by Neil Kearney | Aug 24, 2011 | Boulder County Housing Trends, Statistics
FHFA.gov just released their Home Price Index for the second quarter of 2011. The report reports on home price appreciation throughout the country. I track these reports very closely because they provide reliable broad based trends on home prices here in Boulder County and beyond.
In order to come up with their numbers FHFA tracks refinances and sales which use conventional financing. This leaves out cash transactions and jumbo mortgages (above $417,000 in most areas). The transactions which are left out tend to be higher priced homes and those are left out of the findings. However, the amount of data they crunch is impressive and I think the results are valid.
On a national basis homes lost 5.93% during the twelve months which ended on June 30, 2011. For the quarter homes in the USA lost .62%. Locally our losses are more moderate. Homes in Boulder County lost 2.17% over the past year but gained .12% during the second quarter. The graph below shows the last three years of data on a quarterly basis for both the United States as a whole and Boulder County. The US graph looks like a classic double dip in home prices.
The report ranks 308 Metropolitan Statistical Areas (MSA’s) in terms of one year appreciation. Boulder has ranged as high as #1 back in 2009 but is currently ranked 81st. Our ranking declined during the first quarter of this year to 173rd. During that quarter our appreciation was -3.42%. We have since recovered and seem to be going the right direction.
One graph that FHFA provided that I found interesting was a chart of the monthly housing price index for the USA since 1991. This includes purchase transactions only but it shows that values at the end of June were roughly the same as they were in February of 2004. 
by Neil Kearney | Aug 16, 2011 | For Buyers, General Real Estate Advice, Real Estate 101
It seems like I have been saying this for years but now would be a fantastic time to buy a property. As interest rates drop the payment on the mortgage falls. What is surprising is how much. Say you have a $300,000 mortgage at 6% right now. 6% used to be a great rate. Anyway, right now for the same amount of monthly payment you can purchase a home with a $375,000 mortgage. That is $75,000 of free money! The effects can even be more dramatic if you have been in your home and have accumulated some equity. I am working with a buyer now who is purchasing a home $150,000 greater than their old home and their payment will be virtually the same. Did I say this is a great time to buy?
by Neil Kearney | Aug 15, 2011 | Colorado Lifestyle
Money Magazine has once again named Louisville Colorado the top ranked place to live in its annual survey of small towns. Their criteria includes, housing, income, employment statistics, education, crime statistics, weather, quality of life measures and cultural opportunities.
Louisville has been the steadiest market in Boulder County over the last decade. Typically, there are not very many homes on the market and because of this scarcity the prices have held steady. The study noted that home prices had remained stable since 2005. Currently in Louisville there are 99 residential properties for sale, 28 of which are under contract. Over the last year 222 properties have sold. This means that there is currently a 5 month supply of homes on the market. In all of Boulder County the percentage of homes that are under contract is 15% as opposed to 28% and the absorption rate is 9.5 months.
Click here to view the criteria and the entire list of ranked cities.
by Neil Kearney | Aug 9, 2011 | Statistics
Sales of residential real estate in Boulder County in July were up 28% compared to last year. This is a step in the right direction but it is a bit overstated since last July we were in an extreme tax credit hangover. We are making strides toward having an increase in sales for the year. Currently we are still down 7% through July compared to 2010.
View the slideshow below for a better view of the market.
by Neil Kearney | Aug 7, 2011 | Photos
Here is a quick photo that gives some perspective of how the plains meet the mountains. I took this photo from the top of the hill at Heatherwood Open Space. The trees in the foreground are in yards in the Heatherwood neighborhood. The largest building in town from this perspective is the football stadium on the CU campus. I love the rural view to the east as well.
