April 2021 Real Estate Market Update
Well 2021 is officially a seller’s market! If you have a property you want to sell, you’re looking at high selling prices and a buyers market that is hungry for options. We’re officially in the season when sellers typically rejoin the real estate market, but 2021 is proving there are not enough homes available. For the fourth month in a row we are seeing record low month-end active listings, still decreasing from the prior month as spring warms up. Typically by now we see a large influx of homes coming onto the market, matching and sometimes surpassing the influx of purchasers – but this year is a different animal all together. We’re still in the thick of COVID with its economic ramifications still to be understood. Still, the Denver Real Estate Market is growing, and growing faster than most of the rest of the country.
Average housing prices are up nearly 7% from last month, and over 15% compared to prices last year! The average price of a single family, detached home is now over $670,000, with no sign of that leveling off any time soon. We are seeing a slight increase in the number of homes entering the market, but sales are taking them out of MLS faster than we can keep up sometimes. The average number of days a home spends listed is only 19 days now, with most homes selling within a week! This is significantly faster than we’ve seen in years, though the trend has been towards faster sales. Without adequate inventory the housing market in Denver is only going to get stronger, pricier, more competitive, and break more records.
Boulder County is at an extreme with these trends. With 86% fewer homes listed, there’s nearly nothing available from which to choose when house hunting! This is driving Boulder housing prices through the roof, increasing 39% over last year. The current average sales price of homes in Boulder County has officially crested 1 Million Dollars ($1,001,995). Boulder homes tend to stay on the market longer than the rest of the Denver Metro Area, but they are moving faster than normal, selling on average one month after listing. And selling higher than asking price, driving other prices higher. Condominium and townhouse prices, however, are holding strong or, in some cases, dropping – even with the record low inventory. Average sales prices of Condos dropped 9% from last year ($450,857 this year).
Though Boulder is having it’s Golden Age in sales and prices, Longmont is traveling down a different road. Sales are holding steady, with prices growing at closer to the national average (about 3.6% over last year). The average sales price for homes in Longmont is just over $520,000. Where last year homes would not sell in Longmont during our initial lock downs, sales are picking back up to their normal pace (as has been the trend). Longmont homes for sale are typically on the market an average of 32 days – quite a difference from the larger Denver Metro Area. This is probably due to Longmont’s proximity to downtown (45 minutes or so). We don’t mind the distance though. Besides, Longmont has amazing, unobstructed views of the mountains.
All of these indicators prove that the Denver Metro Area is currently in a seller’s market, with prices rocketing skywards faster than the national average and a complete lack of inventory. If you’re looking to buy in this market, be prepared with your loan and offer – and be prepared to come in above asking price. The competition is hot out there, but we’ll find your home in the Longmont Area. Get in touch with us today and we’ll start house hunting for your dream home with you!
