Here are the top trends in the Boulder County real estate market as I see them. Some are specific to this area and some have a broader scope.
First let’s discuss 2009:
- Number of sales down 15% countywide.
- Homes below the “median price” are selling. Different prices for different areas, price ranges that are moving in Boulder are considered too high in Longmont.
- Higher priced homes have trouble finding buyers. In December there was a 4 year supply of homes priced over $1.5 million in Boulder County.
- Slow start to the year and then improving as the year progressed. The first quarter was dead – the fourth quarter was not so bad.
- Outside influences included – tight credit, tax credits for first time buyers and low interest rates for conventional loans (up to $417,000).
- Consumer confidence begins a slow return.
- Opportunities in the market – foreclosures, motivated sellers.
Check back in a day or so for my full 2009 market report. This will include statistics for homes sales in Boulder, Louisville, Lafayette, Erie, Longmont, Superior, Suburban Plains and Suburban Mountains. To get the report right to your email send a request to Neil@NeilKearney.com
Here is what I expect for 2010
- Quick start due to extended tax credit and low interest rates. If you are considering a move in 2010, making it happen before April 30th is a good idea.
- Interest rates will rise during the year – most predictions say interest rates will start with a “6” this time next year.
- Foreclosures and short sales will continue to be a large segment of the market.
- Look for more distressed sales in the upper ranges.
- I think 2010 will be a recovery year – heading the right direction. We won’t see a big recovery until jobs come back in droves.
- Look for real estate on the Front Range to recover much more quickly than other areas.