Through the first ten months of the year the market seems to be holding its own. Median prices for single family homes have increased increased in communities throughout Boulder County. As you can see in the chart to the left the City of Boulder has a median price so far this year of $545,000, up 4.7% from last year. Taking Boulder County as a whole, the median price for single family homes is $365,000, up 5.83% from the prices recorded at the end of 2005. While these statistics paint a rosy picture it seems that the market has not been all that strong since August 1st. Inventory has been rising and I suspect that the increases in median prices have much to do with the wide proliferation of large houses being bought and sold (remodel and new) throughout the county.
Attached dwellings (condos and townhomes) have not fared as well in the recent statistics. In Boulder the median price for an attached dwelling is down 1.6% for the year thus far. The county is up a mere .2%. The only area that showed significant appreciation in median price is Louisville where the volume is fairly low and the statistics are being pulled up by the new construction of condos in the city. As an andedote, I have noticed condos in and around Boulder that have lost market value in the past 2-3 years. In order for a condo to compete it must be updated and priced well. The trend is away from interior hallways.
As you can see from the chart labeled Boulder Median Sales Price Comparison, Boulder has been a great place to own real estate over the past 13 years. Over the past 4 years our area did not not participate in the price jumps seen in other areas of the country. However, many national experts see this area as one poised for price increases. I have seen instances where many Buyers have come from the coasts (mostly California) after a major price increase to find better prices and quality of life in this area. I think we will see some of that in 2007.