Real estate sales within the city limits of Boulder were more deeply affected by the tough market conditions in 2009 than Boulder County as a whole. Total sales of all types of residential real estate were down 21% within Boulder while the broader market of Boulder County was down 15% when compared to 2008 sales. The main reason why the sales were down more in the city than in the county was price. The median price in the City of Boulder is nearly twice than those in the county as a whole and this year the lower price ranges were selling much better than the higher priced homes.
Median prices within the City of Boulder for all residential sales was down just 1.8% at a combined price of $393,000. The median price of single family detached homes in the City of Boulder were $525,000. This represents a decrease of 2.4%. For condos the median price for all sales during the year was $242,000; this represents a decrease of 2.8% for the year.
Absorption rate is a statistic which analyzes both inventory and sales. The result of the equation is a number which shows the number of months it would take to sell all of the current inventory given the sales rate over the past year. The charts below show year end absorption rates for both single family homes and condos within Boulder Colorado. The closer you get to zero, the better the market (at least for a seller). Currently, it would take between six and seven months to sell all of the available homes.