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To download 2nd Quarter 2014 Newsletter, CLICK HERE!
Still slim pickins'! Across the board throughout all Boulder County communities and covering both detached homes & condos/townhomes, the number of properties for sale is down modestly year over year, but significantly down since 2010. In fact there are almost 50% less Boulder hems for sale this year compared to 2010 & 2011 2nd quarter. Simply said, there is less for sale throughout all of Boulder County this year. There is not an anticipation for significantly more inventory for sale over the next 2 quarters of the year, as we are now past our peak sales season and even new construction projects will not keep up with the buyer demand.
QUANTITY OF HOMES SOLD
Less sales! Overall we are seeing a noticeable trend of less successful sales this year compared to 2013. This is largely due to simply less properties for sale and the inventory crunch than buyers not buying. Boulder-specific homes sales are down (7.7%) this year compared to last as an example of limited inventory (1,227 sold 2014 vs. 1,329 sold in 2013).
AVERAGE DAYS TO CONTRACT
Hustlin'! With such limited inventory, the speed of the market has maintained a fast pace with low days on market. Boulder condos/townhomes have actually outpaced Boulder houses overall. While Louisville and Superior houses have outpaced Boulder houses also. Overall all properties are experiencing less days on market this year compared to 2011 & 2012. It is also worth noting that 2nd quarter is indeed the "peak selling season" so properties do move fastest this time of year throughout all market areas.
AVERAGE SALES PRICE
Prices are climbing! There is a noticeable upward trend in average sold prices across Boulder County community homes sales specifically, with less so of an upward trend (maintaining value) in condo/townhome sales. Boulder houses averaged $800,000+ in sold prices for the 2nd quarter 2014. while condos/townhomes averaged $300,000+ in sold prices. Buyer demand, with limited inventory is driving these prices upward and we can continue to anticipate increases in average sold prices.
MEDIAN SALES PRICE
Noticeable appreciation & equity gains! Every single Boulder County community has seen increases in median sold prices of homes in the 2nd quarter of 2014 vs. 2013 and definitely since 2010. Boulder-specific homes median sold price is now $700,000.There is also a sharp increase in Lafayette-specific home values as well compared to 2013. While Boulder County condos/townhomes sold median values have largely maintained values this year compared to 2013, with Louisville condos/townhomes seeing the biggest increase in values.
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!
I am pleased to announce that I recently sold a lovely Neo-Victorian home located on the West End of Downtown Boulder at 2060 5th Street. This 5,300+ square foot home was built in 2003 and featured 6bd/5bath, pine hardwood floors, slab granite countertops, walk-out basement with a sauna, and a detached 2-car garage.
The "word-of-mouth" local real estate network secured a successful sale before this property even was listed on the market for sale. Final Sales Price - $1,365,000.
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.