The dramatic in-migration increase in 1992 and 1993 placed increased pressure on the housing market, causing rising sales prices and rents. Homebuilding activity has been very strong in the Boulder area in recent years. In 1990 and 1991, the number of single-family building permits averaged 1,275 annually. From 1992 through 1995, the average annual activity had increased to 2,400 units. In 1996, however, the number of permits fell to 1,752, partly in response to growth limits established in Boulder and other communities and partly due to builder cutbacks resulting from increased unsold inventory.
Activity appears to be increasing again.
Home sales in the first 4 months of 1997 were 2 percent ahead of the strong pace of 1996. Multifamily permit activity in the Boulder area was relatively stable from 1990 through 1994 and averaged approximately 350 units annually. However, activity increased dramatically in 1995 to more than 970 units and increased again in 1996 to 1,022 units. During the first 6 months of 1997, permits have been issued for more than 500 units. Most of the recent apartment construction in the area has been in high-rent, upscale developments.