Real Estate Update - Fall 2020

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Real Estate

Record sales month over month - who would have thought this in spring?

 

The summer flew by and I did not find the time to write my newsletter over the past 3 months with the crazy Colorado real estate market. It was unclear in the first months of the pandemic lock down, in March, April and May, in which direction the real estate market would develop. It definitely took a turn into a seller's market with low inventory and a very strong buyer activity.


This development shows how difficult it is to forecast the real estate market. I clearly remember a conversation in our Coldwell Banker office before Christmas last year where experienced agents were saying the market was moving into a more balanced zone with an expected inventory of 4 to 6 months. This was before the pandemic hit our society. Market data show that homes sold in April and May took a hit in price but home sales had a very strong recovery starting in June. Sales activities were just postponed from the spring months to the summer. July, August and September were record months compared to the same months the years before. Inventory is at a record low with a 1.5 months supply in Boulder County. We are in a very hot listing and selling market.

Here are the market data for September 2020 directly from the Multiple Listing Service for Northern Colorado:

 

 

 

There are no signs of a seasonal slow down, which normally appear in the months of September through December. The low inventory levels which we are experiencing right now are typically for the months December through March which is a strong indicator that they will stay low through March 2021. 

  

                                         


 The graph shows that sales prices for single family residences in Boulder have been at a stabile level since the beginning of 2019. The Year to Date numbers show an appreciation rate of 1.7% within the last year.

 


What are the reasons for the strong buyers' activity and how did their needs change through the pandemic?


The importance of having a home increased through the pandemic and the low interest rates make it possible for more buyers to purchase their dream homes. Through the necessity of being able to work from home, the demand for one or more office spaces and a nice outdoor area for safe-space entertainment have been more important. Not to forget the desire for a home fitness center which became essential when choosing a home.

 

Mountain Homes


Mountain living has experienced a huge climb in demand due to the criteria buyers are asking for, a peaceful setting, connection with nature, space and privacy -  especially if they have updated features and are within a 30min driving distance to Boulder or Golden. If the home hits these criteria the home is sure to be sold in a flash. 

 


Just Closed:      556 Gallegos Circle, Erie


                                                                                       


My happy buyer Janet just closed on this beautiful house in Erie. With her determination to find a newer home with modern and open floorplan and an abundance of natural light she lead me to discover this wonderful house and neighborhood in Erie! My congratulations, Janet!

 

Monthly postcards

Since I began my monthly postcards in June featuring a painting of a local artist I have received a lot of positive feedback. It is a joy for me to hear that people love it as much as I do. In case I do not have your mailing address and you would like to get these postcards please don't hesitate to let me know, I would be happy to add you to my list. Here is a picture of the latest postcard featuring the powerful and mysterious painting of Page Zekonis: 

 

                                                                                       
                                    

 


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If you enjoyed reading this newsletter please let me know, it would be great to hear from you!

Best!

 

Stephanie Haile-Pflaum
Associate Broker
Coldwell Banker Residential Brokerage
PflaumRealEstate.com

cell: 720.335.8845