How COVID is Reshaping Real Estate in Boulder
COVID has certainly changed the way we look at our homes, with the remote work experience driving the move away from densely populated areas. With the lack of traditional city experiences like dining out, theater shows, sports and nightlife, many may gravitate toward an environment where socially distanced activities like hiking and biking are easier to achieve. Since COVID, Boulder Country Club has filled all it’s available membership spots for full golf and par 3, primarily because golf and tennis are sports that support social distancing. The United Van Lines Movers Study, shows people are moving West and South while the Northeast and Midwest are places to leave in search of something more. Because of the mountains and outdoor lifestyle, Colorado has landed number 17 of states where people are starting to call their new home. Before the economic downturn, Colorado’s unemployment rate has been among the nations lowest and Colorado’s annual wages were around $2,100 higher than the national average. Number 1 on the list of states experiencing inbound migration are Idaho, Oregon, Arizona and Washington. And the top 3 states people are fleeing? You guessed it, New Jersey, Illinois and New York.
Home prices in Boulder definitely dipped in May, but have recovered nicely in June. The median home price in June 2020 was $955,000, slightly off from the median price in June 2019, which was $960,000. In Longmont, the median home price in June 2020 was $442,500, off a bit from June 2019, which had a median price of $454,500. The fact that assisted living facilities and nursing homes were the hardest hit COVID, and because of the ongoing risk, one must wonder if aging Boomers will decide to stay and live independently in their current homes for longer than originally planned. Demand for properties with multi-generational living opportunities could also be on the rise, homes with mother-in-law apartments or maybe a ADU in the back yard.
Boulder County sales are recovering nicely and activity is back up to normal levels for this time of year. Homes under $900,000 are low in inventory and when good properties hit the market, it’s not uncommon to see multiple offers and offers that exceed asking price. I believe COVID is going to make Colorado more attractive to those willing to relocate, with many current buyers in this market coming from the fleeing states mentioned above. Thank you for all your referrals, and if you or anyone you know is looking to buy or sell in Boulder County, or if you’re just looking for additional information, I’d appreciate it if you pass my name along.
LET’S GET TOGETHER!
Give me a call at 303.589.2677