Boulder | Mid-Year 2020
Just a half-hour north of Denver, the City of Boulder is a community built for those with a passion for peaceful outdoor settings, thrill-seeking adventures, local artisan dining and shopping experiences, and much more. There’s truly something here for everyone. Nestled into the base of the famous flatiron rock formations, any time spent in this colorful community is hard to forget. The city’s beauty, combined with its array of activities suitable for all lifestyles, makes this a desirable destination for those looking to invest in a home or find a vacation property.
LIV Sotheby’s International Realty produces a Micro Market Report focused on Boulder County and each of the unique neighborhoods within and around it. The report examines key performance indicators from January through June of 2020 and compares them to the same time period of 2019. The lack of real estate activity in the spring, due to social distancing mandates put in place to protect the public during the pandemic, resulted in a lower total sales volume, which decreased 10.6% January through June 2020 compared to the same time period in 2019. However, now that the real estate market has largely returned to its normal levels of inventory, the metrics have recently improved. Across all neighborhoods, Boulder County has seen a 1.6% increase in the average price of homes. This slight increase in overall prices brings the 2020 average price for homes in Boulder to $671,398, up from 2019 when the average price was $660,755.
Despite a brief pause in home buying and selling, many neighborhoods still experienced upticks in buying activity. Out of all of the communities within Boulder County, Downtown Boulder saw the largest rise in the number of homes sold, increasing by 61.5% through June of 2020 compared to the same time frame in 2019. In total, there were 21 homes sold in Q1 and Q2 of this year. South Boulder also saw a slight increase in the number of homes sold, growing by 2.8%.
Several areas experienced an increase in the average prices for homes through June of this year. The City of Westminster saw one of the most notable increases, rising by 6.5%. Home prices in this community reached an average of $414,423. University Hills and Chautauqua, two of Boulder’s most popular neighborhoods because of their proximity to open space and the hiking trails of Chautauqua Park, experienced a 2.4% growth in average home prices, bringing the average price to $1,388,094.
Demand for homes across Colorado, including the Boulder area communities, has increased, revealing that buyers are ready to find and purchase their next homes once again. This point can be illustrated through the average days homes in an area spend on the market. Overall, homes in Boulder County have spent 5.6% less time on the market, an average of 67 days, through June of 2020 compared to the same time period in 2019. The Mountain and Canyon Communities have seen properties sell even more quickly than that, spending 51.8% less time on the market so far in 2020 than January through June of 2019.
Boulder is an incredible place to live with convenient access to culture, city life, and captivating mountain views. The real estate market in this area continues to show signs of strength and growth as it attracts more consumers to its thriving communities.
This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods (single family, unless otherwise indicated): Central Boulder, East Boulder, Gunbarrel, Mapleton Hill, Newlands, Niwot, Northeast Boulder, Northwest Boulder, South Boulder, Southeast Boulder, and Southwest Boulder.