2012 closed out with the sale of a $4.75 million, eight-bedroom, 12,000-square-foot home at 8925 Mountain View Lane in Boulder, Colorado. And this was just one of nine homes in the city of Boulder that sold for more than $1 million in December of last year.
According to Boulder County Business Report, those nine million-dollar-plus sales where among 127 for the year in that price range for Boulder. Compare the total for the end of last year to December of 2011, when only four $1 million-plus sales closed in Boulder.
Things are looking up.
Given the many benefits to living in a place like Boulder, it’s no surprise that the housing market is doing fine and getting even better. The town did relatively well during the massive real estate downturn that crushed other areas.
But things are looking up all over, and that’s a very good thing.
In a new CNNMoney survey, over half the economists polled identified economic growth in 2013 tied to real estate recovery. And given the pain in the real estate markets for nearly 5 years now, that’s good news.
Economists such as Keith Hembre of Nuveen Asset Management state what seems to be a similar sentiment: “After several years of excess supply, demand and supply conditions are now in much better balance.”
“There’s a lot of pent-up demand for housing, and very little supply,” said Celia Chen, housing economist for Moody’s Analytics. This means rising prices after many years of stagnation and decline.
With Boulder’s residential growth management ordinance and green space preservation efforts, this means supply is even smaller. At the same time, Boulder’s reputation as a creative center, start-up hub, and outdoor recreation oasis continues to draw new residents to the area.