Nestled between several small lakes and Boulder Mountain Park, the city of Boulder, Colorado features a per capita income $3,000 above the state average and a median family income of $70,257 as of the middle of 2012. With a good economy and most jobs located within 10 to 20 minutes of the city’s residential areas, it’s small wonder the real estate market here is booming.
The median sales price of homes in Boulder, Colorado has its ups and downs. For example, prices peaked very high in early 2010, while mid 2005 and mid 2007 both witnessed moderate dips. However, the trend in home prices has been reliably upwards since at least 2000, with current home prices showing a median sales price of $458,000. An investment here is much safer than the stock market – and you can live in your investment and get value from it that way, too.
Boulder MLS Home Sales: Trends This Year
The number of homes sales in Boulder is fairly predictable across the year. Sales drop off to under 500 a month in winter and rise to over 500 monthly in summer. Raw home sales numbers here are almost steady since 2000, with perhaps a slight decline to a new equilibrium in the past few years. But home prices – with their delicious accompanying benefits of higher home equity – have mounted steadily to their current level.
All the major figures show that Boulder real estate is booming. In the short term, average listing prices are rising by 0.8% per week. Median sale prices, an even more important measure, have ballooned by a noteworthy 4.1% in the past year. Compared to last year, both the price per square foot and the number of sales have grown by over 25% each.
With such a muscular, bullish market, you will see your home value increase in the short term and multiply in the long term. Since home sales are increasing, you’ll be able to “cash out” of your house basically at will, too. Only the Old North Boulder neighborhood is showing declining prices and sales. Some of the more desirable neighborhoods in the city include:
- Gunbarrel, with a $434,000 average listing price, is the fastest growing real estate market at an impressive 2.6% per week.
- Glenwood Grove, North Iris, and Newlands are no slackers either, with 2% or more growth in prices per week. The first two have house prices of around $230,000, while prices in Newlands have climbed to over $1 million on average.
- Growth is slower in Whittier, with its $800,000 average price, but it’s still a desirable location with mounting home values.
What are Housing Trends in Boulder?
Houses of all sizes, from 1-bedroom bungalows to imposing spreads with 4 or more bedrooms, are all showing price and sales growth. People are snapping up these valuable houses regardless of their size. This, of course, also means that you can make a good investment no matter your budget.
Single family housing is the majority of sales, with condos predictably coming in second. The biggest proportion of home buyers in Boulder are single at 49.1%.
The Strength of Home Values in Boulder
You don’t need to be a statistician to see what Boulder real estate offers you as a homeowner. The growth in home values has been strong and steady in the city for over a decade. This has held true even through years that decimated other housing markets across America. Buying a house in Boulder is a nearly guaranteed ticket to increasing home equity value that will grow through good times and bad.
Denver is a good market, but Boulder is, in its way, even better, showing lots of resilience even in the face of economic crises, changes of administration, and massive financial scandals. The average American couldn’t ask for a more secure “safe deposit” for their home value than a house in this city.