June activity was down from May going from 24 active listings to 18 active listings. The average price per square foot continues to rise in single family homes in our neighborhood as we see more inventory in the $1.5M-3.5M then between $600-$1.5M. As is the case with Boulder in general, $200-400k condos are in high demand and have moving quickly. We saw half of the number of closing in June then we did in May; 4 single family sales and 4 condo sales.
Views are still top sellers as was the case with 2060 Norwood that went under contract in the first week for just under full price at $2,875,000. The finishes and layout are dated but the views are amazing of the flatirons and the city of Boulder. I personally thought it was over priced based on it’s dated facade but I was wrong and buyers pay top dollar for literally “million dollar views”.
Pricing continues to increase year over year and inventory remains tight. I predict the ppsf in Crestview will come down a bit in the next quarter as the existing inventory, which is mainly homes that are 15-20 year old, sells. Homes that have large lots and a small, outdated house, are viewed by the public as a scraper. If they haven’t sold within the first month then they are over priced in this market. Homes that are 15-20 years old and haven’t been updated in the last 1-3 years are moving slower as their price points are typically a little high as they try to maximize their price in comparison to the new construction which is flying off the shelf in the $550-650psf price range.
*Not all properties were listed and/or sold by 8z Real Estate. This data is based on content supplied by REcolorado, IRES, PPAR, and/or MLSListings. Content is deemed reliable but not guaranteed. Content may not reflect all real estate activity in the market.