Louisville is a vibrant, active community in Boulder County with approx 18,000 residents. With a rich history of mining and Italian settlers, it now is a fantastic suburban community with a terrific downtown with great restaurants – two of my favorites being LuLu’s BBQ (which rates 4.5 stars with over 700 reviews on Googles) and Basuba (Thai that nets 4.7 stars and over 900 reviews), lots of activities (more on that below) and a friendly community that makes it quickly feel like home.
What We Love About Louisville
Louisville is ideally located just a few miles East of the City of Boulder and West of Broomfield, and Denver. Easy access to Highway 36 makes it convenient to get just about anywhere. The views from many homes in Louisville include panoramic Front Range mountains.
While Louisville began in 1877 as a mining town, the current residential community is considered one of the best to live in the country – in fact CNN Money, Family Circle Magazine, Denver Business Journal, and Money Magazine all have ranked Louisville as one of the Best Places to live and raise a family in the U.S. There are 6 private and 6 public schools within approx 8 square miles of Louisville.
The Summer Louisville Street Faire is an attraction to all residents with Friday evening concerts at the Steinbaugh Pavilion and lots of street vendors and a truly fun atmosphere for all ages.
Louisville has its very own Farmers Market on Saturdays which attracts a big turnout and runs form May to October at the 800 block of Front Street.
We love the easy access to approx 32 miles of walking and biking trails and of course easy access to everything the Front Range offers. Most of all though, it is the sense of friendliness and community that stands out and makes Louisville, Colorado, one of the best places to live in the U.S.
Louisville Real Estate Market Overview and Update
This month we’re taking a deep-dive and looking more in-depth at Louisville. Unlike two months ago when the Single Family home sales data for Louisville and Lafayette were practically identical, this month the data couldn’t be more different! The condo market and single family home markets are much tighter and many of the indicators are showing the seller’s market is getting even stronger. Unlike prior months, the market has heated back up, yet don’t expect this trend to continue. Even though we are still firmly and STRONGLY a seller’s market (with less than 1 mo of inventory) expect the trend from other towns of taking longer to sell and the “good homes” going faster to continue.
The short version is that while we saw a slight slowdown, the real estate market across the board is still very strong. With the relatively small numbers to analyze, a few homes closing earlier or later can really swing the monthly data. Buyers are taking a bit longer to make a buying decision than last year mostly due to being inventory-constrained. Now that there is more inventory to choose from, they have the opportunity to be a little pickier and are snapping up the “good” homes. This market is still best described as “squishy” or disjointed.
In the Condo/Townhome market, we are seeing similar trends as above and the market was heating up *slightly* as seen by the average list prices going up and new inventory is down, and days on market is up, which translates into the the amount of time it takes a home to sell. All this means that like in other markets, buyers are taking their time and being picky and not willing to overpay.
What Does This Mean For Home Buyers?
Buying a home these days can be challenging. With increased home values it is hard to make the income aspect keep up. But, don’t despair. Right now interest rates are slightly lower, helping with that affordability challenge. Yes, owning your own home still makes sense, financially and otherwise. While you enjoy your home you can build up equity, or even “sweat equity” if you are handy and fix up yourself. All the improvements you make to your home belong to you, not the landlord.
Louisville is truly a solid choice for home buyers. If you’re looking for your first home, a condo or townhouse might be the best option and will cost anywhere from the low $200’s to the mid $800’s Alternatively, single family houses can be found starting in the low $500,000’s and going up to as much as $2 million for a very special and spacious home.
The good news is that while it is still tough for buyers, as interest rates lower and homes are not appreciating as quickly, it might be the perfect time to buy as you can afford to spend that little bit more on the home vs spending it on the interest rate.
We are still very much in a seller’s market. Lowball offers are generally not being answered. New homes to the market are still seeing multiple bids (usually 2-3 offers vs 10+!) and while prices are increasing, we’re seeing that appreciation closer to 4% than 10%. However, knowing about lack of inventory, strong employment and desirability of Boulder County area, there still is not likely to be slump anytime in the foreseeable future.
What Does This Mean For Home Sellers in Louisville?
Louisville is a very desirable. As noted above, Louisville has been recognized as one of the best towns to live in the US. With that kind of desirability comes higher home prices and competition which is generally desirable for sellers. Having said that, it is critical to price correctly.
The market may be begging to transition to a buyers market. It definitely means that the days of double-digit appreciation and 10+ multiple offers is a thing of the past. It also means that you need to do more in order to sell your home for top dollar – That doesn’t mean an all new kitchen with top-of-the-line appliances, yet it does mean that you’ll likely need to paint, stage, do some minor landscaping, and do more upfront work to make the most of the first days on market and maximize the return on the marketing push.
To do that, you will need to review the recent sales and competition in your particular neighborhood and compare based on location, size (house and property), condition and updates. Most buyers are not willing to take on a project unless financially incentivized to do so. Your real estate broker can provide you with this data as well as recommendations on preparing your home for sale and profit.
Homes-in-Boulder Team offers Home Selling Seminars regularly. Check for upcoming seminars HERE
More Boulder Area Real Estate Market Data
If you’re in the market to buy or sell a property in Louisville or anywhere in the Boulder County area, contact us for a confidential and free consultation to help you understand your hyper-local market and assess the current market value of your home. We will also assist you with preparing your home for sale, mapping out your plan to help you sell your property for the highest possible price with the least inconvenience. Call 720-295-1604 or email firstname.lastname@example.org