We listed a home in Boulder in November, about a week before Thanksgiving. As you can imagine, this is normally a very slow time of year. Everyone is thinking about Thanksgiving, travelling and who’s coming to dinner…..not buying houses! But not this year. We listed the home on Saturday and had an Open House on Sunday. We had 8 showings on Saturday and 35 parties come through the open house (most were buyers, not neighbors by the way). By Sunday evening we had two offers, one was cash and well over list price and the house closed in a week!
That storyline was played out repeatedly during the year. The market is being driven by extremely low inventory. We thought inventory was starting to rise in late summer, but by December, there were still 9% fewer homes for sale in Boulder County then last December. And that trend has been ongoing for about 6 years leading to historic low inventory levels.
As long as there are so few homes for sale and interest rates remain so low, this crazy sellers market will continue. According to the Federal Reserve, interest rates will most likely rise by the middle of this year, which will influence the market. But, until more sellers choose to sell their homes, we will see a similar dynamic of low supply, high demand and increasing prices.
2014 Price Appreciation – Detached Homes in Boulder County
Every city in the County saw price apprecition in 2014, topped by Louisville at 12.6%! Here’s the rundown.
- Boulder – 7.9%
- Broomfield – 1%
- Erie – 10.8%
- Lafayette – 3.9%
- Longmont – 5.3%
- Louisville – 12.6%
- Superior – 6.3%
- Mountains – 1.6%
What to expect in 2015?
Tune in to the next blog post for the 2015 forecast!