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A confluence of factors, many of which are exacerbated by the COVID-19 pandemic, have combined to create an environment where there is an historical low total of homes on the market.
Those factors include low interest rates, an increasing number of Millennial buyers entering the market, people who now work from home demanding additional space, an influx of new buyers from more expensive real estate markets on the coasts and rising construction costs.
Here’s a snapshot of active listings in March from around the region:
• Boulder: 117 active listings , down 20.4% from 147 a year ago.
• Fort Collins: 301 active listings, down 42.2% from 521 a year ago.
From Boulder to Broomfield, from Windsor to Wellington and well beyond, the Front Range residential real estate market is locked into a seemingly intractable state of low inventory.
A confluence of factors, many of which are exacerbated by the COVID-19 pandemic, have combined to create an environment where there is an historical low total of homes on the market.
Those factors include low interest rates, an increasing number of Millennial buyers entering the market, people who now work from home demanding additional space, an influx of new buyers from more expensive real estate markets on the coasts and rising construction costs.
As Northern Colorado climbs out of the COVID-19 pandemic doldrums, local real estate experts are left wondering when workers will return in person to the office and whether the virus has caused a permanent shift in commercial real estate markets.
Similar concerns exist regarding the retail sector, and while the residential sector is red-hot, there are significant headwinds related to the rising cost of land, water and construction materials, Northern Colorado real estate pros said Tuesday during BizWest’s virtual CEO Roundtable.
Citing an internal survey, CBRE broker Peter Kelly estimated that about 90% of workers will be back at work in some fashion in the next year.