Sales of homes over $1 million are at a record pace in Boulder County. So far this year there have been 268 sales in Boulder County that exceed $1 million. This is up from 198 a year ago and just 103 from five years ago. Prices are also holding closer to asking price. This year the average negotiation off of list price is around 4%. In 2011 it was around 8%.
The strength in this market is however tempered a bit when comparing it to the market in general. 46% of homes that are priced between $500,000 and $1 million are under contract in Boulder County; 19% for homes between $1 and $1.5 million; 15% for those homes between $1.5 and $2 million and just 8% of homes listed above $2 million are under contract.
Once you know the sales rate and the number of homes on the market you can figure out the absorption rate. The absorption rate is a fancy way to say how long it would take to sell all of the homes on the market if no new listings were to come on the market. It would take approximately 2 months to sell all of the listings in Boulder County priced from $500,000 and $1 million and over 19 months to sell all of the listings priced above $2 million. For all of the details and more interesting facts about the luxury home market in Boulder County please view the slideshow below.