As I ring in 2021, I feel relieved to end a crazy year, but most of all feel thankful and hopeful. Thankful for your business & support, and hopeful that this year will be full of success and growth for all of us! I’m excited to share with you my personal year in review.
In March of 2020, with showings being limited and then prohibited entirely in April, I braced for a tough year… I remembered when the bubble popped in 2008 – the market crashing, homes taking 12+ months to sell, and oodles of inventory with no buyers. Wow! I could not have been more off – COVID, as devastating as it has been for our country, has made Colorado Real Estate “the bell of the ball.” I call it the “COVID effect.” U.S. News and World Report analyzed the 150 most populous metro areas to determine the best places to live. To make the top of the list, a locale had to be a desirable place to live, offering a high quality of life with strong home values and job markets. Boulder came in at #1, Denver #2, Colorado Springs #4 and Fort Collins #5.
In my 17 years of real estate, I have never helped as many out-of-town buyers as I did in 2020, nor had I ever helped as many folks buy outside of Denver proper… Evergreen, Genesee, Golden, Thornton, Centennial, Evergreen, Silverthorne, Frisco, and Breckenridge to name a few. Half of my Buyers came to Colorado from outside of the state (doubling my usual 25%). Buyers migrated here from congested cities realizing that ZOOM/Teleconferences gave them the freedom to reduce (or do away with) in-person business and business travel. Along the migration trend, I have helped many repeat Denver clients head to the foothills or mountains.
Despite COVID-19, riots, a polarizing presidential election, and over-all political and social unrest, Buyers in 2020 remained surprisingly resilient. There was a 7% home-buying increase from 2019, and a nearly 13% increase in the Median Sale Price. Economists are predicting we will see a 10% rise in home values for 2021. With so many people officing from home, COVID may have a lasting impact on the workplace landscape and we are extremely lucky to be in Colorado. Many clients ask if this is a “real estate bubble” and I honestly don’t think it is. I do not foresee the migration to Colorado slowing down any time soon. If homeowners are considering selling, 2021 is looking promising.
My year in review: