Boulder Real Estate

Boulder, Colorado home prices are on the rise . . . that's the headline I read in an article today.  Looking a little deeper it appeared as though they were simply comparing results from one month - June of 2009 with another month - June 2010, which may or may not present the whole story.  There's a saying in Boulder that it's a ". . . great place to live, work and play"; homes in Boulder have also historically been a very sound real estate investment, so we wanted to take a closer look at how the Boulder real estate market has performed recently.

Our analysis is based on data from IRES as of 8/17/2010, and includes single-family resale statistics across all price ranges during the previous 12 months.  The first indicator we looked at was the median price of a sold listing during this period, which reflected a relatively flat market with a decrease of 0.4%.  The average price was actually up about 8.5% but we believe the fact that the average is more heavily influenced by extremes than the median, makes this a less reliable number.  The real performance is likely much closer to the median.

The dynamics of the Boulder market over at least the last 12 months has been that the higher-end market (say $1M and over), has underperformed and tends to skew overall numbers such as days on market, sales-to-list-price ratio, absorption, etc., down.  There are several years' worth of inventory in that segment right now, for example, far different from the lower-end market.

Sometimes buyers and sellers will ask about the price per square foot data, which reflects an increase of about 7.5% in Boulder over the past 12 months.  However, there are so many factors that affect the price per square foot - particularly in Boulder, CO, where there can be wide variances in age, lot size, quality, etc., that this indicator is hardly reliable across the board.  With the price reductions that we've seen in some of the higher-end homes, we may be seeing those homes that sell infulence this particular indicator and, again, skew the results.

Our inventory in Boulder tends to be seasonal and the past 12 months has been no exception.  The overall volume of units for sale is down by 0.7%, but overall that part of the market has not see any wild swings.  The number of units under contract and the number sold are both up, 1.28% and 25.7%, respectively, which is a good sign.  And, the days on market, or DOM, has consistently come down over the past 12 months to an average of about 70 days at the end of July, the lowest level in over a year.

You can review individual charts reflecting Boulder home prices using this link.  In general, what we see right now in Boulder is a real estate market that has not been immune to the broader economic downturn, but one that has also performed better than many markets across the country.  It's important to remember that different segments of the Boulder market reflect varying results, but Boulder can still tout the fact that it's a great place to call home!

If you're interested in Boulder real estate or would like professional assistance with your move to Boulder, please feel free to contact us or visit us online at BoulderHomeResource.com.

Boulder Real Estate: A Mid-Year Market Update and Review.  How is the Boulder real estate market faring this year?  In the last 12 months?  The following statistics are taken from IRES as of 7/06/2010, and tend to reflect a residential re-sale market in Boulder that is offering some encouraging signs.  We wanted to present a number of charts this time, so we're using a new magazine-type format:

Browse Boulder Re-Sale Market Stats Using This Link

Overall, median and average Boulder home prices have remained basically flat over the last 12 months, at about $530,000 and $637,000, respectively.  What's encouraging is that the average days on market, or DOM, has been reduced by about 32% to 75 days, while at the same time the overall inventory is down from a year ago.  Also encouraging is that the number of units under contract is up by 5% from a year ago, and the number of units sold is up 11% - both very good signs.  While overall prices have remained relatively flat over the past year, volume tends to preceed price.  Basically, we are seeing a typical seasonal increase in the overall inventory in Boulder, but not quite as high as last year and . . . they're selling a little quicker.

Another interesting chart is the DOM breakout, which takes the overall DOM calculations and breaks them down into 3 categories, 0-90 days, 91-180 days, and 181+ days.  Here, it's positive to see the lower category increasing and the upper ones decreasing, and that's exactly what we see.  The 0-90 day category (homes that on average are selling in less than 90 days), is up 280%, while the 2 higher categories are down by 27% and 74%, respectively.  In a nutshell, this indicates that more homes are selling quicker and that fewer homes are taking longer to sell than a year ago.

Keep in mind that these are overall numbers and averages and that the results are different when broken down by price range in Boulder, but the mid-year numbers point to an encouraging overall trend.  If you are considering selling or buying a Boulder home or making a move to Boulder, CO, please feel free to contact us.

Longmont homes for sale: 1418 Tonkin Place in the Spring Valley Subdivision in Longmont, CO, is our newest listing!  This one-owner gem is a ranch-style home on a premium lot that backs to the 2-acre neighborhood park.  You can see more details and a map using this link or watch the virtual tour.  If you've been looking for a newer home in a golf-course community that offers single-level living and is in move-in condition, look no further!

The Ute Creek Golf Course area is famous for the stunning Mt. views, the wide range of home styles and price ranges, and for its convenient access to area schools, shopping, etc.  Our new listing at 1418 Tonkin Place is a rare find because it's a ranch, it backs to the park, is in move-in condition, and offers full low-maintenance landscaping - no mower required!  In fact, you have the best of both worlds: a yard that you don't have to mow, but a lush 2-acre park that is right outside your fence!

You can view more Longmont homes using this link, and feel free to contact us with any questions about Boulder real estate or your move to Boulder.

Boulder Real Estate: Boulder, CO just landed on another "Top Ten" list!  No real surprise to those of us lucky enough to call the Boulder area home, the latest recognition is well-deserved.  Previously in the Top Ten places to retire, the No. 1 real estate market in the country, one of the country's "Happiest and Healthiest" cities, the list goes on.  Kiplinger Personal Finance Magazine just released their list of the Top Ten Best Cities For The Next Decade, which was based on their research into cities across the country with growth, and growth potential.

This latest recognition dovetails right into many of the previous "Top Ten" and "Best of" lists on which Boulder has landed, and highlights the area's tremendous potential for jobs, lifestyle, real estate, and more.  Here are the top 5 cities on Kiplinger's list:

1. Austin, TX
2. Seattle, WA
3. Washington, D.C.
4. Boulder, CO
5. Salt Lake City, UT

Boulder was cited for familiar things like climate (more sunny days/year than San Diego!), lifestyle, etc., but the area's job picture clearly played a major role in Kiplinger's selection.  You can read the entire Kiplinger article using this link, and watch a video about Boulder's selection using this link.  If you've been considering a move to Boulder, CO or investing in Boulder real estate, give us a call or visit us online at BoulderHomeResource.com.  Boulder's a great place to live and play!

Boulder, CO pending home sales: What is the Pending Home Sales Index (PHSI), and what does it mean?  Looking at historical home-sales statistics gives us some market trending perspective, but a forward-looking indicator, like the PHSI, gives us a good way to gauge what's ahead in the real estate market.  Also known as a "leading" indicator, we can often spot emerging trends with this index.

Each month the National Association of Realtors (NAR), publishes their PHSI, which gives ratings based on a historical baseline going back to 1991.  On a national basis the PHSI was up about 5% in March 2010 vs. February.  Even more impressive is the fact that it was up year over year in March by about 21%.  Great.  What about something a little closer to home here in Boulder, CO?

In the Western Region (which is as local as NAR gets with their index), the numbers actually stack up a little differently.  Looking at the data, it looks like the index peaked last Fall when the previous federal tax credit for 1st-time home buyers was set to expire.  Since then, the regional index has flattened out a bit - although we were up 8.8% in March, year over year.  Not bad, but nowhere near the national increase of about 21%.  The region where the recent PHSI has jumped pretty dramatically was in the South, where March 2010 reflected 121.2, the highest index for that region since 2007.

Using NAR's seasonally-adjusted figures for the Wester Region, it looks as though the federal tax credit played a declining roll in the PHSI as we moved from the end of 2009 through March of this year.  In the Boulder real etate market, we have seen the lower-end price ranges make up a significant portion of the overall sales during this time period.  Using IRES data through May 4, 2010, the Boulder market segment with the lowest inventory level was homes up to $250K, with 7.5 months.  Upper-end price ranges - say above $1.5M - have largely been ignored by Boulder buyers lately, resulting in the highest inventory level in our market, of 39.4 months.  Probably temporary, but also influenced by the relatively shallow secondary market for jumbo loans.  That, too, is starting to change for the better.

Now that the federal tax credit opportunity expired on April 30th, what does this data mean for our regional and local real estate markets?  On a regional level, we're likely to be less affected by the expiration, as the PHSI numbers hav leveled off from the peak.  Locally, it remains to be seen how the numbers will shake out, but if the month of April is any indicator, things are definitely looking up!  RE/MAX of Boulder put a record number of properties under contract in the month of April!

Home mortgage rates are still at attractive levels, but have ticked up slightly.  Rising interest rates continue to be a much more important factor thatn the temporary federal tax credit, making the timing of your decision about buying a Boulder home an important one.

If you're interested in the Boulder real estate market and would like more information about a particular property or Boulder neighborhood, feel free to contact us.

Boulder County homes for sale: The 2010 Boulder real estate market has really been a mixed bag so far - based on IRES sales data as of 5/04/10, single-family re-sale home prices are up in some areas of Boulder County, down in others; inventory reflects balance in some areas (6 to 12 months), imbalance in others (over 12 months).  It's difficult to characterize the "market" without breaking it down by price range.  In our market right now, price point plays a big role in performance.  The short answer for those buying or selling Boulder homes is that it really depends on what price range your home is in.

The federal tax credit for home buyers expired on 4/30, but it had some influence on the Boulder real estate market.  Boulder home buyers have tended to gravitate towards the lower end of the price range while seeking this credit, skewing the overall results a bit.  For example, the months' supply of inventory (absorption) in Boulder County in the price range up to $250K, reflects the lowest level of 7.5 months; the highest level of 39.4 months is in the market segment above $1.5M.

Overall, Boulder-area median home prices are down slightly over the last 6 months but again, it varies significantly depending on the price range.

The two above charts are good examples of how Boulder County home-sale results (Boulder and Longmont, specifically), really do depend on location; the top chart is the median price of a sold listing in the City of Boulder residential re-sale market over the past 6 months, and the bottom chart is Longmont real estate.  Boulder is actually down about 4%, while Longmont is up about 2%.  What's interesting is that Longmont has seen the vast majority of foreclosures in Boulder County recently.

In terms of overall year-over-year sales volume in Boulder County, up to about $800K the number of sales is actually up in the 1st quarter of 2010 vs. 2009; over that break-point, we're seeing flat to declining sales volume.  The "sweet spot" (if there is such a thing), seems to be in the $400K to $800K price range, where year-over-year sales volume is up an impressive 64% (200 vs. 122).

We specialize in Boulder Valley real estate and helping people relocate to our area.  If you're interested in Boulder real estate, are thinking about buying a Boulder home or about moving to Boulder, CO, we'd be happy to help.  Feel free to call 303-441-5647 or contact us online.

The Boulder, CO real estate market was cited as the "strongest real estate market in the country" late last year and we've seen some positive signs so far this year.  Looking at the overall residential re-sale stats over the past 6 months and comparing the previous 12 weeks to the last 12 weeks, inventory is up about 9% and the median price of a sold listing is down about 3%.  Not bad, especially when you factor in that the average number of units under contract is up 94% and the percentage of inventory under contract is up some 79%.  I wish we could stop there and just push the easy button, but that's not the total picture.

It's a little optimistic to compare the stats in Boulder at the end of winter to those during the beginning of spring, but even factoring that in we're not doing too bad.  However, these stats are across all price ranges and include single-family homes as well as Boulder condos and townhomes.  In order to get a more accurate market update, I thought we should probably separate the two and look at the attached (condo) market vs. the detached (single-family) market in Boulder.  We've seen some significant disparity in the market based on price point, and this will also take that into account.

The first-time homebuyer tax credit has had some effect on these results, as people buying a Boulder home have tended to gravitate toward the lower-priced homes lately.  Given that, one would expect that separating the two market segments would result in the lower-priced attached market faring better than the higher-priced single-family market in Boulder.  Based on the following data from IRES as of April 17, 2010, that is in fact what we've seen.  First, let's look at the Boulder condo market:

Comparing the previous 12 weeks with the last 12 weeks, the median price of a sold condo or townhome in Boulder has increased 26% from $215,504 to $272,094.  There was a spike around February that influences that increase to some degree, but the overall price trend in this market segment is impressive.  Now let's look at inventory and under-contract (absorption) results over the same time period:

Despite a significant increase in supply (+22%), this market segment has seen healthy increases in the numbers and percentage of inventory under contract, up 154% and 112%, respectively.  Even accounting for the seasonality involved, it's clear that this market segment has a dramatic influence on the Boulder real estate market's performance over the past 6 months.

So, if the Boulder condo market is doing so well, how's the residential (detached) market faring?  Not as well.  The median price of a sold listing has declined somewhat over the period (down 6%), from $538,250 to $505,354.

Looking at the following chart, we can see that supply (inventory) has remained consistent (up 1%) over the period, while the absorption figures reflect increases of 64% and 60%, respectively.

Although we see a dramatic spike at the very end (most recent) end of the spectrum, Boulder homes are selling, albeit at what appears to be slightly lower prices.  Part of this observation may be attributable to the fact that lower-priced homes are selling better than the upper end, so the apparent "decline" in prices may be slightly overstated.

The Boulder real estate market still appears to be faring better than many markets ocross the country.  Going into what is typically our most active home-buying season, there is reason for continued optimism.  If the federal tax credit expires at the end of this month as NAR is telling us that it will, that may shift some of these numbers a bit going forward.

Boulder's a great place to live, work and play.  The quality of life here is outstanding and we have more sunny days that San Diego!  If you're interested in the Boulder real estate market, we would love to hear from you!  If you're considering relocating to Boulder, CO, we offer free relocation resources and a free, exclusive relocation video entitled "Welcome to Boulder Valley" that you can access here. 

Boulder homes for sale: Did you know that according to IRES as of today, there are 1,835 single-family and attached Boulder County homes for sale that qualify for the federal tax credit of up to $8,000?  That's a lot of opportunity - sometimes you have to take the leap of faith and jump into the market!  Here's a breakdown of qualifying home inventory in a few local areas in Boulder, CO today:

With home mortgage rates at record lows and with this many qualifying homes on the market in Boulder Valley right now - many at reduced prices - the April 30th deadline is fast-approaching.  As of today there are only 36 days left to claim this federal tax credit, which requires that your new home be under contract by 4/30/2010 and close by 6/30/2010.

There is a time-tested strategy to building wealth in real estate: "Dont' wait to buy . . . buy, then wait."  We have discussed this premise as it relates to Boulder real estate in a previous blog post, but right now might end up being pretty close to the perfect time to buy a Boulder home.

If you're interested in your home-buying options, please feel free to call us at 303-441-5647 or contact us online.

Boulder Condos For Sale: If you've been looking for a great deal on a condo or townhome in Boulder, CO, this might be the perfect time!  According to IRES, as of this writing there are 407 condos and townhomes available for sale in Boulder, CO.  If you had to guess, what would be the lowest-priced condo in Boulder available today?  If you guessed anything above $84,500 . . . you would be wrong.  The next few months are the prime time to find a great condo or townhome for sale in Boulder, and the federal tax credit deadline of April 30th is not far around the corner.  If you qualify, could you use an extra $8,000?

The vast majority of condos and townhomes for sale in Boulder today are under $500,00 - 330/407, or about 81% to be exact.  The luxury condo market, those listed above say $500,000, is still fairly diverse - with Boulder condos and townhomes for sale ranging from $515,000 to a sparkling Penthouse gem with over 5,000 sf, that's listed for $5.5 Million.

If you would like to find your next home in Boulder, please feel free to call us at 303-441-5647 or contact us online.  There are some great deals out there and mortgage interest rates are still low!

Boulder MLS listings have always been easy to search on BoulderHomeResource.com; now our newest online feature will also enable you to search the Boulder MLS for SOLD listings, too!  Read more about Sold Boulder MLS Listings, but now you can see what properties are currently available and which ones have sold within the last year.  You can search Boulder MLS listings as always, but our new feature allows you to specify "Active" and/or "Sold" listing results:

We're working hard to provide you with the most complete online experience in the market for Boulder Valley real estate.  Check out our newest MLS-search feature!  If you're thinking about Boulder real estate, or about buying or selling a Boulder home, please call us at 303-441-5647 or contact us online.