by Neil Kearney | Jan 13, 2015 | Boulder County Housing Trends, Statistics
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.
by Neil Kearney | Dec 15, 2014 | Boulder Real Estate, For Buyers
Interested in learning about the different neighborhoods in Boulder? In this report I have split Boulder into eleven different areas and present the lifestyle highlights, schools, shopping districts, local recreation and real estate statistics for each area. If you’re interested in learning about where to live in the City of Boulder this is your guide.
It is recognized that Boulder is a great place to live but the neighborhoods in Boulder are a bit hard to characterize. Boulder was developed over time in a piece-meal fashion. The result is that many of the neighborhoods are only a few hundred homes in size. It is common to have two adjacent neighborhoods developed at different times and have completely different price ranges. While this report is not comprehensive, it will give the reader valuable information from which to start understanding the real estate market in Boulder. I have arbitrarily split up Boulder into 11 different segments. I will highlight the major neighborhoods in each area.
Boulder Neighborhood Guide – 2015to view and download the guide.
by Neil Kearney | Dec 2, 2014 |
Read More View the Article More Testimonials Looking for your special spot? Let me help, I know the way! Get Started With Selling Your Home Get Started With Buying A Home Providing Clarity, Perspective and Direction To Your Real Estate Transaction WELCOME! Thank you...
by Neil Kearney | Nov 4, 2014 | Boulder County Housing Trends, Colorado Lifestyle
When you think of luxury real estate in Colorado you may immediately think of Aspen, Telluride or Cherry Hills Village. But increasingly, the Boulder area is legitimately in the conversation for those who have the resources to have a dream home in whatever location they choose.
People are drawn to Boulder for many reasons including; a good climate with four seasons, the fact that it’s a vibrant college town, tons of options to live an outdoor active lifestyle, it’s within one hour to a large international airport and 20 minutes to an airport that can easily handle private jets, ample cultural and sporting events, a plethora of really good restaurants, it’s a hotbed for entrepreneurs, and an overall positive liberal mindset where it’s okay to have money. It’s been said that birds of a feather flock together and more and more we are seeing this in and around Boulder.
Another key feature to the attractiveness of the Boulder Valley to luxury home buyer is the breadth of home choices. Whether one prefers a penthouse with a view, a first rate equestrian ranch, an expansive mountain lodge, or an in town Victorian it is all available. All of these choices can be purchased within a 20 minute drive (at most) of downtown Boulder.
Properties listed between $1,000,000 and $2,000,000
Properties listed between $2,000,000 and $3,000,000
Properties listed for $3,000,000 and more
In 2013 there were 247 sales in Boulder County which exceeded $1 million. The total volume of those sales was $389,350,340. So far in 2014 222 luxury homes have sold. As usual and not unexpectedly the majority (147) of those sales are between $1 and $1.5 million. So far there have been 28 sales of $2 million or more and $8 above $3 million. There have been two sales over $5 million so far this year. The top sale was for a beautifully restored, 7,600 sq. ft. Victorian on Mapleton Hill which sold for $6,432,495. The next highest sale was for a 5,200 sq. ft. penthouse in Downtown Boulder with amazing Flatirons views. Click here to view the photos and details of these properties.
Currently there are 20 homes on the market with a list price of over $5 million. So if you are in that price range make sure you plan a few days to look at the options. Currently three of these properties are under contract. The three that are waiting to close are a good example of the diversity of the choices in and around Boulder. There is a Penthouse Condo at 1155 Canyon listed for $5,330,000, a 6 acre wooded parcel right in town listed for $5.2 million and an eclectic mountain custom home with fantastic features at 1133 Timber Lane which is listed for $9.8 million. Look for these to close by the end of the year. Click here to view all of the homes in Boulder County with list prices above $5 million.
There are currently ten properties listed above $6,500,000 with the most expensive being a 144 acre compound with a 24,000 square foot main house and a full equestrian setup. Here are the top ten most expensive homes listed in Boulder County.
If you broaden the range a bit there are 252 homes currently on the market with list prices above $1 million. Forty-nine of those listings are under contract, so if over half of those homes which are already under contract close by the end of the year, Boulder County will have a record year in terms of sales over $1 million. Below is a graph of sales over the last ten years. 260 is my projection for 2014.
If you are considering buying a home in high end of the Boulder real estate market you will want to do your due diligence. While most of the Boulder market is a sellers market, some quick math shows that there is roughly a years worth of inventory on the market in the broad range and over three years of inventory available in the ultra luxury category. You will need a good buyers agent to navigate you not only through the available choices but through the negotiation and due diligence period. I am experienced and available to you.
Here are a few quick facts about this market segment:
- The average Days-to-Offer for those that have sold so far this year over $1 million is 75 days.
- The average Days-on-Market for all homes actively listed over $1 million is 166 days.
- The above statistics show me that the exceptional homes don’t stay on the market long.
- The average negotiation off of list price for all luxury homes sold so far in 2014 is 4.22%.
- The average negotiation off of list price for properties sold between $1 and $2 million is 3.65%.
- The average negotiation off of list price for properties sold between $2 and $3 million is 4.63%.
- The average negotiation off of list price for properties sold over $3 million is 8.48%
- The median price for sales over $1 million sold so far in 2014 is $1,344,300.
- The average price for sales over $1 million sold so far in 2014 is $1,624,550.
The above data was compiled from data supplied by IRES MLS and is deemed reliable but it may not be exhaustive. All links were active and correct as of November 4, 2014.
by Neil Kearney | Nov 3, 2014 | Boulder County Housing Trends, Statistics
I have just completed The Kearney Report for the 3rd quarter. The Kearney Report is a comprehensive, quarterly presentation of the real estate statistics in Boulder County. I then break it down into smaller areas so that we can identify differences within the Boulder area real estate market.
Through the first three quarters, total sales in Boulder County are down 6% from last year but up 6% from 2012. However, the sales volume is down just 2% YTD. This means that the average price for each home sold has increased. This increase has come in two forms. First, the median home price increased by 8% from the third quarter of 2013 and secondly, more high priced homes have sold this year. Last year 24% of all sales in Boulder County sold for $500,000 or more. This year it’s 29% above that threshold.
So far this year there have been 1,557 sales in Boulder County. Here is where those sales have taken place:
City of Boulder – 43% (478 sales)
City of Longmont – 39% (432 sales)
Unincorporated Plains (including Gunbarrel and Erie) – 21% (231 sales)
City of Lafayette – 16% (177 sales)
City of Louisville – 8% (92 sales)
Unincorporated Mountains – 8% (84 sales)
Town of Superior – 6% (63 sales)
Prices have been rising and it’s interesting to see the erosion of the lower end of price spectrum and the expansion of the higher end of the market. The chart below shows that in the third quarter of 2012 79% of the home sales in Boulder County closed for $500,000 or below. This most recent quarter 72% sold for under $500,000, an erosion of 7%.
To view and/or download the entire Kearney Report for the 3rd Quarter of 2014 which includes 15 pages of detailed charts and analysis click here.
