The market for single-family homes in Boulder, Colo., is saturated, with only a few dozen listings left to be snapped up by prospective buyers.
The city has seen an influx of investors looking for a way to live closer to their families, and in recent months there have been multiple home auctions.
The market has also seen a boom in single-room occupancy (LRO) homes, where the first-floor bedrooms can be as little as $300,000, according to Zillow.
The median price for a LRO home in Boulder is $3.5 million, according the home search site.
Boulder has seen a lot of activity in the past few years.
Last year, more than 300 homes were sold.
And just last month, the city announced it had signed a lease agreement with a developer to develop a 2,000-square-foot LRO condo.
According to Zellers, the LRO market is currently a hot commodity in the city, with more than 20 new LRO homes opening each month.
The average price per square foot for the LEO market is $1,800, with average prices ranging from $2,400 to $3,500, Zell, the data firm, said.
In Boulder, the average price for an LRO house is $4.5.
To be sure, the market for LRO has been growing for years, and Zell points to a few reasons why:The number of new LEO homes in the market has skyrocketed since 2011, with the average value of a new LRA home reaching $1.2 million last year, according Zell.
That number is expected to jump even higher this year, Zillers said.
And new LOR homes are more expensive than older LROs, with median prices rising as high as $6.6 million.
In fact, the median price of a LOR home in the metro area is $9,000.
The number and size of new homes available to buy is also increasing rapidly.
The Boulder area is seeing a surge in the number of LRO-only homes that are currently being offered to potential buyers.
According to Zettier, the number has risen from 12 homes a month in 2013 to 35 homes in 2016.
That’s up from 8 homes a week in 2013.
In the last year alone, there were 4,200 LRO properties available to purchase in the Boulder metro area, according zell.
According Zell’s data, Boulder is one of the hottest markets for single family homes, with demand in the area expected to continue to increase.
The area also has a high percentage of renters, who are also willing to shell out big bucks to live in a large city.BOULDER, Colo.
(AP) With more people moving to Boulder and the city getting ready to welcome more tourists, the Boulder market is already hot.
Zell said demand for single homes in downtown Boulder is high, with several thousand listings on Zillows.com.
“The market is very saturated, so there’s been a lot more new listings than there are houses to sell,” said Jeff Zellberg, managing director of Zells.
He said the market is growing fast.
“It’s the kind of market where if you’re looking for single, large, detached homes, that would be the kind you want to go to Boulder,” he said.
There are many factors driving the growth in the home market in Boulder.
The growth has come primarily from investors who want to live close to their jobs, Zowie said.
He added that the Boulder area has been a good market for investors who don’t want to spend a lot on a home.
For more information about Boulder, go to www.boulder.gov/en/Homepage