The Kearney Report – Second Quarter 2016
If you are looking for a comprehensive look into the real estate market in Boulder County look no further than the latest version of The Kearney Report. In the report I have outlined the highlights of the Boulder County real estate market. Click on this link to view and download the report (no strings attached).
It was another crazy spring market in Boulder County! Rapid price appreciation, multiple offers, low inventory and a strong sellers market characterized our market. FHFA.gov reported that for the 1 year period ending on March 31st the price appreciation in Boulder County was second in the entire nation. My guess is that for the period ending at the end of June we will be right up near the top again. The highlights above show the basics of the market; increasing prices, declining inventory and slightly declining sales.
This data only reflects sales that closed up until June 30th. We did see the market slow down after Memorial Day and it has been noticeably slower all summer. During the past two years we saw this pattern and then the market picked up again in late August. We’ll see if that’s the case this year.
From the Section on The City of Boulder…
Sales in Boulder were down 12% during the second quarter and are down 14% for the year but that’s not the story. The story is the rapid increase in prices. The median price of all properties (single family and condos) increased by 32.5% over the one year period ending March 31st. The average for all of Boulder County during that same time frame was 20%. So what gives? First of all, this is a spot number of sales just during the quarter. It doesn’t average sales over a number of months. Secondly, you may have noticed all of the construction trucks and oversized dumpsters all over town – houses are being improved and therefore we are not comparing the same apples over time. But even with those factors the market in Boulder has been very strong. Especially for the moderate (for Boulder) price ranges under $1 million. During the quarter 24% of the sales in Boulder sold for over $1 million.
In the report there are sections for Boulder County, City of Boulder, City of Longmont and East County which includes Louisville, Lafayette, Erie and Superior.