Pandemic no match for NoCo housing market

LOVELAND — While some business sectors sagged under the weight of COVID-19 and its restrictions, the residential real estate market took the pandemic in stride, posting 2020 year-over-year increases in homes sold and median sales prices, according to recent data from Information and Real Estate Services LLC.

The Loveland-based multiple-listing service tracks home sales in Boulder, Fort Collins, Longmont, Loveland/Berthoud, Greeley/Evans and Estes Park, all markets within Boulder, Broomfield, Larimer and Weld counties.

Last year’s residential real estate began hot in January, February and early March before taking a brief plunge during the early days of pandemic lockdowns, IRES CEO Lauren Hansen told BizWest.

SPONSORED CONTENT

How Platte River Power Authority is accelerating its energy transition

Platte River Power Authority, the community-owned wholesale electricity provider for Northern Colorado, has a history of bold initiatives.

After that brief lull, the market “went almost straight up,” she said.

According to IRES data, the number of Northern Colorado home sales were up 5.4% compared to 2019, the total dollar volume for transactions was up 13.1% and the median sales price up 6.1%.

Extremely low inventory has become a hallmark of the local residential market.

The pandemic, and the related shift toward working from home, has highlighted the importance of finding a house that serves as more than just a roof over your head, Hansen said. More than ever, homes are now offices, day care facilities and classrooms. As a result, renters are looking for larger spaces farther from urban centers and would-be sellers are staying put until there’s less uncertainty in the economy.

Furthermore, inventory has been limited by wariness of would-be sellers to hold open houses and allow potentially sick strangers to tour their personal space, Hansen said. 

Despite the lack of inventory, “in Northern Colorado the real estate market [has been] really healthy” over the longer term, Hansen said. “We haven’t gone through the peaks and valleys like the Las Vegas market or the Phoenix market.” 

Historically low interest rates are also helping with housing accessibility, she said.

“If you’re in a position to jump on it and are gainfully employed, boy, it seems like a good time” to consider homeownership, Hansen said.

© 2021 BizWest Media LLC