Entries in Boulder Real Estate (6)

Thursday
Jun172010

Boulder County Real Estate according to The National Association of Realtors

DateThursday, June 17, 2010 at 3:32PM

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.

Sales Data:

  • 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).

Foreclosures:

  • 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.

Click here to view and or download the NAR report on Boulder County.

 

AuthorNeil Kearney | CommentPost a Comment | | | Print ArticlePrint Article
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Friday
Jun112010

Boulder May Real Estate Statistics

DateFriday, June 11, 2010 at 7:29AM

The numbers are in for real estate sales in Boulder County.  Sales during May showed continued strength and were a result of the good sales activity in March and April.  Sales of all residential property in Boulder County are up 32% year-to-date and May sales were up 27.6% compared to May 2009. Sales of single family homes are up 34% year-to-date and 32% from last March.  The sales activity was mostly due to carryovers from past months.  New activity fell with the expiration of the tax credit. Interest rates and move-up buyers continue to fuel growth. 

Lately the activity has waned a bit but it seems that the baseline of the market has increased even without the tax credit.  Interest rates are still outstanding and being early summer there are great new properties coming on the market often. 

 

1 May 2010 statistics Boulder Colorado
View more presentations from NeilKearney.

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Thursday
May062010

April 2010 Boulder County Real Estate Statistics

DateThursday, May 6, 2010 at 10:51AM

The tax credit is in the books and the spring selling season is in full swing.  Watch the video below to get the year-to-date update for the Boulder County real estate market. 

 

April 2010 Boulder County Real Estate Update from neil kearney on Vimeo.

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Friday
Apr232010

Boulder Real Estate Spring Roundup - What's Selling?

DateFriday, April 23, 2010 at 3:05PM

Now this feels like spring!  The birds are chirping, the flowers are blooming and houses are selling.  Sales of single family homes in March were up 41% and sales of attached dwellings were up 37% compared with the same month last year.  For the first quarter, total sales in Boulder County were up just about 25% from Q1 2009.  This is great news, much needed and a boost to the industry and the collective confidence of the community of would be home buyers and home sellers.  Of course the tax credit has boosted the results quite a bit. 

Prices continue to be a mixed bag.  Overall, the median prices for homes in the area are down a few percentage points, but the number can vary widely depending upon area and price range.  Homes in the entry level price ranges for each of our local areas tend to be doing well; lots of activity and prices holding steady.  Homes in the upper price ranges have not widely participated in the recent rally.  Many owners of homes in the luxury segment have had to make drastic price reductions in order to garner interest from prospective buyers.

Here are a few interesting statistics that show the disparity between price ranges in our local market.  All statistics are from IRES and include property throughout Boulder County.

Price Range

Inventory in Months

$0 - $250,000

7.5

$250,001 - $500,000

8.1

$500,001 - $750,000

12.1

$750,001 - $1,000,000

21.2

$1,000,001 - $1,500,000

29.0

$1,500,001 and above

39.4

Inventory in months is also known as absorption rate.  It is a measure that compares the number of homes on the market in any given segment to how quickly those homes have been recently selling.  This table shows a clear correlation between price and absorption rate.  As price range increases you would expect it to take longer for a home to sell.

First Quarter Sales

 

 

 

 

 

2008

2009

2010

1 year change

$0 - $250,000

316

228

275

21%

$250,001 - $400,000

255

178

199

12%

$400,001 - $800,000

212

122

200

64%

$800,001 - $1.2 MM

37

20

20

0%

Greater than $1.2 MM

29

15

11

-27%

Combined

849

563

705

25%

 

As mentioned above, total sales in Boulder County increased roughly 25% during the first quarter (compared with Q1 2009).  An easy assumption would be that sales have improved across all price ranges.  So far this year this is not the case.  The largest increases in sales were seen between $400,000 and $800,000 where an improvement of 64% was recorded.  Between $800,000 and $1.2 million there was no change and for homes above $1.2 million there was actually a decrease of 27% in the number of sales during the first quarter.  Clearly the recovery has not yet reached the top end.

 

AuthorNeil Kearney | Comment1 Comment | | | Print ArticlePrint Article
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Tuesday
Apr132010

First Quarter Sales - A 3 Year Comparison

DateTuesday, April 13, 2010 at 2:18PM

I am in the midst of preparing for a market analysis of a large home and found the following information of interest.   Compared to first quarter 2009, sales in Boulder County are up 25% in total.  But looking a little more closely gives an interesting insight.  Sales of properties $250,000 and below are up 21%.  Sales of properties between $250,000 and $400,000 are up 12%.  Sales of properties priced between $400,000 and $800,000 are up 64%.  Sales between $800,000 and $1.2 million are exactly the same as they were last year.  And finally, despite the increase in overall activity, sales of properties priced above $1.2 million are down 27% from first quarter 2009 and down 62% from 2008.

The market is recovering and we are seeing good activity in the market, but luxury buyers are for the most part still sitting on their wallets. 

This information is presented graphically along with first quarter sales by area below.

 


Boulder County First Quarter Sales

AuthorNeil Kearney | CommentPost a Comment | | | Print ArticlePrint Article
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Thursday
Mar042010

Early Activity in the Boulder Real Estate Market

DateThursday, March 4, 2010 at 9:05AM

So far, it has been an interesting year in the Boulder area real estate market.  It feels very different than a year ago, for the better.  More activity, more showings, more calls, more plans, more positive expectations...  However, after looking at two months of data we are just a touch ahead of last year in terms of properties closed.

Here is what I think is going on.  We are busy setting the foundation for a surge that will correspond with the expiration of the homebuyer tax credit.  We are already seeing its effects but as the deadline draws near buyers will stop shopping and start buying.  This should happen by the end of March.  If you don't recall the basics of the tax credit see my previous post on that subject.  Even if you have already filed your 2009 taxes you can do an amended return and see that money this year!

Here is a chart showing the activity in the local market on a weekly basis. You will notice that there was a surge in closings this past week.  This is fairly normal at the end of each month.

 

AuthorNeil Kearney | Comment1 Comment | | | Print ArticlePrint Article
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