Has the Housing Market Recovered in Boulder?
Beautiful Boulder, Colorado, with a prime location nestled against the Rocky Mountains, is a great destination for visitors and Colorado residents alike. The welcoming locals, plethora of outdoor activities, and charming downtown area make it difficult for newcomers to leave. In fact, a number fall in love so deeply that they decide to make the city their permanent residence.
But even with all the city provides, recent difficulties in the economy can make prospective buyers hesitant about investing the time and money in a new home. After all, what if the steady upward trend from the recession changes, forcing a move? Are eager Boulder dwellers taking too huge a risk on settling in the area?
Why Boulder is a Great Place to Buy a Home
Colorado overall was a good state in which to weather out the recession. While not as exuberantly as before, newcomers did continue to move in to the state during the downturn, and growth in the area has remained consistent since the 1950s.
Boulder, in particular, had a special insulation from a downbeat housing cycle that caused other high-growth areas such as Phoenix, Orange County, and Las Vegas to suffer harshly. This Colorado gem is home to the main campus of the state’s largest institute of higher education, the University of Colorado. The school continued to thrive during the downturn, offering jobs in administration, maintenance, and support services as well as teaching positions.
Incentives that enticed new businesses to the Denver-Boulder corridor helped as well. A new focus on green energy helped raise nearby Golden’s National Renewable Energy Laboratory to prominence, and an easy commute between its campus and Boulder tempted employees to find homes in the latter area.
While Boulder’s market did see some downward fluctuation from where it had been in the boom years prior to the recession, changes were minor compared to cities in other parts of the country. But does a real estate market that stayed relatively consistent even through 2008 and 2009 mean a good investment for current and potential Boulder homebuyers?
Boulder’s Residential Market Future is Bright for Owners
Homeowners present and future have only the half-full part of the glass to observe. Overall, Boulder real estate has seen an upward trend in both the twelve-month and three-year markets, and the limited amount of space available for expansion on the city’s western edge mean that already existing homes can be a valuable commodity.
As the economy has recovered, Boulder’s housing market has continued on a growing path alongside it. Numbers of foreclosures and short sales, never very high in the city to begin with, now occupy only a slim percentage of available homes, and median home prices have increased by twenty-five percent since this time two years ago. While month-to-month averages for days on the market have fluctuated–as they do in many areas–the overall trend shows homes being sold more and more quickly.
Interested Boulder residents, it seems, have little to be concerned about. The Boulder market never saw the precipitous crash other parts of the US suffered, and interest in purchasing property has only grown since those dark days. This means that if you’re considering a move to friendly, scenic Boulder, the time to look is today!