For the world and the housing market, 2020 and 2021 were tumultuous years. Boulder real estate hasn’t been immune to these effects, and buyers and sellers alike may be wondering what to expect from the Boulder, Colo., real estate market in 2022. In this article, we’ll detail what experts are suggesting 2022 might look like, and we’ll try to answer as many of your questions as we can to help you learn what to expect if you’re planning to buy or sell a home this year.
Important information about the Boulder real estate market
How competitive is the local market?
The Boulder real estate market is somewhat competitive right now
. On average, homes sell for 3% above the listing price, stay on the market for 35 days, and some properties may even receive multiple offers. What’s particularly striking in this data is the rise in sale prices. Boulder homes' current median sale price is $975,000 — up nearly 45% from last year. However, keep in mind that this is only 18% higher than the median sales price from March 2020 before the market for Boulder Colorado real estate completely changed in response to COVID-19.
What’s the market like on the national level?
Over the past few years, the nation has witnessed an abnormally strong housing market. Experts expect the market will continue to grow in 2022, even as things go “back to normal” — or perhaps as a new normal is established after the pandemic. In general, there are still more prospective buyers than sellers. Interest rates are expected to rise as the Federal Reserve attempts to slow inflation. We’ve seen historically low interest rates over the past couple of years, but it sounds as though 2022 may be a different story.
What brings people to Boulder?
In addition to being a popular vacation destination for many, Boulder is a prominent site for the Aerospace, Bioscience, and IT/Software industries.
Will demand for Boulder real estate remain high in 2022?
In short — probably. In 2021, homes received an average of 3.9 offers and stayed on the market for 19 days. Both of these numbers represent small increases from 2020. Most real estate agents report continued high traffic of buyers in their state. In other words, 2022 looks to be another good year for sellers, but the coming year may represent a brighter future for buyers than what we saw in 2020 or 2021. So buyers, don’t get discouraged! 2022 could still be your year.
What will supply be like?
Inventory continues to trend downward. Across Colorado, there were around 4,100 houses listed for sale in January, representing a drop of approximately 50% from January 2021 and nearly 75% less than the number of homes on the market before the pandemic. Simultaneously, homes that are listed for sale are quickly snatched up.
Buyers, take notes. Be prepared to act when you find a house you like because you’re probably not the only person looking at the property. If you take your time, you may lose out. This is why it’s so important to prepare for home-buying before you start shopping. Once you start looking at houses, you should have everything you need in order, so you’re ready to act.
How many foreclosures will we see in 2022?
The government temporarily banned foreclosures
last year in light of the pandemic. As these temporary restrictions are lifted, we may see a rise in foreclosures in 2022, although likely not back up to pre-pandemic levels.
Should I buy a home in 2022?
Buying Boulder, Colorado, real estate is not the right move for everyone, and it all depends on you and your situation. Are you ready to buy right now? Are you willing to move fast once you find a home you love? Are you willing to put aside some of your preferences and ideal wishes if it means you can capitalize on lower interest rates and get into a home faster? These are all questions you should be asking yourself before embarking on a real estate journey.
Should I sell my home in 2022?
If you choose to sell, 2022 could be a good year to do it. The market looks to be slightly more competitive for sellers than the past few years have been. However, in this climate and depending on the quality of your property, you still have a good chance of receiving multiple offers above the asking price. Additionally, experts predict the market will come back to earth at some point, though this hasn’t happened yet. If you’re already sure you’ll be selling your home this year, it would be wise to start sooner rather than later.
What should I do before I buy or sell?
Before you buy or sell Boulder real estate, do your homework. The research in this article is a good place to start, but depending on your real estate goals, you may want to complete some further investigation focusing on your specific needs. If you’re thinking about buying, the sooner you can talk to a lender, the better. These professionals will help you understand what will be required of you financially, especially if this is your first time buying a home. If you’re a seller, you may want to spend a little time making minor improvements to your home to prepare for more compelling and effective showings. This will help you maximize the value of your home and enjoy a more successful transaction.
Reach out to a Boulder real estate agent today
If you want to learn more about the Boulder real estate market in 2022 or about Boulder Colorado homes for sale, please don’t hesitate to reach out to Kevin Byrne
for expert guidance. He’s shown his ability to adapt to rapid and strenuous changes in the market, and his years of experience in the area speak volumes about his ability to help with all your Boulder, Colorado, real estate needs.