Interestingly enough the average price of a townhouse and condo fell dramatically in both Boulder County and in Boulder from March 2020 to March 2021. (Because Boulder had the majority of townhouse/condo sales this resulted in Boulder County following the Boulder market). In all the other communities within Boulder County the average price rose. These phenomena is very interesting. The Boulder Attached Dwelling market is closely tied to the University of Colorado since many parents of CU students purchase their children a townhouse or condo for while they are in college. Because of the shut downs associated with COVID-19 most students learn remotely now and don’t need to live in Boulder. Consequently, there is less demand for townhouses and condos in Boulder. Less demand correlates to lower prices.
The outlying communities are less affected by what happens at CU. The significantly lower inventory of townhouses and condos in these areas resulted in higher average sales prices.
The average sales price of a townhouse/condo in Boulder fell 25 percent from March 2020 to March 2021. Boulder real estate prices rarely experience this type of decline, but with fewer students requiring housing the prices of these attached dwelling declined significantly this past year. A caveat is that the average sales price spiked in March 2020 and fell dramatically in April and May 2020. The average sales price seems to be on an upward trend now and buying an attached dwelling in Boulder looks to be a wise investment. These attached dwellings averaged just two percent longer to sell than a year ago.
Listings in Erie of attached dwellings are down 69 percent from a year ago. The average price was up 16 percent to $403,563 in March 2021. This is a great return on your money in just a year! Erie attached dwelling prices also seem to be on an overall upward trend.
Lafayette townhouses/condos jumped in price 12 percent to an average of $428,055. And, the number of listings, solds and days on market also declined significantly. This follows the same trend as single family homes in Boulder County.
Prices in Longmont of attached dwellings continued their upward climb. With the shortage of inventory buyers pushed the average price up significantly this past month. Like in the other Boulder County communities, prices are continuing to rise year to year. Month to month we have seen gyrations in price, but the overall trend is buying townhouse or condo in Longmont is a good investment.
A townhouse or condo in Boulder County continues to be a wise place to invest your money. Prices continue to increase year to year with some monthly fluctuation.
If the inventory of places to sell increases along with the expected higher interest rates, the prices of attached dwellings might level off. But, right now, the seller is in the driver’s seat and can expect a quick sale with multiple offers, as well as, a great rate of return of their investment.