I had buyers get under contract for a $1,995,000 property on March 22, 2020 via a FaceTime showing.
I thought they were nuts.
Not because the clients were buying a house completely sight unseen, except on a screen. I thought they were nuts because the world had just stopped spinning, surely the market would crash or at least slow.
It turns out, their timing was impeccable. They bought in right before the Covid induced real estate buying frenzy.
But was their timing only perfect because they bought what everyone would soon realize they wanted, a single family home with space for working from home and homeschooling? Or did attached dwellings do just as well as single family homes during this rush to buy?
I decided to take a look:
Boulder County Single Family Home Facts:
- In 2020, in comparison to 2019, there was a decrease in single family homes that hit the market – a ~7.5 percent decrease.
- There was ~ 11 percent increase in closed sales in 2020 versus 2019
- Days on market decreased about 6 percent in 2020 compared to 2019 and the percent of list price increased by .4 percent
- This resulted in a 6.1 percent increase in median sales price in 2020 compare to the year prior
What it All Means:
More people wanted single family homes in 2020 as in 2019 and less people were wanting to sell their single family homes who already had them in 2020 versus 2019 and this has caused people to pay slightly more over list price than they did for a single family home in 2019 home and caused prices to increase.
Boulder County Attached Dwelling Facts:
- Unlike single family homes there was an increase in attached dwellings that hit the market in 2020 versus 2019, an ~14 percent increase.
- There was also an increase in closed attached dwelling sales in 2020 versus 2019 – 9.7 percent.
- There was a .2 percent decrease in percent of list price and ~ 6.1 percent increase in median sales price in 2020 compared to 2019.
What it All Means:
Unlike single family homes, significantly more people wanted to sell their attached dwellings in 2020 than in 2019. But, more people also wanted to buy attached dwellings in 2020 than in 2019, albeit less than the increase of people who wanted to buy single family homes. As a result, people were able to buy attached dwellings slightly below the list price.
The pandemic, working from home, low interest rates and wildfires in the West has caused people to move around like chess pieces – and though the market was/is tighter for single family homes versus attached dwelling units- the discrepancy in median price increase from 2019 to the pandemic year of 2020 wasn’t remarkable between single family homes and attached dwelling units.
Good Good is a Boulder area real estate agency. We specialize in helping good people find the perfect Boulder home. We’re low pressure but high touch. If you’re looking for a real estate guide in the Boulder area, we may be a good fit. Give us a call if you’d like to chat. We’re always happy to answer any questions you have about the Boulder area or give you a tour.
Katie (Good Good Founder) | 720.415.4914 | Katie@goodgoodrealty.com