Spring is here and summer is just around the corner. Activity has definitely picked up but to me the market still rings a little hollow. There are some great listings out there that have yet to find a buyer. Some real head scratchers. The news lately has been hinting about an economic recovery in late 2009, the earlier the better as far as we are concerned. I think we are well positioned for recovery of our own but the national economic engine has to warm up before we will see it locally.
Combined sales during April were up 3.5% from March, but were down roughly 38% from April 2008. Much of the activity is in the lower ranges of each area but median prices are still resisting large statistical loses. There are specific homes which are selling for less than they did a year or two before so it will be interesting what the future holds. Will prices slide before the economic recovery takes hold? I think there is some risk of that in the higher price ranges. We’ll see, prediction is an activity rife with failure. Remember Y2k?
Here is what is happening right now.
I have included some under contract percentage statistics that compare May mid month data from 2007 and 2009. For single family homes, there is a smaller percentage of homes under contract in all areas but Longmont, Erie and Weld County. I don’t think that there is any coincidence that these are areas where good low priced deals can be found.
In general, condos and townhomes are faring much better than single family homes. Under contract percentage is up or equal in 7 of the 9 areas. Superior should the best improvement with an increase of 13%.
Single Family 2009 (2007)
· Louisville 29.5% (36.5%) of active homes are under contract
· Boulder 13.7% (29.6%)
· Superior 26.3% (28.4%)
· Lafayette 17.1% (23%)
· Boulder County 16.6% (19.6%)
· Longmont 23% (14.7%)
· Suburban Plains 12.3% (14.7%)
· Suburban Mountains 9.7% (11.2%)
· Erie 13.7% (10.9%)
· Weld County 18.1% (9.46%)
Condos 2009 (2007)
· Louisville 20% (30.6%)
· Boulder 21.7% (26.4%)
· Boulder County 20% (20.4%)
· Lafayette 28.9% (18.1%)
· Suburban Plains 18.6% (17.3%)
· Longmont 14.4% (10.3%)
· Weld County 9.4% (9.8%)
· Superior 16.6% (3%)
· Erie 7.6% (2.6%)