In the latest home price index from the Federal Housing Finance Agency (FHFA), Boulder County was listed in the top 20 of the 292 largest metro areas for annual appreciation for the period ended December 21, 2008. Boulder’s annual appreciation was listed as 2.99% while the U.S. as a whole had a depreciation of 8.27%. Colorado was ranked 17th with a annual depreciation of 2.61%. Prices fell in 44 states plus Washington D.C..
The graph below shows Boulder’s appreciation compared to the U.S.’s over the past 11 quarters. It is interesting to see the negative trend of the nation as a whole compared to our relatively steady rate. It is important to know that the national trend is not true in Boulder Colorado.
The top 20 areas for appreciation are mostly in the Southeastern U.S. including; Alabama, Texas and South Carolina. The top metro area for appreciation over the past year was Decatur, AL with a 6.58% increase.
The bottom 20 areas for appreciation continue to be exclusively in California, Florida and Nevada. The town that has been hardest hit over the past year was Merced, CA at -49.50%.
Delving a bit deeper I looked at the 5 year returns. Remember that the Boulder area did not have a big run-up in home prices during the early 2000’s like many areas that are now falling did. Over the past 5 years Boulder has gained 16%. This ranks us 192nd out of 292 MSA’s. Areas like Merced had a run up but are now down 33% over 5 years. The most appreciation over the past 5 years was in Wanatchee, WA at 75%.
I’ve been wondering about this. We have a couple of rental properties-the one in G’barrel depreciated but the one in town has held steady (from checking comparable sales). Thanks for posting this.
Hi Valerie,Thanks for the comment. They say that all real estate is local – even within Boulder County appreciation figures can vary depending upon location, age, condition etc. I too own a rental property in Gunbarrel and I agree it has lost some value. My house on the other hand has gained. My advice is to use these numbers as a generality for the overall market not as an indicator for any one house. Neil
Hey Neil:Interesting, and a confirmation of what I thought was the case in Boulder. But a friend just told me that townhomes/condos appreciate more slowly than single-family residences. Is that the case, and are these numbers broken down by residence type?Any idea for how property prices are behaving in Louisville vis-a-vis Boulder city?Thanks!