Trends Archives - DUNBAR HARDYDUNBAR HARDY

Category: Trends (12)

Mar

BOULDER COUNTY HOUSING MARKET – INCREDIBLY COMPETITIVE!

The Boulder housing market is incredibly competitive as a result of ~10-year lows in available inventory. Competitive offers for buyers and lower days on market for sellers is the current norm. One factor that is also driving this downward trend of properties for sale is the tangible equity gains for homeowners.

Here are statistics for Boulder County outlining the last 12-month appreciation rates:

Appreciation numbers for single family homes comparing end of year 2013 with 2014. Based on average sales price Boulder: +8.5% Louisville: +7.8% Lafayette: +4.7% Longmont: +7.5% Suburban Plains: +6% Suburban Mountains: -1.8% Superior:- +8.6% Boulder County: +5.6% Attached Dwelling - Average Sales Price 2013 vs. 2014. Boulder: +3.5% Louisville: +9.6% Lafayette: +16.6% Longmont: +8.9% Suburban Plains: +.1% No mountain attached dwelling units Superior: +28.8% (This large jump in prices is due to the Calamante Development coming online and skewing the price, not based on all attached units increasing this amount.) Boulder County: +5.6% All information from IRES MLS from Jan. 6, 2015.

For more information, CLICK HERE!

Feb

FEBRUARY 2015 – BOULDER COUNTY MARKET INSIGHTS

February/2015 At the end of December/2011, there were 1,121 single-family home listings available for sale across Boulder County. That number shrank to 814 at the end of December/2012; 679 at the end of December/2013; and 678 at the end of December/2014. Thus we begin our fourth year of a listing drought in Boulder County. There are pluses and minuses to the impact of a reduction in available housing inventory. On the plus side, scarcity creates demand, which in turn results in an increase in home values. Builders sense buyer pent-up demand and churn up ground for new homes, characterized by small lots and populated by pocket parks strewn throughout the subdivision. On the minus side, buyers often find themselves in a position where they can neither dictate a strong negotiating position nor dally in making a decision, as other buyers may come swooping in. To the victor belong the spoils, with the spoils meaning goods or benefit taken from the loser in a competitive situation. From a pricing perspective, homes at an entry to mid-range price point sell the quickest, simply because there are more buyers in those price ranges. These buyers occupy three different levels of interest: (1) Entry Level (first-time buyers); (2) Move Up (buyers who need more room; normally due to a growing family); (3) Move Down (buyers who need less space; normally due to a dwindling family; the empty nester syndrome). As the housing price point increases, the number of prospective buyers decreases. For Boulder County, an example of this is homes priced at a million dollars and up. At the end of December/2014 there were 141 active single family home listings on the market for sale priced at a million dollars and up. There were 245 single family homes sold in Boulder County in 2014 priced at a million dollars and up. That resulted in an Absorption Rate of approximately 149 days or slightly less than five months. The Absorption Rate in 2014 for homes priced under a million dollars in Boulder County was 65 days. (In January/2015 there were nine single family home sales priced at a million dollars and up. There are 141 active single family home listings in that price range. The resulting Absorption Rate is 554 days.) 2015 promises to look a lot like 2014. Available inventory for Boulder County will continue to expand as the waning days of winter give way to spring. At the end of January/2015 there were 700 active single family homes for sale in Boulder County; up slightly from the 678 active listings at the end of 2014. Home values will continue to increase, but are projected to rise more slowly. According to Forbes, nationally prices are near their spring 2005 levels. For Boulder County, 2005 was when the real estate market peaked. There were 4,193 single family home sales in 2005 (3,251 single family home sales in 2014) and 1,602 attached unit sales in 2005 (1,391 attached unit sales in 2014). New home construction continues to flourish across east Boulder County - Erie in particular, with in-fill construction going on in Boulder and pocket areas of Superior, Louisville, and Lafayette. Despite the increase in overall inventory, the vacancy rate for rental properties in Boulder County is around 3.3% (Apartment Association of Metro Denver). Look for rental rates to continue to increase in 2015.

FOR ADDITIONAL INFORMATION, CLICK HERE!

DunbarHardy-MarketReport0215

Jul

2nd Quarter 2014 Boulder County Sales Stats

Happy Summer! The heat & hustle of summer is definitely upon us here in Boulder County. Scarce inventory still is a consistent theme. New properties placed on the market can anticipate strong interest and market response in the first 1-2 weeks they are for sale, otherwise a tone of "missing the market" price-wise occurs. With limited inventory overall, sales are down year over year. However, many of the deals that are getting done have had competing offers and/or strong efforts within the transaction to "hold it all together" to navigate the give & take between buyers & sellers to successfully close. A number of transactions are contracted as "coming soon" or for-sale-by-owners, and off-market properties which require a lot of hunting down inventory on my side, thus the "hustle season" as we end the 2nd quarter of the year. Lastly, with increased demand for properties, values are indeed climbing and equity is being gained for Boulder County property owners. Here is wishing you a great end of summer and 3rd quarter, as well as a sincere appreciation for referring me to anyone with any Boulder County real estate needs. Thank you! Take care out there. -Dunbar Hardy

To download 2nd Quarter 2014 Newsletter, CLICK HERE!

AVERAGE INVENTORY

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.

Jan

2013 Year-end BOULDER COUNTY SALES STATISTICS

Happy New Year!

I hope that this New Year has started well for you. I am wishing everyone in Boulder County affected by the floods form last Fall continued strength and support in recovery. In trying to dive into this new year with the increasing speed of the real estate market already this year, it is worth looking closely at how 2013 ended and what we can anticipate for 2014...

In summary, throughout all of Boulder County more properties sold in 2013 vs. 2012 and with less inventory for sale overall properties sold MUCH faster. There is also a noticeable increase in median sold prices across all Boulder County communities. Professionally, my own sales volume increased ~65% increase from year-end 2013 vs. 2012. It was a good year last year, and with one successful closing already this year 2014 looks to be even better!

Currently, as we are into the 1st quarter of this new year the major theme in the Boulder County real estate market is VERY limited inventory/properties for sale. So for owners, this can be a great time to sell your property. Interest rates for qualified buyers are still experiencing lows. Limited supply coupled with affordable financing means it will be a very busy or fast-paced year as I anticipate continued increases in sold values along with decreasing days on market for properties.

I sincerely appreciate the trust and confidence you have in me to assist you in successfully buying & selling Boulder County real estate. I am available to support your needs or answer any questions you may have. I am closely watching market statistics and properties on a daily basis to have the most accurate and current information to share. Please keep in touch or refer me to anyone who is looking for a pro-active teammate! Have a good beginning of 2014!

DUNBAR HARDY

A Full-Time Boulder County EcoBroker

To download 2013 YEAR-END BOULDER COUNTY SALES STATISTICS CLICK HERE!

AVERAGE INVENTORY - VERY slim pickins! Boulder County is experiencing ~7+ year lows in available properties for sale. This can clearly be seen in all communities and in both houses & condos/townhomes. 2013 ended with a ~17% decrease in Active properties for sale vs. year-end 2012 (679 vs. 814). Here is a dramatic 3-year trend specifically in Boulder: there were only 233 houses for sale at year's end in 2013 vs. 285 at year's end 2012 and 411 at year's end 2011. As we slip into the spring months and into the 2nd quarter, more properties will indeed be coming onto the market, but 2013 year-end statistics clearly show a steady decrease in properties for sale since 2010 (679 vs. 1,353).

QUANTITY OF HOMES SOLD - More properties sold in 2013 vs. 2012! There are noticeable increases in sold volume in all Boulder County communities. Specifically, single-family homes in Boulder sold were up 4.9% (809 vs. 768) and condos/townhomes sold were up ~20% (725 vs. 635) in Boulder in 2013 vs. 2012. This is positive momentum as we anticipate similar to increased sales volume in 2014 a along as properties come onto the market as we go into spring/early summer.

AVERAGE DAYS TO CONTRACT - Muy rapido! With limited inventory in 2013, the pace of the market picked up and the overall number of days on market noticeably decreased throughout all communities of Boulder County. Specifically for Boulder houses the overall average days on market for 2013 year-end was only 40 days vs. 76 days year-end 2012 and 89 days on market year-end 2011. In summary, this means that properties sold twice as fast in 2013 vs. 2011! Boulder condos dropped dramatically from 100 days on market in 2012 to 53 days on market in 2013!

AVERAGE SOLD PRICE - Gains! 2013 also ended with slight increases in the overall average sold prices throughout all of Boulder County. As a whole the local Boulder County market expanded with a 9.25% increase in the 2013 year-end average price of single-family homes vs. 2012 year-end. Boulder specifically had a 2013 average sold single-family home price of ~$755,500 (highest in the county) compared to ~$664,000 in 2012 vs. Longmont average sold single-family home price of ~$286,000 (lowest in the county) compared to ~$256,000 in 2012. Boulder condos average sold price was ~$320,000 in 2013 vs. ~$311,000 in 2012. Boulder County's average home price is ~$481,500 at year-end 2013.

MEDIAN SOLD PRICE - Values are going up! 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 2013 vs. 2012. Specifically in Boulder, single-family homes median sold value in 2013 was ~$635,000 vs. ~$579,000 in 2012. Boulder condos median sold value for 2013 was ~$268,000 vs. ~$253,000 in 2012. Louisville homes 2013 median sold price was ~$425,000 vs. ~$400,000 in 2012. Equity is being gained across almost all communities and property types of Boulder County!

To download Dunbar's 2013 year-end newsletter CLICK HERE!

Jan

2012 YEAR-END BOULDER COUNTY SALES STATISTICS

Happy New Year! I hope that this New Year has started off well for you. In trying to catch up with the speed of the real estate market already this year, it is worth clarifying exactly what happened in 2012… In summary, throughout all of Boulder County more properties sold in 2012 vs. 2011. Properties sold faster, less inventory was for sale, and median property values saw noticeable increases. Professionally, my own Sold sales volume increased ~71% from year-end 2011 vs. 2012! It was a good year, with very positive momentum as we now charge ahead into 2013. Right now the major theme in the Boulder County real estate market is VERY limited inventory/properties for sale. Interest rates for buyers are still at historic lows, so it truly is a great time to buy. Limited supply coupled with affordability of financing means it will be a very busy or “hustley” year as we anticipate continued increases in sold values and decreased days of the market. I sincerely appreciate the trust and confidence my clients have had in my efforts to assist in successful buying/selling of local real estate. I will continue to do all that I can to stop in front of the market statistics & property-wise, and I sincerely appreciate any referrals. Have a good beginning of 2013!

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 2^nd 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

Average Sold Price - Gains! 2012 also ended with slight increases in the overall average sold prices throughout all of Boulder County. As a whole the local Boulder County market expanded with a ~3.5% increase in the 2012 year-end average price of single-family homes vs. 2011 year-end. Boulder specifically had a 2012 average sold single-family home price of ~$668,000 (highest in the county) vs. Longmont average sold single-family home price of ~$245,000 (lowest in the county).

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!

Oct

3rd Quarter Boulder County Sales Statistics – 2012

Happy Fall! I made it through the hectic & busy summer sales season. Whew! What a strong year it has been sales volume-wise, and an encouraging end to the 3rd Quarter 2012 for the Boulder County real estate market as a whole. In summary, while looking over a comparison of the last 4 years (2009 - 2012) of our local market, the 2012 3rd Quarter busy summer season can be summarized as follows: "More Sold and it Sold faster while at the very least maintaining its Value." Increases in both Median Sold Prices and the Quantity of Homes Sold are the two VERY encouraging graphs/figures I am monitoring as we now move forward into the 4th Quarter of 2012 and into 2013. I also want to thank all of my clients, as well as other professionals I have worked with so far this year to have a 64% increase in sales volume mid-October 2012 vs. mid-October 2011. This is also is a testament to the strength of the Boulder County real estate market as a whole. I wish everyone a pleasant Fall/Holiday Season!

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

For the 3rd Quarter, the overall Average Sold Prices of local Boulder County properties held, and at the very least was in-line, with the Average Sold Prices of the 3rd Quarter 2012 vs. 2011. The Average Sold Price for Boulder houses sold in the 3rd Quarter specifically was $650,000+, which was in-line with the 3rd Quarter 2011. This "holding of value" in the $600,000 + range means that some expensive Boulder houses were sold for 3rd Quarter 2012! We also saw noticeable increases in Average Sold Prices for Erie houses, as well as houses in the Mountains and Boulder condos/townhomes.

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.

Aug

2ND QUARTER 2012 BOULDER COUNTY SALES STATISTICS

Happy Late Summer! Tis the Busy Season! With the recent end of the 2nd Quarter of 2012, some themes of our local real estate market can be identified - Limited Inventory & Sales are Up! It has felt, and been, a very busy summer sales season. I personally have experienced a 41% increase in sales volume mid-Agust 2012 vs. mid-August 2011!

SUMMARY

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 above their asking price in bidding wars. 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.

The local market is still VERY active as we are in the heart of the 3rd Quarter. I am still very committed to finishing off this already BIG year with a strong 3rd & 4th quarters. Please do not hesitate to contact me with any questions you may have with Boulder County Real Estate. Your continued support & referrals are GREATLY appreciated! Have a great late Summer/early Fall.

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).

Jan

IS A 30-YEAR MORTGAGE A FRANKENSTEIN?

As we are going into a new year and still climbing out of the financial stresses over the last few years largely due to the implosion of financial markets, it is worth asking the poignant question: "how do we financially move forward in successfully purchasing real estate?" Again, there are no clear and easy answers and everyone may have unique circumstances they are wrestling with in order to keep a roof over their heads. With national homeownership rates having dropped to 65.9% (end of 3rd Quarter of 2011) compared to 73.8% (end of 2000) and a 3% drop from the most recent high of 69.2% in 2004. This means that 1.1 million households & families within the US no longer own a home. (*Taken from National Mortgage News published 11/2/11.) With the hope of turning the corner and increasing rates of homeownership, the real question buyers may really be asking is "what type of loan should I get?" Brushing off our financial stresses & fears (many of which are valid), buyers need to remain nimble and flexible given the unknowns of the future and of so-called "job security." The myth of the 30-year fixed mortgage being the only true loan product may be crumbling. In a recently published book titled "All the Devils Are Here" by Bethany McClean she outlines how this specific loan product (30-year fixed) may have actually contributed to some of the financial situation we are still recovering from. With a "food-for-thought" conversation, listen to the attached podcast from Planet Money c/o NPR with a recent interview of Ms. McClean and co-author Joe Nocera to gain a little more insight into how we got where we are... To Listen to NPR Podcast CLICK HERE. To Read more on National Mortgage News Report CLICK HERE.

Oct

BOULDER COUNTY 3RD QUARTER SALES STATISTICS 2011

Happy Fall! Here we are going into the 4th Quarter of 2011, and wow, this year went fast!! As we prepare to go into the Winter/Holiday season, 3rd Quarter Sales Statistics were just released and are definitely worth a review to look closely at the Boulder County market. In summary of the 3rd quarter of 2011, Boulder County has noticeably seen more houses & condos sold (compared to 3rd quarter 2010) specifically in Boulder, Broomfield, Longmont, and Louisville while maintaining values with a roughly even - flat trend line in terms of average sold prices of houses & condos throughout the County.

AVERAGE INVENTORY (3rd Quarter 2011)

Average Inventory: There is a noticeable trend of less inventory of homes for sale specifically in Boulder (!), Erie, Longmont, Louisville, and on the Plains. THe condo/townhome inventory throughout the County has largely maintained and is similar to 3rd Quarter 2010. This decreased amount of inventory of houses in the 3rd quarter can possibly be affected by some "more ideal" houses being sold earlier in the year within the 2nd quarter, but also with relatively flat appreciation it is not an ideal time to sell, so some sellers are just "waiting it out" and not even putting their homes on the market for sale.

QUANTITY OF HOMES SOLD (3rd Quarter 2011)

Quantity of Homes Sold: There are noticeable increases in homes sold specifically in Boulder, Broomfield, Lafayette, Longmont (!) and Louisville. While there are also noticeable increases in condos/townhomes sold in Boulder, Lafayette, Longmont, and Louisville. For the limited amount of housing inventory on the market, houses are indeed selling. Boulder houses/condos sold strong through the Summer, while Longmont houses saw the greatest increase in summer sales activity. This can be accounted for Longmont houses typically having the lowest average & median homes prices throughout Boulder County.

DAYS TO CONTRACT (3rd Quarter 2011)

Days to Contract: Yes properties are selling, but there are some increases in Days on Market (compared to 3rd Quarter 2010) specifically with houses in Boulder (averaging ~80 days on market), Lafayette (averaging ~95 days on market. Other communities actually saw slight decreases to equal amount of days on market compared to 3rd Quarter 2010. The condo/townhome market saw some very different trends in the 3rd Quarter with very noticeable increases in days on market in Broomfield, Erie, Longmont, and Louisville. The Boulder condo market stayed on par with 3rd quarter 2010 averaging 120 days on market. Overall it can be seen that condos/townhomes take longer to sell than houses.

AVERAGE SOLD PRICE (3rd Quarter 2011)

Average Sold Price: Houses specifically held values overall throughout Boulder County in the 3rd quarter of 2011 vs. 2010. There were nominal increases in average sold prices of homes in Boulder, Broomfield, and Lafayette. The highest home values are specifically in Boulder and in the Plains (larger acreage properties). The condo/townhome market largely throughout the County held even in terms of average sold pricing.

MEDIAN SOLD PRICE (3rd Quarter 2011)

MEDIAN SOLD PRICE: When looking more closely at solds in the 3rd quarter of 2011, we can answer the question "what price point has been selling?" Boulder-specific home median values have held even with 3rd quarter 2010 (~$550,000), while slight decreases in median sold home values can be identified in Broomfield, Erie, Longmont, Louisville, Superior, and definitely in the Mountains. Median values for condos/townhomes saw increases in the 3rd quarter specifically in Boulder, Lafayette, and Superior, while slight decreases in median sold values could be seen in Broomfield, Erie, and Longmont.

In summary of 3rd Quarter 2011 sales statistics, some general themes are that properties are indeed selling more than last year, they are taking longer to sell, and they are overall holding values throughout Boulder County.

Jul

2ND QUARTER 2011 BOULDER COUNTY SALES STATISTICS

Overview - Happy Summer! I hope you are doing well and I will attempt to answer the recurring question, "how's the market doing?" In an attempt to have an accurate perspective of current market trends from the 2nd Quarter of 2011, I have put together the last 3 years of 2nd quarter sales statistics to see how we really are doing right now throughout all Boulder County communities. Again, it is worth noting that throughout 2010 there was a Federal Tax Credit for 1st-time Homebuyers which drove a significant portion of transactions last year. So in a sense 2011 sales figures are not all affected by a Federal Tax Credit and the government, so we have a return to "normal" market conditions. In summary, things are indeed selling and values are largely holding overall (other than in the Mountains), but they are just taking longer to get to the closing table. Avg Inventory

Avg Inventory - We have seen steady high levels of inventory in Boulder single family homes & condos/townhomes, as well as Longmont single family homes over the 2nd quarter of the last 2 years. So in summary, there truly has been more on the market for sale and the amount of inventory will take awhile to be absorbed, which truly makes these specific areas a "buyer's market." We can also anticipate a decrease in inventory as we go into the 3rd quarter as some of this inventory will be purchased, others will come off market (Withdrawn), but mainly the peak sales season will be behind us going into Fall.

Days to Contract

Days to Contract - At the completion of the 2nd quarter of 2011 we have had a noticeable increase in Average Days to Contract on Boulder single family homes. Yes, Boulder houses are selling, but they are taking longer - Averaging ~90 Days of Market up from ~60 Days on Market 2nd quarter of 2010. Noticeable is also a steady trend line of Boulder condos/townhomes taking ~120 Days on Market. There have also been increases of Days on Market in 2nd Quarter 2011 vs. 2010 specifically in Broomfield (homes & condos), Lafayette (homes), Longmont (homes & condos), Louisville (homes), Superior (homes), and Mountain (homes). Nothing is really selling "fast" in Boulder County!

Median Sold Price

Median Sold Price - There is a consistent median value of Boulder homes over the 2nd quarter of the last 3 years running (~$550,000), also with noticeable increases in median values of Boulder condos, Lafayette homes, Superior condos, and Plains homes & condos. There is a very noticeable decrease in median values of Mountain homes, as well as "softening" of Superior home prices, Erie and Lafayette condo properties.

Avg Sold Price

Avg Sold Price - There is also a fairly consistent trend of Average Sold Prices for Boulder homes (~$650,000) and a slight increase in Boulder condos (~$325,000). We are also seeing some large properties out on the Plains sell with Average Sold Prices holding ~$600,000. Most communities have remained fairly consistent over this time period, however there are noticeable decreases in average sold prices of Mountain homes, Erie condos, Lafayette condos, and Louisville condos.

Quantity of Homes Sold

Quantity of Homes Sold - At the completion of the 2nd quarter of 2011, we have seen steady sales occur in Boulder (~225), Broomfield and Superior homes, but noticeable decreases in sales of Boulder condos (~160) compared to 2010 (tax credit influenced?) and Longmont homes & condos. We can anticipate further steady sales going into the 3rd quarter, as 2nd & 3rd quarter see the majority of sales activity when compared to the rest of the year. Properties are indeed selling and values are largely holding steady other than Mountain properties primarily.