So what’s up with the Niwot Real Estate market?
Niwot Real Estate Market Report
Here’s the Niwot real estate market report for May 2015.
You can read our quick summary and market review (see below) and / or download the market report.
Niwot Real Estate Market Report Summary – August 1, 2015
The lower end of the Niwot real estate market is red hot and shows no sign of cooling. If it’s under $500K it’s going to fly off the shelf, should get multiple offers and should be sold within a week.
If it doesn’t then it indicates a few problems with the home. Maybe overpriced, maybe too close to the dang railway tracks, maybe needs too much work.
The higher end of the market is also finally moving again. It’s not as hot as the under 500K market but sales are closing and sellers are starting to get close to their asking price. That’s a big change from the last five years where inventory sat for years and everyone had to drop their list price. There are still some bargains to be had but they’re drying up fast.
The main things to note are that the Denver and Boulder real estate markets lead the nation and are red hot. There was no winter off season, most homes are receiving multiple competitive bids and are selling over asking price. The Niwot market generally lags a little behind the Boulder market but we’re definitely seeing the overflow from Boulder as people are priced out of the Boulder market.
So what can we expect over the next 6-months?
I can’t see anything slowing down. More inventory may come onto the market as sellers realize that this is a hot market but there’s such a shortage in the under $500K range that they should all sell.
Interest rates are still historically low and should start going up soon – that will cut into buying power – and there’s a flood of condos about to hit the Gunbarrel market. But everyone is so worked up about the 1,500 Google jobs promised to Boulder that I just can’t see any slow down.
The best kept investment secret in Boulder County is still the Cottonwood Park and Countryside condos. Rents have jumped at least 25% in the last 2-years so if you can snag a condo before the owners realize they can bump their rent you can still steal a deal.
A Few Numbers
The median sales price for Niwot just jumped to near the $600K mark. That’s nuts! Boulder is at around $700K.
We have around 30 homes for sale on the MLS. The big problem is the median list price is at $1.4 million so the inventory is still too top heavy.
What to do?
Buyers – get all your ducks in a row right now. Get prequalified, really prequalified, and be prepared to offer more cash in your offers.
Sellers – in the under $500K market you can just about sell it yourself. In the $500K – $750K you still need to use an agent and prepare your home for sale. In the $1 million plus range you still need to be patient but you should get your price (fair price).
Renters – you’re a little late to the party. Rents have jumped significantly in the past two years and the only people enjoying low rents are long standing tenants with loyal landlords.
Niwot Real Estate Market Report
Here’s the Niwot real estate market report for May 2015.
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