|Spring is finally here and with many of the covid restrictions being lifted, it appears that life is getting somewhat back to normal. It has been wonderful getting together with friends and family and we look forward to seeing everyone in the Spring and Summer months ahead. Please see our Spring home maintenance tips and wildfire preparedness sections below.
In real estate market news, Boulder County continues to climb in prices despite rising interest rates and inflation. Many buyers are flocking to what little inventory is out there, taking advantage of historically low rates while they can. We have seen an even more aggressive seller’s market with multiple offers on almost every listing and most homes going for much over asking price. On average, we are seeing sale prices 8% over ask and in some cases as high as 20-30% over for desirable (and underpriced) properties. We are seeing an increase in average sales prices by almost 20% and for those friends and clients who think things are going to cool down with rising rates, we have yet to see any indication. We hope you find the "Local Numbers" section useful and informative.
At Sandrock Real Estate, we feel fortunate to be able to help buyers navigate this competitive market and win with our proven strategies. If you are looking to purchase a home, we are here to help!
If you are looking to sell your home, we can get you the highest dollar and help you sift through the multiple offers to decide which hungry buyer's offer is best. Please contact us for a free valuation. Even if you do not want to sell and are wondering what your home might be worth, our analysts can give you a fair market estimate that is solid and not the falty “Zestimate” or Redfin valuation.
|This month we were shocked to find a few hopeful metrics that indicate inventory levels might finally rise; however, we were not surprised to discover rising prices and low number of days on market. We have seen first hand the competition with the multiple offers we have and had submitted. Please read the following metrics in hopes you find this information useful.
Here are the latest figures from IRES, our local MLS (Multiple Listing Service):
|AVERAGE SALE PRICE
The average sale price for Boulder County in December was up 13% in JUST March alone to $1,169,889. This is up from our last newsletter in January (December's value of $985K) by 18.7%. That means we have already had an increase in average sales prices for single family homes of almost 20% in just one quarter for 2022!
Finally we have a positive figure! The number of new listings that hit the market in March was 369 compared to the same time last year of 355. This is also much better than our December figure that fell to the lowest number we've seen in well over 3 years (122 new listings). We are hopeful that more inventory will be here this Summer and beat the peak of 585 in June of 2021.
|AVERAGE PERCENT OF ORIGINAL LIST PRICE VS SOLD
As we stated previously, listings in Boulder County are selling at an average of 8% over the original list price. Which is no surprise with the bidding wars we have seen. This tops the peak we saw in May of 2021 when homes were selling roughly 107% of list price.
|AVERAGE DAYS ON MARKET
The average days on market is now only 30 days. This means that homes are shown, offers reviewed, under contract and closed in under a month.
Please note that the typical sales process we see in this market is a home listed mid-week, shown over the weekend, all offers due by Sunday/Monday and acceptance on Monday/Tuesday. If that is a 5-7 day process, that means the contracts themselves are closed in around 3 weeks! As a buyer with financing, this means in order to win a contract now, you will need to have a rock solid lender that can close quickly (pre-approval process must be completed well before submitting an offer or even looking).
|MONTHS SUPPLY OF INVENTORY
This metric states we need to have at least 3 months of supply of inventory to have a balanced market. Over 3 months would push Boulder into a buyer's market; under into seller's market. It has been a long time since this was the case.
In March, Boulder's supply was 0.6 months worth of inventory. This is an increase from 2021 of 0.5 months, so we are hopeful this year will have more inventory in 2022.
|AVERAGE SHOWINGS TO PENDING
March saw an average of 23.4 showings per home before an offer was received and accepted. This number is high given that a home is viewed by an average of over 23 different parties in just 3-4 days of showings!
The average sales price of a single-family residential home in Boulder pushed to the $1.72M mark and the median sales price jumped to $1.46M! Take a look at the average for just Q2 in April so far of $2.35M! Is this a sign of prices to come in 2022? It will be interesting to see how high Boulder climbs in Q2 given the pressures of interest rate hikes, gas prices, and inflation. Will it even affect Boulder real estate at all? We are not seeing any indication of a slowdown yet.
|We continue to be forever grateful for the Boulder community, our friends, family and clients. Please set up a time to discuss your real estate goals.
As always, we appreciate your referrals and thank you for your support.
Thom Sandrock and Team
Sandrock Real Estate
Our hearts continue to be with all who have lost their homes in the Marshall fire. With another recent fire and evacuations, we wanted to send out suggestions on how to best prepare your home. Here are 6 tips to help mitigate a wildfire at your property:
1. Create Defensible Space (https://disastersafety.org/wildfire/d-space/)
Maintain 3 zones around your structure, collectively called defensible space.
2. Maintain Roof & Gutters
- Remove dead vegetation.
- Trim branches overhanging roof.
- Remove combustible materials in the 0-5 FT zone.
Debris (including leaves and pine needles from nearby and overhanging trees) will accumulate on roofs and in gutters. Dry debris can be ignited by wind-blown embers. Routinely remove debris from the roof and gutters, including around skylights.
3. Seal Garage Door
Openings, such as garage doors, can be an easy entry point for wildfire embers. Installing garage weatherstripping along the top and sides of the door can help reduce ember entry.
4. Maintain Decks
Remove debris and vegetation from your deck. Do not store wood on or underneath your deck. Move combustibles, like patio umbrellas and furniture, inside.
5. Assess Wildfire Risks
Review your insurance policy to make sure you’re covered in the event of a wildfire. In addition, create a home inventory to assist in the claims process.
6. Talk With Neighbors
Wildfire preparedness is a community effort. Get neighbors involved, as their risk is your risk.
From: https://disastersafety.org/wildfire/weekend-wildfire-preparedness-projects/ please click on link for videos and more resources.
As always, if anyone needs help right now with a loss of home, sale of land, or questions regarding insurance, please do not hesitate to reach out. We have helped numerous friends/clients and have many resources that can help.
|Spring Home Maintenance Tips
|1. Inspect your roof.
Whether you have shingles, tin or concrete tiles, your roof is your home’s first line of defense against water damage. If you delay repairing spots on your roof that need fixing, you could find yourself facing water damage inside your home the next time a storm hits.
2. Clean your gutters.
Gutters direct rain away from your roof and home, protecting both in the process. Clogged gutters, meanwhile, open your home to water damage—and there’s a good chance you won’t notice the damage until you need an expensive repair
3. Clean or replace HVAC filters.
You need to do this more than once a year. A dirty filter forces your heat, ventilation and air-conditioning system to work harder, which in turn drains your wallet.
4. Clean your dryer vent.
Not all lint gets caught in the lint trap; some makes its way into the dryer vent. A clean vent will save you money by reducing the time your dryer has to run, while a plugged vent not only wastes money, it has potential to cause a house fire.
5. Check the washing machine fill hose.
A leaky hose under pressure can cause major damage in a short period of time, so you want to look for cracks that could become leaks.
6. Clean and repair your screens.
Trying to reduce your electric bills this summer? In many parts of the country, you can keep your house cool (at least at night) by opening the windows. Gently scrub on a flat surface with soapy water. Also, patch small holes as needed.
7. Fix cracks in your walks, driveway and the outside of your home.
Unlike the human body, cracks in asphalt, concrete or stucco don’t heal themselves. Fortunately, most of these repairs are fairly easy if taken care of early on.
8. Repair any cracked or peeling paint.
A good paint job makes your home look nice, while providing a protective barrier from the elements. Touch-up painting is easy to do and inexpensive.
9. Vacuum your refrigerator coils.
The coils you’ll find on the bottom or back of your fridge conduct the hot air from inside the unit. If they’re coated with dust, they do the job less efficiently and cause your refrigerator to work harder; that means a higher electric bill for you. Use a vacuum cleaner hose or a brush on the coils.
10. Replace the batteries in your smoke detectors.
You never know when you’ll need them. Sometimes it’s a matter of life or death, so take the time to change the batteries now.
11. Prepare your lawn mower for summer.
Change the engine oil and sharpen the cutting blade; you’ll lengthen the life of the mower and improve the look of your lawn. Or go electric!
12. Check seals around windows and doors.
Winter weather can crack and harden caulk and other weather seals. Inspect them and repair or replace as needed. You’ll reduce your air-conditioning bill and prevent water from entering your home and causing damage.
13. Clear vegetation around your AC compressor.
To work efficiently, the compressor needs good airflow. To ensure it has breathing room, prune any plant growth that could block it.
14. Drain your water heater.
Sediment builds up in your water heater tank. Use the spigot near the bottom of the heater to drain it. By doing so, you’ll prolong its life and reduce your electric bill.
SOLD: 915 Lawn St, Boulder 80303 $2,525,000
Congrats to our UK buyers for the purchase of this amazing home! The stars aligned perfectly and we actually won this contract in a backup position. We could not be more excited for them to move back to Boulder to be closer to family and friends.
Enjoy lovely single-level living and total serenity in this beautifully updated five-bedroom, four-bathroom one level home sited on a flat one-acre parcel just a block from Baseline Reservoir's beach entrance. A courtyard entry invites you inside this 3,434-square-foot mid century charmer filled with hardwood floors, recessed lighting and sunny windows throughout. Gourmet open kitchen features a great center island. Beautiful primary bedroom suite, along with three more bedrooms all on the same
Under Contract: 780 Hartford Dr, Boulder 80305
We are so fortunate to have timed the contract on this property right after the first contract fell out. We are thrilled for our buyer and just absolutely love this home. It is the perfect fit and in the heart of South Boulder.
This understated Table Mesa home is sure to surprise & delight! A welcoming covered front porch and xeriscape front yard set the tone. Not your typical bi-level, this quality home has been expanded, remodeled and features beautiful foothills views, large light-filled bedrooms, vaulted ceilings, a spacious study w/built-ins, an oversized (25x29 2-car+ garage with room for all your toys & so much more. Enjoy radiant heat in remodeled master bath. Fantastic private backyard with deck, flagstone patio, benches & walls, gas-connected fire pit, vegetable gardens, backs to farmer ditch! 4.2 KW solar is owned. Great location near renowned SOBO schools, shopping & restaurants, rec center, hiking trails! Love where you live!!
|Under Contract: Southshore at Aurora NO. 17, Lot 142
Congratulations to our buyers for selling their current home (off-market) and getting a 2 month lease back to allow time for the build to be finished next month. They are set to close on May 24th and just in time for them to complete the basement remodel.
One of the neatest communities in Denver. Vista Point at Southshore combines resort-style living with close proximity to the magnificent Aurora Reservoir, exclusive amenities, top-rated Cherry Creek Schools, and luxury single-family homes.
Under Contract Prairie Village Villas, LONGMONT, CO
Congratulations to our buyers for finding a lot in this wonderful community. Here are some highlights:
- Located 2 miles from downtown Longmont
- Low-maintenance paired homes with private side yards
- Zoned for top-rated St. Vrain Valley Schools
- Near golf courses, shopping, dining, neighborhood parks and trails
- Easy access to Hwy. 66 and I-25
- Close to Union Reservoir for boating, kayaking and swimming
If you have any questions about buying a new construction home, please contact us.
Coming Soon (NEW LISTING): 41 Navajo Nederland, CO 80406
Come see this light soaked ski chalet with million dollar views! This home sits at the top of Navajo trail in Nederland with a full acre of land and every part has been redone. Including: all NEW bathrooms, windows, fireproof Hardie siding (with warranty), metal roof, heated gutter system, HVAC, all new flooring, fresh drywall and more. The downstairs was a separate rental from 1972 until 1991 when the current owners purchased the home with a separate entrance, gas, utilities, and more. Easily converted back if desired. You will not believe how much was spent to make this home bullet proof from the elements. Relax next to the new wood burning stove in an open concept floor plan and entertain guests inside or outside on the brand new deck. You will love this private oasis budding with character and wildlife. Fully mitigated for fires and walking distance to RTD, schools, downtown and more. Just minutes from Eldora Ski Resort and downtown Boulder.
Rates are continuing to rise given inflationary and other economic variables. We are expected to hear about further increases in the weeks ahead, so please talk to your lender about locking in rates and what makes the most financial sense if you are a buyer hoping to purchase a home in the upcoming months.
Here is the most recent rates from our preferred lender, Lisa Higdon at BW Mortgage:
Conventional 30 year – 4.875%
Conventional 15 year- 3.875%
Home Ready- Home Possible 30 year- 5.125%
FHA 30 year- 4.625%
FHA 15 year- 4.5%
USDA 30 year- 4.625%
VA 30 year- 4.25%
Jumbo 30 year-5.375%
Jumbo Arm 5 year- 4.375%
Jumbo 30 year with Interest Only- 5.625%
(rates are quoted with 800 credit score, 80% LTV, Primary Home, 550k Sales Price with 440k Loan Amount.
Jumbo is quoted at 1million with 800k Loan amount and no origination or points. Call for specific scenario’s and borrower origination paid upfront options)
Conventional 30 year on Investment- 5.5%
Conventional 15 year on Investment- 4.5%
(rates are quoted with 800 credit score,80% LTV, Investment Home,450k Sales Price with 360k Loan Amount, with 1% in Origination fee, call for specific scenario’s and borrower origination paid options)
News and Products
For questions on lending, we recommend Lisa Higdon. Feel free to call her at 720-290-8305 and/or start the application at homebuyerco.com.
- Appraisal credit of 600 dollars available for select owner occupied purchases until 4/30
- Mortgage rates are surging to highest levels since 2018
|We are proud of our boutique brokerage company and ability to win contracts and provide exceptional service in this unbelievably competitive market. If you are thinking about selling your home, we will provide a free estimate. Please click here to request a free home evaluation. There has never been a better time to sell.
Please check out our company web page here and, as always, thank you for choosing us as your trusted real estate experts!