and townhouses listed also saw a 6% decrease in median sales prices – so if you’re looking to move to the area and don’t want to reach for the $600k homes, consider a condo! There are plenty available, and with median sales prices at $321,000 in the Denver area they may be in your price range.
Longmont in particular is seeing similar trends. There are about 20% fewer homes on the market year-over-year, but sales are up almost 6%. As we see with the rest of the Denver Metro Area, Longmont is a strong seller’s market currently. With our median sales price of homes about $442,000 people are keeping an eye on our amazing town and snatching up homes quickly. Competition is strong, which is why it’s important to work with the best realtors in the area.
When you’re house hunting post-COVID it’s also vital to choose a realtor who knows the community, the town, and the normal atmosphere surrounding an area! That’s why you should choose us, The Wise Team! Get in touch today and we’ll start hunting for your dream home in the Longmont area.
