2014 – The Year in a Nutshell

Under Contract WOC TEam 22014 – What was it like?
Real Estate in 2014 was characterized by Low Inventory, Multiple Offers and Increasing Prices. Here’s an example to illustrate that.

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!

 

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About Tom & Beth White-O'Connor

We've lived in Boulder and the surrounding mountain area for over 23 years. We're Realtors at The White-O'Connor Team, Coldwell Banker Residential Boulder. Tom loves to write, play music, look at houses and find great house deals! Beth can fix anything and she loves house design and remodeling. Our house is a testament to her creativity. We have a daughter in San Diego who gets to ride horses for a living. Our two cats and the most amazing 16 year old dog in the world keep us company at home. Give us a call at 720-276-0826 or 720-366-6196 if we can help you Buy or Sell a home or find a great rental property. Best, Tom and Beth.
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