Buyers are leaning towards properties that have expansive views, great outdoor spaces and easy access to trails. LEFT: 275 Alpine Drive in Nederland, showcases itâs ultimate âwowâ feature: A lake view. (Photo: Rob Larsen Photography/RE/MAX Alliance). RIGHT: 57 Acorn Lane in Boulder, which is currently under contract, has a unique feature: A bathtub with a wall that opens up to a sweeping view. (Photo: RE/MAX of Boulder).
The Year Ahead in Colorado Luxury Real Estate LOCAL SNAPSHOT ON BOULDER COUNTY, REVEALS TRENDS STATEWIDE
By Brittany Anas
T
he coronavirus pandemic has been a mainstay for nearly a year now, and, with all the extra time spent hunkered down at home, many people are reimagining the very definitions of their living spaces. In fact, a home isnât just a living space anymore. Itâs a workspace, classroom, gym, meditation studio and so much more. No doubt, COVID-19 changed the priorities of buyers. Ample outdoor space, for instance, has always been on buyerâs wish lists. Now, in an era of COVID, itâs a coveted amenity. But, in addition to the pandemic, record-low interest rates, an inventory shortage and a potential urban exodus are influencing the 2021 real estate market. Specifically, in Boulder County, home prices are reaching record highs as buyers are looking to trade dense cities to live in places surrounded by nature. The average sales price of single-family homes in Boulder County in December 2020, the latest data available, was $855,461 â which is a 15.7 percent increase from the prior year, according to a report from the Colorado Association of Realtors. Meanwhile, the inventory of the single-family homes for sale in December 2020 was down 62 percent from the previous year. These homes are getting snapped up much quicker, too, spending an average of 48 days on the market compared to 6
February 2021
55 days a year ago. Statewide, the average sales price on single-family home sales increased nearly 21 percent in December 2020 compared to December 2019 and days on the market dropped from 56 to 39. âIn regards to inventory, this is the tightest we have ever seen the market for properties above $2.5 million,â says Greg Smith, broker and owner with RE/MAX Alliance, which serves Boulder Valley. (Case-in-point: About four in 10 of these luxury properties that are listed within the city of Boulder are under contract). Also, homes are flying off the market at their list prices or above. To put it another way, thereâs intense competition for singlefamily homes, especially luxury ones, that are in short-supply. We caught up with real estate experts from WK Real Estate, RE/MAX Alliance and RE/MAX of Boulder to get a pulse on the luxury housing market in the area and to hear what trends they expect to be at play for the rest of 2021. Here, five trends that will shape the luxury real estate market in Boulder County in this unprecedented year, according to experts. DEDICATED SPACES ARE A MUST In the luxury market, RealtorsÂŽ tell the story of a home, explains Todd Gullette, managing broker of RE/MAX of Boulder. The narrative goes beyond the homeâs finishes, with a focus on
