Category: (3)

The New Year is off and running and we now have 2 months of Boulder County sales data to look over and analyze in attempting to answer the question "how's the market doing?" Average Inventory (2/11 vs. 2/10)There were overall fewer properties on the market (both single family & condos/townhomes) throughout the County in all locations with only a slight increase in Boulder & Broomfield condos/townhomes. We will undoubtedly see inventory increase throughout all locations as we got into March & April. Average Days to Contract (2/11 vs. 2/10)Overall the days to contract decreased for homes in Boulder, while increasing in most other locations in the county. Condos/townhomes sat on the market longer other than in Louisville & Superior units. Remember days on market been broken down further even to the specific neighborhood to more accurately determine. Quantity of Homes Sold (2/11 vs. 2/10)So far the trend line shows that largely throughout the county fewer homes sold other than in Louisville. With condos/townhomes, Broomfield & Erie saw increases in sales, while everywhere else was equal or less than Feb. 2010. Again, this is fairly typical as we see sales increases as we go into the 2nd & 3rd quarters of the year. Average Sold Prices (2/11 vs. 2/10)Boulder saw increases in both single family and condo/townhomes sold values. There were also nominal gains in the median sold prices in Longmont & Superior in both single family homes & condos/townhomes as well. Even with slightly decreased sold prices in other locations it is encouraging because there is not a dramatic drop-off in values.
Where's the Benjamins?! The Boulder Economic Council (BEC) recently released a report with some enlightening economic findings for the City of Boulder. In Boulder with ~100,000 workers, more than 3 x the national average are in the information industry and 2 x the national average work in some sort of professional, scientific, or technical services field. When it comes to salaries, those in the information industry earn the highest average annual salary at $92,780, with the average Boulder salary is $54,924, and workers in the accommodation and food services industry earn the lowest average at $17,405. More than 20% of people who work in Boulder proper are employed by the University of Colorado, at Federal Labs such as the National Center of Atmospheric Research (NCAR) and other government entities. Specifically related to real estate, the report stated that the 2010 median sales price for a single family home in Boulder was $535,000, which is ~2% increase when compared to the 2009 median single family home price of $525,000. The report also noted that 623 single family homes sold in 2010, which is ~10% increase from the 564 single family homes sold in 2009. In summary, Boulder has a growing attraction of specific industry jobs/employment and a slight increase in median single family home prices over the last 12 months. So let's hope for continued job growth which can translate into more buyer's confidence and ultimately more successful sales. We will watch this trend together as I will report back with 1st quarter sales statistics to truly see how the real estate market is progressing as we go further into 2011... For additional info on this report click here.
When looking at successful real estate transactions, it is important to remember the age-old Supply vs. Demand economics mantra. A factor that directly affects Demand is an increase in population, and that is why the recently announced 2010 Census results caught my attention.
The most recent census shows that overall the population of Colorado increased 16.9% (to 5, 029,196), while the City of Boulder specifically increased nominally 2.9% (to 97,385 people) over the last 10 years (from 2000 - 2010). Other communities of Boulder County that had significant growth are Longmont +21.3% and Superior +38.5%, while Erie (which straddles Boulder & Weld Counties) increased by 94% and Broomfield (which straddles Boulder & Broomfield Counties) increased by 46%.
Boulder County Cities/Towns: Boulder: 97,385, up 2.9 percent. Longmont: 86,270, up 21.3 percent. Broomfield: 55,889, up 46 percent. Lafayette: 24,453, up 5.4 percent. Louisville: 18,376, down 3.1 percent Superior: 12,483, up 38.5 percent Niwot: 4,006, down 3.7 percent. Allenspark: 528, up 6.5 percent Jamestown: 274, up 33.7 percent Gold Hill: 230, up 9.5 percent Ward: 150, down 11.2 percent.
For a more information on this report click here.