Median Prices Increase
Number of Sales Down (slightly)
The statistics for May are in and the trend we have been watching all year long is still holding true; a modest increase in median price and a decline in the number of sales.
The median prices for single family homes in Boulder County was up 2.7% from last May. The median price is now $385,000. During May of 2004 the median sales price was $324,000. Many areas have not seen any appreciation during the proceeding three years. So why are the prices up, you ask. In my opinion, it is due to a few reasons. First are the many remodels and scape offs that have characterized the high end market. As more high end homes are sold the median price rises even if the actual values do not increase. Second is the spotty nature of market. There are pockets that have seen good appreciation and those that have not seen any. The graph below shows the median prices over time.
The number of sales during May is down just 4% from last year. I say “just”, because last month there were 18% lower than 2006. We are still down 13% for the year so far but I have the feeling that we are closing some ground. I have been very busy the past month or so (sorry so few posts) and get the feeling that many of my colleagues are as well. Here are the numbers.