REAL ESTATE REPORT BOULDER VALLEY
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BOULDER VALLEY
REAL ESTATE REPORT
STATISTICS
|
TRENDS
|
2021 FORECAST
A MIRACLE
FULL OF PROMISE
Delightful six-year-old Asher greets each
Colorado day with a winning smile. He
loves books, music, games, and building
blocks, and adores playing with his cats.
But Asher’s journey has been challenging.
It all began when he was a baby. Asher’s
parents noticed his development was
delayed and eyes weren’t tracking.
After two years of searching, the family
found relief at Children’s Hospital
Colorado. Children’s Colorado doctors
recommended genetic testing, which
led to a diagnosis of Joubert Syndrome,
MEET ASHER a rare disease that can cause cognitive
delays, eye abnormalities, respiratory
issues and low muscle tone.
While the path has been daunting, Asher’s
family and caregivers have been there
every day, supporting his dedication. He
graduated from a wheelchair to crutches
and he is learning to talk and use an
electronic speech-generating device.
Each day, Asher progresses – slowly but
steadily. And now, his tomorrows are full
of promise.
While Asher’s story is exceptional, serious
childhood illnesses touch more families
than you might think. We are grateful
for the innovation and care of Children’s
RE/MAX OF BOULDER IS PROUD TO BE A MIRACLE Hospital Colorado. It is our pride and
OFFICE FOR CHILDREN’S HOSPITAL COLORADO pleasure to support Children’s Colorado
in advancing patient care, education,
DONATING MORE THAN research and advocacy for families
$23,000 IN 2020 throughout the state.
Please join us in supporting Children’s Hospital
Colorado in 2021 at childrenscoloradofoundation.org
RE/MAX OF BOULDER (303) 449-7000 | BoulderCO.com | 2425 Canyon #110 | 1320 Pearl
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RE/MAX ELEVATE (303) 974-5005 | ElevatedRealEstate.com | 724 Main St, Louisville
UNPARALLELED SERVICE
UNPRECEDENTED TIMES
Top 10 Residential Real Estate Offices in Boulder & Broomfield Counties
The eighth edition
of the Real Estate
Report tells a story of
real estate resilience
RE/MAX OF BOULDER, INC 1,067
in a year packed
with challenges. Our Compass - Boulder 550
analysis of 2020 Coldwell Banker Realty-Boulder 543
statistics, trends
WK Real Estate 459
and forecasts across Listings
Boulder Valley reveals 8z Real Estate 411
a desirable market 260 Sales
RE/MAX Alliance-Boulder
undeterred by a
206
wall of worry: the Colorado Landmark-Boulder Combined
COVID-19 pandemic, LIV Sotheby's Intl Realty 202
historic wildfires, a
RE/MAX ELEVATE 201
challenged economy
and an election Keller Williams 1st Realty 174
year. Persistently 0 200 400 600 800 1000 1200
strong housing
demand solidifies our Data taken from IRES MLS, January 8, 2021 for time period January 1, 2020 - December 31, 2020.
longstanding belief in Residential Listings Sold are Single Family and Condos/Townhomes.
the communities we
call home and have
served for 44 years,
helping thousands
fulfill their local real
estate dreams.
Top 10 Residential Real Estate Offices In City of Louisville
Now is the perfect
time to rely on
our unparalleled
knowledge and
service to help you RE/MAX OF BOULDER, INC 82
make Boulder Valley 67
RE/MAX ELEVATE
your home, too.
Coldwell Banker Realty-Boulder 33
8z Real Estate 31
Listings
WK Real Estate 28
Sales
Boulder RE/MAX Alliance-Boulder 24
18
ranked
Compass - Boulder Combined
Markel Homes 15
nation’s No. 1 LIV Sotheby's Intl Realty 12
place to live Spaces Real Estate 11
0 20 40 60 80 100
U.S. News & World
Report, 2020-21
Data taken from IRES MLS, January 8, 2021 for time period January 1, 2020 - December 31, 2020.
Residential Listings Sold are Single Family and Condos/Townhomes.
RE/MAX OF BOULDER (303) 449-7000 | BoulderCO.com | 2425 Canyon #110 | 1320 Pearl
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RE/MAX ELEVATE (303) 974-5005 | ElevatedRealEstate.com | 724 Main St, Louisville
INVENTORY WOES Never has inventory so
clearly told the story of the
While inventory is a product
of supply and demand, it
real estate market in Boulder can be difficult to know
County. The inventory levels which is the primary driver.
graphed below easily show Did inventory drop because
the issue, with 2020 cast as of a jump in demand due
the thick red line. to migration patterns; or is
it due to reluctant sellers
The stark reality: Inventory hit
staying put? For 2020, the
its all-time low at year-end.
answer seems clear: A flood
And the gross lack of homes
of demand kept homes off
for sale created a landslide of
the shelf in the second half.
challenges for industry and
consumers alike. In the year’s final week,
Boulder County produced a
One of the most astounding
meager 313 homes for sale,
aspects of our local 2020
down from 498 a year ago.
market was the resiliency and
Inventory at such low levels
persistence of buyers and
is a gut-wrenching prospect
sellers during, and following,
for 2021’s would-be buyers.
the COVID-19 shut down of
Our hope is recent market
March to June. Realtors®
success spurs sellers en
were surprised when the
masse to sell in 2021. That
phones did not stop ringing.
would bring a welcome relief
People needed a place to live
to our inventory woes.
right away – at almost every
price range and location.
BOULDER COUNTY
SINGLE FAMILY INVENTORY
Boulder County Single Family Inventory
1400
1200
1000
800
600
400
200
0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2014 2015 2016 2017 2018 2019 2020
RE/MAX OF BOULDER (303) 449-7000 | BoulderCO.com | 2425 Canyon #110 | 1320 Pearl
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RE/MAX ELEVATE (303) 974-5005 | ElevatedRealEstate.com | 724 Main St, Louisville
CITY OF
BOULDER
SINGLE FAMILY PRICES ATTACHED DWELLING PRICES
Single Family Prices Attached Dwelling Prices
565
1400 600
1291
[thousands] [thousands]
1200 500
1000 487
1000
400
800 309
668 300
600
255
570 200
400
200 100
0 0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020
Average Price Median Price Average Price Median Price
Inventory dropped 26.1% in 2020. Median and average One area where inventory increased, up 26% from last year
prices rose 2.4% and 3.6% while sales climbed 8%. Strong and 39% of that was under contract at year end. Prices
market, though only 39% under contract at year end. rose 8.2% and 4.9%. Sales up 14.5%.
CITY OF
LAFAYETTE
SINGLE FAMILY PRICES ATTACHED DWELLING PRICES
Single Family Prices Attached Dwelling Prices
700 Attached Dwelling Prices
450
[thousands] 654 [thousands] 398
400
450
600 398
[thousands]
590 350
400
500
300
350
385
400 250
300
359 196
300 200
250
196
196
150
200
200 196
100
150
100
50
100
0 0
50
2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020
0
Average Price Median Price 2012 2013 Average Price 2016 Median
2014 2015 2017 Price
2018 2019 2020
Average Price Median Price
Huge rally in the second half to recover fallen sales, Increased inventory by 7.4% and finished lower in median
finishing up 1.3%. Median and average prices split at -2.9% and average price -0.7% and -1.7%. However, under
and 1.2%. Under contract finished strong at 60%. contract is strong at 55%.
RE/MAX OF BOULDER (303) 449-7000 | BoulderCO.com | 2425 Canyon #110 | 1320 Pearl
5
RE/MAX ELEVATE (303) 974-5005 | ElevatedRealEstate.com | 724 Main St, Louisville
CITY OF
LOUISVILLE
SINGLE FAMILY PRICES ATTACHED DWELLING PRICES
Single Family Prices Attached Dwelling Prices
900 600
[thousands] 768 [thousands]
800 479
500
700
710 451
600 400
500 269
432 300
400 228
395
300 200
202 225
200
100
100
0 0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020
Average Price Median Price Average Price Median Price
Great performer over most of 2020 with 85% under Shedding much of its inventory in the 4th quarter, now
contract at year end. Inventory down 9.1% and number of down 42.4% from last year. Median and average prices
sales dropped 8.3%. rose 4.8% and 6.0%.
CITY OF
LONGMONT
SINGLE FAMILY PRICES ATTACHED DWELLING PRICES
Single Family Prices Attached Dwelling Prices
600 400
[thousands] [thousands] 368
508 350
500 354
300
463
400
250
259 177
300 200
150
200 161
234
100
100
50
0 0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020
Average Price Median Price Average Price Median Price
Burdened by a 50.6% inventory loss at year end, prices A massive drop in inventory of 56%. Very strong under
rose 6.4% and 8.1% in 2020. Sales up 6.9% and under contract at 78% at year end. Median and average price
contract finished very strong at 75%. gained 7.2% and 6.3%.
RE/MAX OF BOULDER (303) 449-7000 | BoulderCO.com | 2425 Canyon #110 | 1320 Pearl
6
RE/MAX ELEVATE (303) 974-5005 | ElevatedRealEstate.com | 724 Main St, Louisville
CITY OF
BROOMFIELD
SINGLE FAMILY PRICES ATTACHED DWELLING PRICES
Single Family Prices Attached Dwelling Prices
700 450
[thousands] [thousands] 396
635 400
600 405
570
350
500
300
400 222
250
357
300 200
321 217
150
200
100
100
50
0 0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020
Average Price Median Price Average Price Median Price
Strong throughout 2020. Inventory dropped 55%. Median Inventory only dropped by 2 units. Median and average
and average prices rose 3.8% and 6.6%. Sales dropped 9.8% prices rose 14.1% and 8.4% in 2020 and gained almost 30%
likely due to inventory. 37% under contract at year end. in number sold. 73% under contract at year end.
TOWN OF
SUPERIOR
SINGLE FAMILY PRICES ATTACHED DWELLING PRICES
Single Family Prices Attached Dwelling Prices
800 600
[thousands] 715 [thousands] 529
700 525
500
675
600
400
500
425
400 300
410
201
300 200
180
200
100
100
0
0
2012 2013 2014 2015 2016 2017 2018 2019 2020
2012 2013 2014 2015 2016 2017 2018 2019 2020
Average Price Median Price Average Price Median Price
Inventory plummeted 56.5% while prices remained Listings dropped from 27 to 20 units, a loss of 25.9%.
unchanged. Median and average prices split at -0.3% and 0.9% Prices rose sharply with median and average up 18.6% and
with a 0.6% sales drop. Still strong at 50% under contract. 11.1%. 70% under contract at year end.
RE/MAX OF BOULDER (303) 449-7000 | BoulderCO.com | 2425 Canyon #110 | 1320 Pearl
7
RE/MAX ELEVATE (303) 974-5005 | ElevatedRealEstate.com | 724 Main St, LouisvilleSUBURBAN
PLAINS
SINGLE FAMILY PRICES ATTACHED DWELLING PRICES
Single Family Prices Attached Dwelling Prices
1000 450
[thousands] 926 [thousands]
900 400
800 377
350
730 353
700
300
552
600
250
500 195
430 200
400
150
300 166
100
200
100 50
0 0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020
Average Price Median Price Average Price Median Price
Quite different than attached dwellings here, prices rose Sluggish the entire 2020. Median and average prices
7.7% and 9.9% with a 10.7% increase in sales. 58% of the relatively unchanged at 1.1% and 0.3%. Sales dropped 6.9%.
housing stock under contract at year end. Under contract a strong 53% at year end.
TOWN OF SUBURBAN
ERIE MOUNTAINS
SINGLE FAMILY PRICES SINGLE FAMILY PRICES
Single Family Prices Single Family Prices
700 900
[thousands] 602 [thousands] 829
600 800
661
570 700
500
600
349
400 448
500
300 400
330 397
300
200
200
100 100
0 0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020
Average Price Median Price Average Price Median Price
Inventory lost a staggering 80.2%. Sales up a modest 1.1% Mountains recovered very well from COVID-19 and withstood
while median and average price rose 6.3% and 2.5%. 2021 Fall fire concerns. Median and average prices managed to
inventory and prices dependent on new builds. climb 2.7% and 1.4% with 13.5% increase in sales.
RE/MAX OF BOULDER (303) 449-7000 | BoulderCO.com | 2425 Canyon #110 | 1320 Pearl
8
RE/MAX ELEVATE (303) 974-5005 | ElevatedRealEstate.com | 724 Main St, LouisvilleTHE 2020 EFFECT
We all remember the moment in 2020 when our • Mortgage interest rates dropped 28%,
lives flipped. Suddenly we demanded our home according to Freddie Mac. The decrease helped
do quadruple duty as home, office, school and affordability and nudged prices further upward.
entertainment space. Could we ever have imagined
• Colorado’s inbound migration was boosted as
wearing masks and hoarding toilet paper, or that
people sought a socially distanced lifestyle and
amidst COVID-19 home prices would be stronger, and
fled larger cities. And as the masses were forced
2020 sales in Boulder County would surpass 2019?
to stay home, many searched for something
Well, it all happened. And despite the craziness, the larger.
housing market was normal. You won’t find graphs
• With inventory at an all-time low, strong demand
of a housing collapse, or skyrocketing foreclosures
put incredible upward pressure on prices.
here. 2020 didn’t go all ‘2020’ on our real estate.
In the midst of fear and uncertainty, a few factors
orchestrated a thriving market:
AVERAGE PRICE OF HOMES BY AREA
Average Price of Homes by Area
$1,400,000
$1,200,000 Boulder
Plains
$1,000,000 Louisville
Mountains
Superior
$800,000
Lafayette
Broomfield
$600,000 Erie
Longmont
$400,000
$200,000
2014 2015 2016 2017 2018 2019 2020
NUMBER OF HOMES SOLD BY AREA
Number of Homes Sold by Area
1250
Longmont
1050
Boulder
Plains
850 Erie
Broomfield
650 Lafayette
Mountains
450 Louisville
Superior
250
50
2014 2015 2016 2017 2018 2019 2020
Boulder ranked nation’s No. 3 housing market with the most stable growth
– SmartAsset, 2020
RE/MAX OF BOULDER (303) 449-7000 | BoulderCO.com | 2425 Canyon #110 | 1320 Pearl
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RE/MAX ELEVATE (303) 974-5005 | ElevatedRealEstate.com | 724 Main St, LouisvilleLUXURY LIVING
Gone are the days in Boulder a trailhead or a cozy patio
County when high-priced overlooking the Flatirons.
finishes alone define luxury. Landscaping has greater
Now, a luxury home must tell a importance and, following
story and offer the intangible COVID-19, swimming pools,
– a unique lifestyle. True luxury outdoor activities, offices and
delivers the lifestyle we love: gyms are big selling features.
the sunny days, the people, If you have a high-end home
the energy and the amazing to sell, you need to tell the
access to hiking and skiing in story of a lifestyle.
world-class mountains – not to
Not long ago, a $2 million
mention the views.
home was the best in Boulder
It’s no wonder selling a County. Now 86 such homes
luxury home in Boulder were on the market at
County requires detailing year end, with 19.8% under
outdoor as well as indoor contract. In fact, 151 homes
features. A wonderful room over $2 million sold in 2020,
reveals tempting views, and compared to 116 in 2019.
better yet, offers access to
Top 10 Offices – Home sales above $1 million in Boulder & Broomfield Counties
RE/MAX OF BOULDER, INC 209
Compass - Boulder 201
Coldwell Banker Realty-Boulder 100
WK Real Estate 82
Listings
8z Real Estate 72
Sales
Colorado Landmark-Boulder 71
LIV Sotheby's Intl Realty 52 Combined
Porchlight RE Group-Boulder 37
RE/MAX Alliance-Boulder 35
RE/MAX ELEVATE 27
0 50 100 150 200 250
Data taken from IRES MLS, January 8, 2021 for time period January 1, 2020 - December 31, 2020
Residential Listings Sold are Single Family and Condos/Townhomes
RE/MAX OF BOULDER (303) 449-7000 | BoulderCO.com | 2425 Canyon #110 | 1320 Pearl
10
RE/MAX ELEVATE (303) 974-5005 | ElevatedRealEstate.com | 724 Main St, LouisvilleLOOKING
FORWARD
The year 2020 will go down in history as a great challenge. So what does it all mean for buyers and sellers?
It demanded people worldwide be flexible and adapt
Buyers will likely continue to be aggressive if rates stay
strategically, physically and emotionally. For our housing
low and COVID-19 – post vaccination – goes back under
market, it magnified already prevalent trends, like low
the rock it came from. Low interest rates should continue
inventory and interest rates.
to boost purchasing power, and the threat of rising rates
After a sluggish end to 2019, the year started fast and is expected to create a sense of urgency. Though, I doubt
competitive with local homeowners experiencing far the urgency of rising rates will register compared to our
greater appreciation than expected. Despite odds, already unprecedented demand.
2020 ended deep in a seller’s market with desperate
Sellers, and seller’s agents, are quite proficient at
buyers and multiple offers. We watched in dismay as
creating competition for listings. They will continue to
rates and inventory plummeted below expectations, into
price competitively and work to get the most favorable
the impossible. And the rest of the year is history, as
seller terms. Faced with losing yet another home to
discussed on page 9.
the now common bidding war, buyers will likely agree
Enter 2021, which is now, and promises to stay, in flux. to guarantee appraisals with more cash at closing and
The variables are too numerous to draw easy conclusions. request fewer repairs at inspection. Buyers can expect
To name a few, they are employment and wage growth, to wave some due diligence and accept added risks to
COVID-19 vaccination success, a new administration, compete for their new home.
changes in housing inventory, and trillions of stimulus
In such a competitive market, we stand committed
dollars injected into the economy.
to helping buyers and sellers succeed through highly
Prominent factors affecting 2021 include: qualified advice, expertise and local market knowledge.
Here’s to your success in 2021!
• A strong local economy. While COVID-19 damaged
a number of industries, many of Boulder County’s
diverse businesses thrived by adapting to new
practices. Expect that trend to continue and
strengthen in 2021.
• Low interest rates. As myriad concerns challenge the
Federal Reserve’s confidence in the economy, interest
rates will likely remain low. However, the threat looms
of rate increases to curb inflation.
• Inventory challenges. Low inventory exacerbates low
inventory, since sellers can’t sell if they can’t find a
home to buy. That and not enough new construction
will likely continue the trend of record low inventory
into 2021.
• Price appreciation continues. In economic law, supply
equals demand. So with supply at historic lows,
demand will drive prices up, barring yet another black BY TODD GULLETTE, MANAGING BROKER
swan event.
RE/MAX of Boulder
RE/MAX OF BOULDER (303) 449-7000 | BoulderCO.com | 2425 Canyon #110 | 1320 Pearl
11
RE/MAX ELEVATE (303) 974-5005 | ElevatedRealEstate.com | 724 Main St, LouisvilleEXTRAORDINARY
LIFESTYLE
EXCEPTIONAL
EXPERTISE
Luxury in Boulder Valley isn’t an address, AWARDS
it’s the Colorado life you dream of.
We know – we live the dream every day. And we can
help make your dream a reality, by tapping our deep RE/MAX OF BOULDER
local knowledge earned from 40+ years as Boulder
Valley’s leading real estate company. BEST REAL ESTATE GROUP
You leverage more than 100 award-winning, best-in- Boulder Weekly’s Best of Boulder County
the-nation Realtors named the eight-time No. 1 RE/MAX Colorado Daily’s CU & Boulder’s Best
office nationwide.
Plus you gain the strength of RE/MAX Elevate, our sister TOP 10 RESIDENTIAL REAL ESTATE BROKERAGE
franchise opened in 2019 in the heart of Boulder’s East Denver Business Journal
County, downtown Louisville.
Together, we will find your dream. Let’s start today. NO. 1 RE/MAX OFFICE NATIONWIDE 8 TIMES
Because achieving an extraordinary lifestyle requires
exceptional expertise. RE/MAX ELEVATE
BEST REAL ESTATE GROUP – EAST BOULDER COUNTY
Boulder Weekly’s Best of East County 2 years in a row
RE/MAX OF BOULDER (303) 449-7000 | BoulderCO.com | 2425 Canyon #110 | 1320 Pearl
RE/MAX ELEVATE (303) 974-5005 | ElevatedRealEstate.com | 724 Main St, LouisvilleYou can also read
