To say that 2020 was a year like no other may be an understatement. From the onset of the COVID-19 pandemic to the fulfillment of the 2020 United States Presidential election, the last year has been a roller coaster ride, and Boulder real estate was not spared from an eventful 12 months.
We are now well into 2021, and the emergence of a variety of vaccines has us gradually getting back a sense of normalcy in our lives. The rate of recovery has seemingly been quicker for the market of homes for sale in Boulder, CO, as years of economic growth were more than enough to tide the city over during a testy 2020.
More homes will return to the market
One of the major effects COVID-19 had on Boulder real estate was that fewer properties made it to the market than what were listed for sale in the years prior. With that said, this may not have been as noticeable given potential buyers were also not as keen to purchase due to the uncertainty brought on by the pandemic.
With the opening of the economy continuing to gain momentum and more people getting inoculated from the virus, more Boulder properties have expectedly been put up for sale. This is likely to continue in the next months, and buyers can look forward to having more investment options in the city than they did last year.
But prices will remain high
More homes being back on the market, however, does not mean favorable property prices in Boulder. The city has long been a highly desired place to live and invest in by out-of-towners, and now there is also the large number of buyers that have been on the sidelines waiting for the local inventory to go back to pre-COVID levels.
While the supply of homes for sale has gradually increased, it remains far outweighed by the demand. This, combined with Boulder’s proximity to the state capital Denver, continues to make homes in the city among the costliest in the country, specifically to the tune of a median price of just under $850k as of March 2021.
Yet interested buyers are not out of luck
While homes in Boulder are expensive today, experts have projected prices easing off by the latter half of the year as more homes come to market. These are expected to come about as more properties in construction are completed, and others are put up for sale as a result of being foreclosed on from the challenges of last year.
The first half of 2021 may not be the ideal time to buy, but experts consider it a good period for eventual buyers to line up the funding and resources needed to buy Boulder property in the latter half of the year. As new homes and foreclosures hit the market sooner than later, being ready means being in a position to find great deals.
Do you wish to know more about the current state of the Boulder, CO real estate market to help you make a decision? Contact the Noel and Martinez Team and allow us to address any and all property concerns you may have.
Whether you’re buying or selling, you can rely on our expertise and services to help ensure you get the best possible deal.
