We at Burgess Group | Compass remain dedicated to serving you during this uncertain time. Please let us know if we can help with any basic needs you may have - running to the grocery, pharmacy or just helping you dig out from this latest snowstorm.
On the work side of things, we wanted to give you a local professional perspective on what the impact of our current crisis might look like. Front Range real estate has historically been one of the safest havens for investment during recessionary periods. Properties usually hold their value and often even appreciate when the stock market is suffering. The fundamentals of this area are not changing - desirable location, strong economy relative to the rest of the US, lower unemployment than most of the rest of the US, and a shortage of inventory.
Here are some facts to help answer questions regarding how COVID-19 is impacting local real estate
Coronavirus and Boulder Real Estate
As you can see from the snapshot below of the last 8 days of Boulder County real estate, we continue to have new listings come to market, properties go under contract, and sales occur.
Yes, stocks have fallen, businesses are pushing the pause button, and many people have less money.
Simultaneously, people are moving due to new careers/growing families, etc, and first-time buyers are entering the housing market to take advantage of incredibly low rates. Simultaneously, investors who had been sitting on the sidelines are seeing an opportunity and stepping into the market.
In other words, Boulder area buyers are continuing to buy and sellers are continuing to sell, see below:
Boulder County Stats: 3/11 - 3/18
Boulder County Stats: Year Over Year
A Macro Perspective
To put this micro-data into context, let's look at yearly Federal Housing and Finance Agency appreciation data.
As you can see from the chart below, the Boulder market does extremely well through recessionary periods. During the previous recession, the depreciation was confined to the high luxury market; the vast majority of the real estate market continued without depreciation.
Boulder County real estate historically has been an outstanding long-term investment.
Our team is implementing some precautionary measures for home showings during this time. Some of these measures include offering Zoom appointments, video walk-through tours of homes for sale, the use of shoe-booties in our listings for showings, and hand sanitizer/Lysol wipes with us for all home showings. We ask that small children stay at home, or with a caretaker outside of the home, for further health precaution. We thank you for your understanding.
If you have further questions about how our market is being impacted, please reach out for further discussion. As always, we appreciate you and your continued business. Take care of yourself and your families.
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Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.