The National Association of Realtors (NAR) has just released a local market report for Boulder County. It is quite thorough and I’d thought I would pass it along. If you don’t want to wade through the details here are some highlights. All data and conclusions drawn are based upon data ending March 31, 2010.
- 1 year appreciation in Boulder County +2.3%. (US -.5%)
- 3 year appreciation in Boulder County -9.4% (US -22.1%)
- 3 year housing equity gain -$34,900 (US -$47,333)
- 7 year housing equity gain $31,400 (US -$467)
- 9 year housing equity gain $41,400 (US $22,733)
Local Financial Fundamentals:
- 12-month job change -3,300
- 36-month job change -7,800
- Current unemployment rate 6.4%
- Year ago unemployment rate 6.8%
- Commentary – Job losses are a problem and will weigh on demand, but layoffs are declining which could help buyer confidence. Unemployment in Boulder is better than the national average and improving.
- The current level of construction (as measured by new permits) is 82% below the long-term average.
- Single family housing permits are down 16.3% lower from last year but they may have bottomed.
- Local affordability is improved. Locally 16.5% of income goes towards mortgage payments. Our historical average is 20.6%. Houses are more affordable (lower prices, low interest rates).
- 92.3% of local mortgages are prime (not sub-prime or no-doc, interest only, etc.). The national average is 88.5%. This stability in type of loan has allowed us to have been less affected by foreclosures.
- The percentage of prime loans in foreclosure at the end of February was .9% (US 2.7%)
- The percentage of subprime loans in foreclosure at the end of February was 11.9% (US 17.9%)
- The percentage of Alt-A loans in foreclosure at the end of February was 4.9% (US 14.8%)
- The number of 60 day and 90 day delinquencies continues to rise both locally and nationally.
The report is filled with reports and graphs and has additional commentary. It is quite robust and it supports my overall view of the market. In my view we are plugging along but not out of the woods. Overall we are doing much better than the nation as a whole.