The City of Louisville, Colorado has been a consistent performer on the local real estate scene. Louisville is a town of roughly 20,000 people located approximately 7 miles northeast of Boulder, Colorado. It has been honored by Money Magazine as the “Best Place to Live” in its size category for two straight years. Whenever I look at comparative statistics such as, under contract percentage or absorption rate (an indication of market flow), Louisville always ranks at, or near the top when compared to the rest of Boulder County.
There were 271 sales (single family, condos, investment) within Louisville during 2009, twelve more than were recorded in 2008. At any given time it is common to find low a inventory of homes on the market and in contrast to its close neighbor, you can find a very nice 3 bedroom home for the median price of $331,000. Median prices have increased every year over the past decade and were up almost 4% during 2009. The rest of Boulder County was down 3% last year.
The absorption rate is a measure of market flow which relates the current inventory to the number of homes that sell during an average month. In Louisville, the absorption rate is approximately 3.5 months. This means that it would take 3.5 months to sell all of the homes currently on the market given the sales rate over the past year (a theoretical study but interesting nonetheless). For comparison the average absorption rate in the City of Boulder is about 6.5 months.
Louisville has much going for it right now but the future looks especially bright. Conoco Phillips is in the process of building a major corporate campus on the old Storage Tek site. This campus’ first phase is scheduled to be completed in 2013 and will bring multiple thousand jobs to the area. If you are interested in making an investment in Louisville Colorado give me a call. All statistics are from data collected from IRES MLS and are compiled by Neil Kearney, Broker/Owner of Kearney Realty Co. Metro Brokers.