by Neil Kearney | Apr 29, 2010 | Boulder County Housing Trends
One year ago this week I thought it would be cool to get a sense for the market activity on a weekly basis. Every Thursday morning for a year I have done a specific search which identifies the specific activity in the real estate market in Boulder County. During the past year there have been 8,304 new listings, 7,808 price reductions, 5,642 homes go under contract and 4,181 homes get to the closing table. The graph below shows two of those categories on a weekly basis; the number that went under contract and the number that sold.
When a house goes under contract it becomes a leading indicator of a future closing. But from the data over the past year it appears that a quarter of all homes that go under contract do no make it to the closing table.
The trend this year has been pretty clean since the first of January. Our trend for increased sales is still on an upward trajectory. It will be interesting to see what the next few weeks have in store since the tax credit stimulus expires tomorrow.
by Neil Kearney | Apr 21, 2010 | For Sellers, General Real Estate Advice
In 2006 Boulder’s City Council adopted the Climate Action Plan (CAP). The CAP is a set of strategies
designed to reduce the overall greenhouse gas emissions within the City of Boulder. The CAP followed the decision of the council to adopt the principles set forth in the Kyoto Protocol, an agreement not ratified by the United States Federal Government. Within the City of Boulder taxpayers approved to be taxed for the purpose of funding energy efficiency programs (a first in the U.S.).
“At a Nov. 18, 2008 City Council Study Session on the CAP, council identified strategies needed to reduce greenhouse gas emissions to meet CAP objectives. One of the primary strategies for reaching this goal is to reduce energy use in buildings. Since 2007, several energy efficiency measures were implemented for residential and commercial buildings in new construction, remodels and additions that exceeded 2006 International Energy Conservation Code (IECC) minimum standards.
Addressing energy efficiency in existing rental housing and existing commercial buildings has been the focus of the 2009/2010 work plan. Proposed changes to the Housing Code and Rental License Code, including options for energy efficiency requirements, have been developed as part of the broader effort to improve energy efficiency across all building types in the city. The energy efficiency proposal for existing rental housing has been scheduled for consideration first to coincide with the updates to the Housing Code and Rental License Code. These proposed changes directly address the issues of long-term public health and safety, consistent with the stated purpose of the housing code.” (source bouldercolorado.gov )
On the table right now is a provision which would force energy effiency upgrades to roughly half the housing units in Boulder. 47% of the housing stock within the city limits is rental property. The City currently has a rental licensing program which up until now has been concerned with the habitibility and safety of the rental units and welfare of the tenants. The City has proposed an expansion of the rental licensing program which would force owners of rental units to do upgrades that would make their properties more energy efficient. The expected burden for each unit in order to make various upgrades is estimated to be up to $2,000.
If passed there would be two ways to comply. The first is to demonstrate that the property is already energy efficient. The second is to make a series of upgrades to the property to satisfy a set requirement. The SmarReg proposal is not yet approved but if you would like to have a voice in the wording or implementation of the rule, now is the time.
This will definitely burden landlords with an increased bureaucratic process with increased fees and a large up front costs. It will benefit renters in the short term who will pay lower utilities but they end up paying higher rent in the long run. The landlords and tenants are secondary in the minds of the City Council. The environment is number one.
by Neil Kearney | Apr 13, 2010 | Boulder County Housing Trends, Statistics
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.
http://viewer.docstoc.com/
Boulder County First Quarter Sales
by Neil Kearney | Apr 8, 2010 | Colorado Lifestyle
Bicycling Magazine named Boulder the third best town for bicycling in the nation. It’s no surprise to me, because in many cases it is 
easier to get around by bike than it is by car. Frankly, I am spoiled and take it for granted that I have many options to get wherever I’m going via multiple bike friendly routes. I remember a few years ago I took a short ride in Orlando Fl. and felt like my life was in danger.
The magazine did not disclose all of their criteria but they said it included, bike paths, bike lanes, bike shops, bike friendly regulations and public bike racks. It is hard to define a bike culture but Boulder’s got it. From organized cruiser bike rides to professional teams living and training in town to families riding down the Boulder Creek Path biking is everywhere.
For the Bicycling Magazine article click here.
by Neil Kearney | Apr 5, 2010 | Boulder County Housing Trends, Statistics
Real estate sales in Boulder County during March 2010 were very strong. After a few months of good activity in the market (showings, contracts, calls, etc.) with no appreciable increase in sales, March provided the measurable results I had been expecting.
Total sales in Boulder County, including both single family residential and condos/townhomes, were up 42% compared to March 2009. This pulled the year-to-date sales up to a 19.7% increase compared to the first quarter of 2009.
Single family sales were up even more dramatically. For the month, sales increased 49%!
Median prices during the first three months are up compared to the first three months of last year, but this is too small a sample to make any comprehensive statement on prices.
It seems that the sales are not just confined to the entry level and that activity is being seen in all areas of the market.
The slide show below shows the comparative statistics for Boulder County on a monthly basis. For best results view the slide show “full screen” (hit the button with the four arrows pointing to the corners).
http://viewer.docstoc.com/
March 2010 Statistics
