by neil kearney | Oct 31, 2009 | Statistics
The table below details the real estate market activity in Boulder Colorado. I created this weekly activity index at the end of April and have been tracking and commenting on this and other market data on this blog since that time. Basically what we have been seeing in the market is pretty steady activity. We are down from the past few years but we are holding up okay. Sales of all residential property in Boulder County is down roughly 23% through the end of September.
What is interesting about this index is that you can easily compare the number of homes that go under contract to those that actually close. I’ve found through my research that 24% of homes that go under contract don’t make it to the closing table. Another interesting statistic is the median price of the homes which have closed. The median price of sales has consistently been under $300,000. The average price of sales is also down so far this year. There are two reasons causing the lower sales prices; low interest rates for loans less than $417,000 and the first time homebuyer credit.
by neil kearney | Oct 30, 2009 | Photos, Uncategorized
We had an big early snowfall this week. Nearly 2 feet blanketed the area, knocking down tree limbs, closing schools and hastening the retreat of fall. I say early because usually we get our first significant snowfall on halloween night. I know because I have been in the trick-or-treat chaperone business for the past twelve years. 🙂
by neil kearney | Oct 29, 2009 | Boulder County Housing Trends
We have just received word that the Senate has voted to approve a bill this week that would extend 
the $8,000 tax credit through June of 2010. The “Dodd-Lieberman-Isakson” amendment would also extend the credit to NON FIRST TIME buyers as well. The non first timers will get $6,500 but still that is nothing to sneeze at. I will send out more information as it becomes available. There is a catch on the dateline. The buyer has to have a signed contract by the end of April 2010 and then they have to close by the end of June 2010.
This is a bold move to stimulate home sales through the traditional slower winter months and I for one welcome and applaud it. I will keep you upated as the bill moves towards becoming law.
by neil kearney | Oct 27, 2009 | Boulder County Housing Trends, Statistics
Activity in the market has been moderate. The number of listings that are going under contract in Boulder County continue near the 100 unit mark. There have been fewer sales lately, but that is to be expected given the time of year. We are approximately one month away from the expiration of the First Time Homebuyer Tax Credit so it will be interesting what that does to the market going forward.
by neil kearney | Oct 15, 2009 | Uncategorized
|
# New |
Price Drops |
# U/C |
# Sold |
Median $ of Sold |
| 30-Apr |
166 |
142 |
125 |
81 |
$ 317,900 |
| 7-May |
182 |
170 |
141 |
90 |
$ 294,700 |
| 14-May |
211 |
170 |
126 |
46 |
$ 301,950 |
| 21-May |
220 |
169 |
140 |
92 |
$ 275,950 |
| 28-May |
167 |
165 |
137 |
66 |
$ 272,450 |
| 4-Jun |
213 |
204 |
131 |
141 |
$ 324,500 |
| 11-Jun |
210 |
198 |
155 |
74 |
$ 296,400 |
| 18-Jun |
222 |
191 |
125 |
94 |
$ 339,950 |
| 25-Jun |
178 |
223 |
131 |
100 |
$ 339,900 |
| 2-Jul |
163 |
158 |
132 |
150 |
$ 299,000 |
| 9-Jul |
157 |
181 |
102 |
81 |
$ 332,900 |
| 16-Jul |
187 |
197 |
121 |
93 |
$ 289,900 |
| 23-Jul |
166 |
211 |
95 |
92 |
$ 334,450 |
| 30-Jul |
149 |
189 |
109 |
110 |
$ 278,950 |
| 6-Aug |
155 |
197 |
106 |
144 |
$ 312,450 |
| 13-Aug |
161 |
202 |
105 |
84 |
$ 319,975 |
| 20-Aug |
178 |
187 |
120 |
79 |
$ 345,000 |
| 27-Aug |
156 |
163 |
113 |
88 |
$ 317,475 |
| 3-Sep |
138 |
173 |
112 |
103 |
$ 285,000 |
| 10-Sep |
112 |
139 |
100 |
63 |
$ 284,900 |
| 17-Sep |
163 |
159 |
114 |
63 |
$ 317,000 |
| 24-Sep |
143 |
152 |
112 |
74 |
$ 314,500 |
| 1-Oct |
125 |
160 |
87 |
128 |
$ 259,900 |
| 8-Oct |
136 |
173 |
116 |
71 |
$ 300,000 |
| 15-Oct |
129 |
170 |
102 |
63 |
$ 352,750 |
Here we are midway through October and activity in the market still continues to surprise me. The number of properties that go under contract each week has been fairly consistent in the low 100’s over the past few months. One thing I have been noticing is the high number of homes that fall out of contract. Since late April an average of 118 properties go under contract each week at the same time an average of 90 properties close each week.
What happens to the 28 properties which go under contract but never close? There are any number of hurdles in a real estate transaction but they include; buyers remorse, inspection issues, appraisal issues and loan issues. Each transaction has its own challenges but from my chair it seems more difficult than ever to get from contract to closing. In fact, since April nearly 24% of all contracts have not made it to the closing table.
Picture a real estate transaction as a big rubber band held at one end by the seller and at the other end 
by the buyer. A normal transaction has a little give and take but the rubber band has enough slack on one side or the other to keep the band from snapping. Right now, it seems like buyers and sellers need to stretch their side of the band to the max in order to just get the initial contract together. If something comes up on the inspection, there is no more elasticity when the buyer wants a bit more and the band snaps. It seems like each transaction is formed on the precipice and it is a high wire act to get to closing. People definitely need a professional on their corner to help stretch it to the closing table. I’m here for you.
