January Market Update 2021 vs 2022

January Market Update 2021 vs 2022

Looking at the new year ahead, is seems as though 2022 will be another strong year for the real estate industry. Although interest rates have ticked up in the past couple months, they should remain historically low, while continued inventory shortages will cause increased demand and higher prices.
Before we get into the local numbers, we would like to acknowledge those affected by the Marshall Fire. Words cannot express the loss felt and gratitude we have for our strong, united community. We have been helping those in need and will continue to do so. If you, or someone you know needs assistance, please know that Sandrock Real Estate is here to help in any way we can. 
Marshall Fire Resources Below
Local Numbers
The average sale price for Boulder County in December was down slightly at  $984,062. The highest we saw all year was in April with an average sale price of over $1.16M when we cyclically have the hottest market.
The number of new listings that hit the market in December fell to the lowest number we've seen in well over 3 years. We saw 122 new listings, compared to our peak of 585 new listings just a few months prior, and 160 in December of 2020.
Listings in Boulder County are still selling slightly over 100% of the original list price. That is no surprise with the bidding wars we have seen in the last year. May was the peak when homes were selling roughly 107% of list price.
The average days on market for December was 43 days, the highest number seen in about a year. The next highest number we saw was 64 average days in December 2020.
This metric states that we need to have at least 3 months of supply to have a balanced market. Over 3 months would push Boulder into a buyer's market and under a into seller's market. December saw 0.3 months worth of inventory (which is abysmal). 2021 rounded out a steady decline in supply since June and ended with the lowest number we've seen in over 3 years.
December saw an average of 21.1 showings per home before an offer was received and accepted. This made for a steady incline since July, meaning that homes had more showings before an official offer was in place. This number makes sense along with the increase we saw in DOM. This is good news for buyers as it would indicate that demand has slowed and more people are viewing homes before offers are made.
With the new year comes the benefit of looking back and seeing what occurred in our year-over-year analysis. Both the median and average sales prices increased this year by record amounts. The average sales price of a single-family residential home finally pushed to the $1.6M mark and the median sales price jumped 35% to $1.35M! Even if 2022 has a moderate increase of 10%, that would put the average price for a home above $1.7M!
We continue to be forever grateful for the Boulder community, our friends, family and clients.  We appreciate all of you and hope to see you in the months ahead. 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
Sandrock Real Estate
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Colorado Association of Realtor's Market Summary

We are still trying to comprehend the loss that occurred during the fire and the impact it has and will have on our community for years to come. One thing we know is that we will build stronger and overcome this challenge, but that does not lessen the short term impact for those who have lost their home.

Here are some links that we have found useful:

1. For those looking for ways to help, here is a great resource put out by Downtown Boulder. Also, Boulder Beat News has several ways you can help and many resources for those in need (housing, insurance and legal consultation, mental health services, food, debris removal and more).

2. Click here for a virtual legal clinic for the community for those who may need legal help navigating insurance, rebuilding, leases or any other issues. You can register online here.

3. Go to the Disaster Assistance Center (1755 S. Public Road). 

9 a.m. to 5 p.m. seven days a week
For those who lost homes or were displaced
Available services:

  • Consultation on property loss and filing claims for assistance
  • Gift cards for replacement of food and transportation costs
  • Information about short- and long-term housing
  • Help with vital records
  • Referrals to emergency shelter
  • Food assistance
  • Mental health services
  • COVID-19 tests
  • Transportation vouchers
  • Referrals for personal finance planning
  • Debris removal

4. Click here for information on the Fire Debris Removal Program from Boulder County. 

5. Click here for a list of current available properties that The Boulder Area Rental Housing Association has put together. 

6. Here is a great article written by a woman who lost their home in the 2015 Valley Fires on 15 ways to help a friend who has lost their home. 

7. Here are frequently asked questions on rental properties. These FAQs were developed based on questions the Colorado Division of Insurance received during Insurance Town Halls on January 4 and January 19, 2022, as well as questions Division staff received at the Disaster Assistance Center.

One thing we have been able to do for clients and friends is review their insurance plans to see if what their coverage is with our insurance contacts. Please contact if you would like one of our preferred insurance providers to review your policy.

These are just some of the resources out there and we hope this helps. If you have any others to share with us, please do and we will send out. Please know we are here for you if you have been affected and never hesitate to reach out.

Spring is only a couple months away and now has never been a better time to rescue a furry friend. Here are a list of local adoption organizations in Boulder County:

1. Brighter Days Dog Rescue - https://brighterdaysdogrescue.com
2. Farfel's Farm & Dog Rescue - https://farfels.com
3. Boulder Humane Society - https://www.boulderhumane.org
4. Front Range Freedom Rescue - https://www.frontrangefreedomrescue.org
5. Longmont Humane Society - https://www.longmonthumane.org
6. Petfinder.com - https://www.petfinder.com
Many of you have seen our Cartvertising ads at the local Soopers. Currently we are having SRE trucker caps made and will be ready in the next few months. Send us a picture of you with one of the shopping carts and we will send you a free cap! 
Rates have crept up in the recent months causing buyers to be rethink their overall spend levels for home purchases; however, it is also causing new buyers to hit the market due to FOMO (Fear Of Missing Out). 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 – 3.75%
Conventional 15 year- 2.924%
Home Ready- Home Possible 30 year- 3.885%
FHA 30 year- 3.474%
FHA 15 year- 3.013%
Jumbo 30 year-3.625%
Jumbo Arm 5 year- 3.5%
Jumbo 30 year with Interest Only- 4.625%
USDA  30 year- 3.440%
VA 30 year- 3.074%

(These are quoted with 800 credit score, 80% LTV, Primary Home,450k Sales Price with 360k Loan Amount and No Origination or Points, Jumbo is quoted at 1million with 800k Loan amount, call for specific scenario’s and borrower origination paid upfront options).
Conventional 30 year on Investment- 4.5%
Conventional 15 year on Investment- 3.625%

(rates are quoted with 800 credit score,80% LTV, Investment Home,450k Sales Price with 360k Loan Amount and No Origination or Points, call for specific scenario’s and borrower origination paid options). 

Other News:
  • This week will be the first Fed meeting of 2022 to discuss further rate hikes.
  • Overall, rents are up more than 30% in many major metropolitan areas.

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.


SOLD: 6331 Snowberry Lane, Niwot 80503
Welcome to your dream home in the coveted Somerset Estates just minutes from Boulder. This stunning Mediterranean style home has everything you could hope for, starting with unobstructed Front Range views-over a pond and protected open space-from nearly every room in the house. Entertain indoors in the two-story living room, updated kitchen, formal dining room, or massive recreation room; or outside by your private pool or on any of the thousands of square feet of decks and patios. Keep fit in your own personal gym, or hop on Boulder Open Space trails right out your back door. All seven bedrooms are equipped with en suite bathrooms. This house easily accommodates all of your needs: five garage bays for all of your toys, a wine cellar with tasting room, and two large storage rooms.

SOLD: 3815 Northbrook Drive #21 Boulder 80304
We are so fortunate to have timed the sale of this property for right after the tenants moved out and were able to find a set of off-market buyers by using our network of agents and resources. This is a fantastic area in NOBO and this 2 bed/1.5 bath condo with a garage is a perfect fit for the buyers we found for our sellers. 

SOLD: 33 S Boulder Rd Unit 315, Boulder 80305
This lovely top floor, light-filled condo has an open floor plan and is newly renovated (2019) with new flooring throughout. The kitchen includes a brand new stove (2021), fully remodeled white cabinets and black granite countertops, stainless steel appliances, eat-in kitchen, separate pantry, plenty of prep space, and modern open shelves. Enjoy eating outdoors on the large patio off of the living room. It includes two spacious bedrooms, a master ensuite bathroom and a hallway bathroom. Don't miss the huge master walk-in closet with built-in shelving. 1 car reserved parking and 1 car parking pass. Other features include newer washer and dryer, storage closet, gas fireplace, central A/C, and an outdoor pool only a minute walk away. Fantastic location with easy access to trails, Foothills Parkway, RTD, CU, and SoBo shopping.

SOLD: 1720 S Marshall Rd Unit 32 Boulder 80305
This great unit has a wonderful lot in the Table Mesa Village. We were looking at another listing in the area and stumbled upon the sale sign that was off market.  It ended up being a perfect match for our buyers! Another example of the service we can provide.

Under Contract: Southshore at Aurora NO. 17, Lot 142
Set to be completed next Spring! 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.
We are proud of our boutique brokerage company and our 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!
Sandrock Real Estate
Real Estate Professionals
Office: 720.704.1769
Mobile: 303.249.5599
[email protected]
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