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.
COVID-19 Created the Hottest Real Estate Market Denver Has Ever Seen
We spoke to buyers, sellers, and real estate experts about how the pandemic set fire to an already-smoldering market.Elisabeth Kwak-Hefferan •
Feeding frenzy. Dogfight. Gold rush. Pick your favorite metaphor for the Colorado housing market these days: They all capture the intensity of an era that’s seeing more and more people swarming to buy fewer and fewer available homes, sparking bidding wars and pushing prices to record highs. From the pandemic’s beginning in late winter 2020 up through press time in early April, desperate buyers have been considering raiding their retirement accounts in an attempt to compete with cash offers. Modest homes that would’ve sat on the market for weeks or months in other years have been going under contract within hours of listing. Out-of-staters have been signing contracts before even seeing their new houses in person. And with buyers battling each other, those with p