Million Dollar Price Trends in Boulder County
The overall trends prevalent in Boulder County are fewer sales and higher prices. In the past I have noted that the average and median prices in Boulder especially have been influenced by the increased number of high end houses selling. Today I’d like to explore the market for $ million homes in Boulder County.
Currently there are 296 homes in the county listed for $1 Million or more of those approximately 10% are under contract. There are 26 homes listed for $3 Million or more and the most expensive listing is $7,995,000. Currently none of the homes listed for more than $3 Million are under contract. Given the sales rate over the past twelve months, there is currently a 17 month supply of homes listed over $1 Million.
During the first 5+ months there have been 105 sales over the $Million mark. To show you how this compares with past years I have prepared a chart that shows the number of sales in this price range since 1997. It is obvious that we are headed up and if the sales rate keeps up, this year may be a record year.
As the number of sales increase it is interesting to see that the median price during the last 10 years is largely unchanged. During 1997 when there were only 6 sales the median price was $1,171,129. During 2006 there were185 sales with a median price of $1,340,000 an increase of only 14%. During that same time frame the high price for the year increased over 200% to over $4 Million. The chart below shows the prices of closed homes over $1 Million since 1997. Very interesting data for a highly competitive market.