The calendar has made the switch and now is the time that I’m crunching numbers and getting ready to release my year end reports. One figure that everyone is always interested in, is the change in home prices. For the third straight year we have seen positive home value appreciation in Boulder County. The median price for a single family home in Boulder County increased by 8.6% over last year. Condos and townhomes increased by a more modest 3.8%.
These figures just compute the midpoint of all relevant sales so it is only an indicator of the market not an actual statistic for any individual property.
FHFA.gov is the government agency that oversees the housing and mortgage markets. They track home values and produce a report on a quarterly basis. Their ongoing study tracks same house sales. This means that they only count houses that they can track over time. This gives a more accurate number than just taking the median. The results for the fourth quarter are not published yet so the information below is based on their statistics through the third quarter.
The first graph below uses FHFA.gov data and shows how prices in Boulder County compare to 21 other areas around the country over the past five years. Boulder is indicated in red. Over the past five years the average home price in Boulder County has appreciated by 17.27%. The returns are ranked from lowest to highest from left to right. Homes in San Francisco have appreciated by 28% during the last five years.
The next graph shows the last five years of price appreciation in Boulder County and the US average reported on a quarterly basis. FHFA.gov reports that Boulder County has seen 8.35% appreciation for the one year period ending on September 30th. Our market went down quite a bit less when values dropped and has gone up more than the national average. This is the sign of a good investment.