Average Inventory
Average Inventory - Slim pickins! Boulder County is experiencing ~7 year lows in available properties. This can clearly be seen in all communities and in both houses & condos/townhomes. 2012 ended with a ~27% decrease in Active properties for sale vs. year-end 2011. As we slip into the spring months and into the 2nd quarter, more will indeed be coming onto the market, but 2012 year-end statistics clearly show a steady decrease in properties for sale.
Quantity of Homes Sold
Quantity of Homes Sold - More properties sold in 2012 vs. 2011! There are noticeable increases sold volume in all Boulder County communities. Specifically, single-family homes sold were up ~24% and condos/townhomes sold were up ~20% over Boulder County in 2012 vs. 2011. This is positive momentum as we anticipate similar to increased sales volume in 2013.
Days to Contract
Days to Contract - Faster! With limited inventory in 2012, the pace of the market picked up and the overall number of days on market noticeably decreased throughout all communities of Boulder County. Specifically the overall average days on market for 2012 year-end was 91 days vs. 156 days year-end 2011 and 189 days on market year-end 2010. In summary, this means that properties sold twice as fast in 2012 vs. 2010!
Average Sold Price
Median Sold Price
Median Sold Price - Here it is… The true statement of the local market value is looking at the median prices, which is at what value/price did most sales occur. It can be seen that there were overall increases in median sold prices throughout all of Boulder County for 2012 vs. 2011. Specifically in Boulder, single-family homes median sold value in 2012 was ~$585,000 vs. ~$565,000 in 2011. Equity is being gained!
Average Inventory
Across the board for all property types (single family houses & condos/townhomes) in all communities of Boulder County, there is a noticeable lower amount of properties for sale on the market. Inventory of Boulder homes specifically, shows a steady year-to-year decline over the last 4 years. I have literally been working with numerous buyers who feel like "there is nothing to buy" as they have seen all available inventory with their criteria. This "thin" inventory of properties for sale has led to competing offers as demand has exceeded supply in some price ranges & neighborhoods.
Days to Contract
Almost all Boulder County communities and property types (single family houses & condos/townhomes) saw decreases in the Days on market (from Day 1 on Market to Closing Date) in 2012 vs. 2011. There were only slight increases in Days on Market for the 3rd Quarter 2012 vs. 2011 for Broomfield and Louisville homes only. Boulder houses, specifically, decreased from ~80 Days on Market from 2012 vs. 2011 and averaged less than 60 Days on Market. This is remarkably fast in that most financed purchases will take 30-45 days just to close the loan, which means the "available" time a property is for sale before it goes under contract decreased to ~15-30 days throughout Boulder!
Quantity of Homes Sold
The sales season was upon us for the 3rd Quarter!! This is the true graph that shows a positive upward trend throughout the Boulder County real estate market, as every community and product type (single family houses & condos/townhomes) saw more sales in 2012 vs. 2011. This is worth repeating: every single community in Boulder County sold more in the 3rd Quarter of 2012 vs. 3rd Quarter of 2011. This is VERY encouraging, as we continue to see more buyers successfully purchasing & sellers successfully selling local real estate (even in the Mountains). Let's think positively towards a continued upward trend in this category as we move forward into 2013!
Average Sold Prices
Median Sold Prices
When I truly want to know what "price points" are selling, and what is the trend line doing value-wise for a community, I stare closely at the Median Sold Prices each quarter. Throughout almost all Boulder County communities for the 3rd Quarter we are seeing what is selling increase in price, as Median Prices show slight increases. Boulder houses that Sold in the 3rd Quarter, specifically, show an increase 2012 vs. 2011 in Median Price to ~$565,000, while Boulder condos/townhomes that Sold in the 3rd Quarter, specifically, also saw slight increases 2012 vs. 2011 to ~$255,000.
Quantity of Homes Sold
Quantity of Homes Sold: The local market has been VERY active! The number of sold properties (both homes & condos/townhomes) is up across the board in all communities of Boulder County. Boulder specifically has seen a verity dramatic 23% increase in the number of sold homes and a 30% increase of sold condos/townhomes for the 2nd quarter of 2012 vs. 2nd quarter 2011. It is also worth noting that the 2nd quarter of the year is indeed the heart of the busy selling season, but we experienced the highest number of solds in the last 4+ years.
Average Inventory
Average Inventory: The limited amount of homes & condos/townhomes for sale this year has created a "buyer frenzy" dynamic throughout the 2nd quarter. With 4+ year lows in available inventory throughout every community in Boulder County, there truly has been more buyers in the market place ready to buy with little to choose from. So this has created multiple offer scenarios, as well as some properties selling about their asking price. The terms "hustling & sprinting" have described my role as a buyer's agent when new properties came onto the market.
Days to Contract
Days to Contract: The 2nd Quarter saw an overall downward trend of the total number of days on market (DOM) for properties almost entirely throughout all communities of Boulder County in both homes & condos/townhomes. Boulder-specifcally saw a 26 % decrease in DOM for homes (2Q 2012 67 DOM vs. 2Q 2011 91 DOM) and a 15% decrease in DOM for condos/townhomes (2Q 2012 126 DOM vs. 2Q 2011 107 DOM). Only a few local markets saw an upward trend in the 2nd quarter of 2012 DOM: Mountain Homes (+8%), Broomfield condos/townhomes (+23%) and Superior condos/townhomes (+8%).
Average Sold Price
Average Sold Price: The overall average sold price of Boulder homes dropped slightly at 1% (2Q 2012 $649,785 vs. 2Q 2011 $655,574) and Boulder condos/townhomes dropped 8% (2Q 2012 $304,308 vs. 2Q 2011 $331,908). The only other decreases in average sold prices for the 2nd quarter were seen in Superior (homes 6% decrease & condos/townhomes 28%) while Mountain homes also saw a decrease in the average sold prices. All other Boulder County communities experienced increases (2012 vs. 2011) in the overall average of sold prices for the 2nd quarter.
Median Sold Price
Median Sold Price: The truest insight into the "value" of the local market & trends is to look closely at the Median Sold Prices, at Boulder County homes saw gains for the 2nd Quarter. Boulder homes saw an increase of 5% ($560,000 2Q 2012 vs. $533,000 2Q 2011) while Boulder condos/townhomes saw a decrease of 5% ($259,000 2Q 2012 vs. $273,000 2Q 2011). Other significant observations were as follows: Lafayette homes saw a 23% increase ($373,765 2Q 2012 vs. $302,000 2Q 2011), Mountain Properties saw a 20% increase ($349,500 2Q 2012 vs. $291,300 2Q 2011), while Superior condos/townhomes saw a 39% decrease ($180,000 2Q 2012 vs. $295,000 2Q 2011).
Happy New Year! I hope the Holiday Season went well for you. With 2011 just ending, I have been able to gather all of the year-end data, conduct a 3-year comparison (2009 – 2011), and create a very good snapshot of current market conditions as we go into 2012.
In summary, Boulder County shows signs of being a relatively “stable” market over the last 3 years in terms of values/pricing largely holding even. This is encouraging as much of the national news is “doom & gloom” with tremendous loss of value. With the overall trend of Colorado and specifically Boulder County population growing, properties are indeed selling. Properties might be taking a little bit longer to sell over the last 3 years, but again, prices/values show a steady-flat trend line.
AVERAGE INVENTORY (2009 - 2011)
We have seen a downward trend in homes for sale (less inventory) in Boulder –specifically from 2009 – 2011. In Boulder-specifically, we have had a very comparable amount of inventory between houses for sale & condos/townhomes for sale. We are also seeing an overall general trend (from 2009 – 2011) of flat/even to slightly decreased inventory of properties for sale (both homes & condos/townhomes) in every Boulder County community.
Quantity of Homes Sold (2009 - 2011)
We have seen a similar amount of home sold in Boulder in 2011 vs. 2010, with less condos/townhomes sold in this same timeframe. Ultimately, more houses have sold vs. condos/townhomes in Boulder from 2010 – 2011. We have seen slight decreases in homes sold in Broomfield, Erie, Longmont, and Superior from 2009 – 2011, and slight increases in the quantity of homes sold in Lafayette, Louisville, in the Mountains, and Plains properties. While looking specifically at the condo/townhome market, we have seen a noticeable decrease in the properties sold in Boulder, Longmont, Louisville, and Superior from 2009 – 2011, with more or less stable condo markets in Broomfield, Erie and Lafayette.
Average Days to Contract (2009 - 2011)
We can see a noticeable increase in the number of days on market (DOM) for homes over 2009 – 2011 in Boulder (~85 DOM), Lafayette (~85 DOM), Louisville (~65 DOM), and Superior (~70 DOM). The condo/townhome market overall has a noticeable trend of longer days on market vs. houses-specifically. From 2009 – 2011 there is a dramatic increase in days on market for condos/townhomes in Boulder (~150 DOM), Broomfield (~135 DOM), Lafayette (~100 DOM), and Longmont (~105 DOM).
Median Sold Price (2009 - 2011)
There is a slight increase in the home prices that have sold in Boulder- specifically from 2009 – 2011 (~$550,000), with most other communities stabilizing/even over the 3-year trend. Worth noting is a slight decrease in median home prices in Superior and in the Mountains. The median sold prices of the condo/townhome market have seen some increases in Lafayette & Superior with stable prices overall in Boulder, Broomfield, Longmont, and Louisville.
Average Sold Price (2009 - 2011)
With the potential for greater discounting on higher-end & acreage properties, we have seen a slight increasing trend in the average sold prices of homes in Boulder (~$675,000) and on the Plains (~$625,000) from 2009 – 2011, whereas all other Boulder County communities are showing a stable/flat trend-line of average sold values. Minus a decrease in Erie condos/townhomes, we are seeing a relatively stable/flat trend-line of the average sold prices of condos/townhomes throughout Boulder County.
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