Is Boulder Real Estate Seeing Another Big Price Jump?

Check out this graph of residential real estate values, inclusive of single family homes and condos, based on Price per Square Foot for the city of Boulder over the past 3 years.

You’ll see that values remained relatively stable over the course of 2014 at around $250-260/SF. Then in Jan of 2015 property values,  based on sales, made a distinct jump to $287/SF and ended up averaging around $300/SF the rest of the year.

Is This The Next Big Price Increase?

In February of 2016 we saw a similarly large jump, up to $340/SF. If this increase holds up and follows a similar trend to the Jan 2015 jump, we are probably looking at a near term average pricing of $350/SF for 2016.

I reviewed the data (that is the residential real estate sales) for February 2016 in Boulder and this appear to be a broad-based increase, covering ~62 property sales. Further, I looked at each of the 62 properties and could not identify any high outliers.  The only outlier was from the Boulder Affordable Housing Program and was on the low side (and it was significantly lower).

What does this mean for you?

Overall, expect to pay more (or get more) for housing in Boulder. In the short term, if the pattern from 2015 repeats, pricing for March will be a bit lower than go even higher in April. So buy immediately and wait to sell until April.

If you want to speak with me about your Real Estate needs, give me a call: Brandon 720-352-5633

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