In a real estate environment that’s seen increasing prices for years now, we are keen on noting barriers when they are broken. Most recently, in 2020, the yearly average sales price in Longmont finally blew past $500,000. That same year the Carbon Valley surpassed $400,000 in average price. Sellers love this kind of news. Buyers…not so much.
The most recent data from March 2021, regarding one of the least commented on areas in this report, is eye opening. The area is the Boulder County Plains found in the lower left-hand side of the report. Generally speaking, it’s everything between Longmont and Boulder that isn’t Longmont or Boulder. It includes area north of Longmont and south to Erie. No disrespect to the area, but it has a wide variety of property types, usually has fewer monthly sales and a wide range of price, age and acreage, so it’s kind of fickle and hard to pinpoint trends The result of these characteristics is a wildly swinging monthly average sales price. This month, they may win market of the month…but I haven’t decided yet.
For the fifth month in a row the Boulder County Plains had an averages sales price in excess of $1,000,000. Before this streak began, they’d had just one… and please note this streak started in November… one of the weakest and slowest months of the year. Yes, inventory is down, but to reach an average sales price of
$1,315,290 in just the 6th time passing $1 million is amazing. Clearly this was greatly influenced by two sales: $6,450,000 and $6,600,000. Eliminating those two sales from the calculation and the average would drop to a slightly more reasonable $1.16M.
Average sales price wasn’t the only record breaker in the BoCo Plains, the increase over the 2020 average sales prices was a whopping 64.4%. I’m not going to go back and dig through all my records, but I’m sure this is the largest percentage increase ever…in any area. The area is building a solid reputation as a steady, high-price performer. In March of 2020 there were 13 sales of homes over $1,000,000. In March of 2021, there were 29. But somehow, this area may forever be overshadowed by the big daddy of the region – the City of Boulder, which clocked in with an average sales price of $1,471,704 for March.
After all the BoCo Plains excitement above, I’m hoping to deliver a few items to keep you interested. How about another barrier breaking? Last month the average sale price of an attached home in Longmont broke through the $400k barrier for the first time ever. This average was pulled northward by 3 attached sales in Prospect that sold between $772k and $875k. The three that sold under $300k barely had an impact on keeping the average down. Oddly, with an average of 31 days on market, there was one in there at 159 days and 8 that went under contract in 7 days or less.
Somehow the 60% decline in days on market and 40% decline in inventory that we’ve seen for several months now is kind of old news. In normal times we’d talk about this because of the huge swing, but this is what today has become versus 2020. One sale in Longmont caught my eye. It was the sale of 927 Emery for $260,000. The house is a scrape… so now we know the approximate value of scrape in Longmont. I saw a scraped lot in the Wash Park area of Denver last weekend… for $1,000,000!
The Carbon Valley is never one to disappoint. In March, the 9 lowest priced homes sold were manufactured homes with a lot lease in either Prairie Greens or the Glens of Dacono. Those sales ranged from $152,900 to $280,000. In 2011 the range on those property types was $50,000 to $100,000! On the opposite end of the spectrum, a full one third of all sales in the Carbon Valley last month were new home sales. Have they started listing more of them in the MLS? They must have. I don’t think I’ve ever seen 34 new home sales in a month. It isn’t a metric I track, but I usually notice such things.
I’m going to leave you with a quote I saw last week. Think about this and your business.
“Greatness is not a function of circumstance.
Greatness, it turns out, is largely a matter of conscious choice and discipline.”
Market of the Month goes to the BoCo Plains.