by neil kearney | May 6, 2008 | Statistics
Current Market Conditions
I will present three recent statistics to give a snapshot of the market conditions in Boulder County. For simplicity, the I will only present data for single family homes.
Total Number of Sales:
During the month of April there were 276 residential closings. This was down just one unit from the same month last year. Year-to-Date we are down 6.3% when compared to last year.
Median Price:
A snapshot of median prices does not always tell the full story. However, it seems like we are having more sales in the lower end of the market than the upper end. Perhaps this is a result of tighter credit for larger loans. We have not seen a drop in prices across the board but many buyers are driving a very hard bargain, especially for homes that have been on the market for awhile.
Percentage of Homes Under Contract:
As of the end of April roughly 24% of residential homes that were on the market were under contract. this is a healthy number but it does not quite match the 30% at this time last year.
Overall, I think we are in a stable market with a healthy amount of inventory and activity.
by neil kearney | Apr 25, 2008 | Boulder County Housing Trends, Statistics
The Spring Market
Locally, most areas are having a fairly good spring. This is typically the busiest time of year and I know it has been for me. The City of Boulder is doing especially well. Areas such as Martin Acres and Table Mesa are seeing low inventory and strong demand. I have noticed quite a few out of town buyers which is always good. While the inventory is down from last year, there are still enough homes on the market that allow a buyer to be picky. Only the best homes are being placed under contract.
A few good indicators of market strength are the under contract ratio and absorption rate. 25% of all single family homes on the market in Boulder County are currently under contract and 32% of all attached dwellings in the County are under contract. These are strong numbers and indicate good market activity. Total sales continue to be down but the number of houses for sale is down as well. It is a smaller but healthy market. Absorption rate measures how long it would take to sell all currently active homes on the market given the current sales rate. Nationally it would take roughly 10 months to sell all of the homes on the market if there were no new ones on the market. Locally our average is around 7 months. The charts below show the details.
by neil kearney | Mar 13, 2008 | Statistics
Boulder County February Statistics
Sales down – Median Price Up – Under Contract Percent Up
The month end statistics show that the total number of sales were down again. For the year we are down 9% for single family residential homes.
The median price continues it strength. For the month the median price in Boulder County was $362,000 up from $344,000 a year ago.
The market continues to have some hot spots. Single family homes in the City of Boulder as well as homes under $350,000 county wide. At the end of the month the number of homes under contract was 19.4% today it is 22%.
by neil kearney | Mar 3, 2008 | Statistics |
Home Appreciation in Boulder County on the Rise!
According to the OFHEO Home Price Index, Boulder County is bucking the national trend. OFHEO tracks the 291 largest metropolitan areas in terms of appreciation and ranks them by their 1 year appreciation rate. During recent years our area has been lingering in the bottom third of all metro areas. The most recent data (4th Quarter 2007) was released last week and Boulder County is ranked 100 out of 291 with a 1 year increase of 2.89%. Even more impressive is the 4th quarter appreciation of 1.28%, which ranks us 46th in the nation. Below is a graph that shows our appreciation rate (increasing) as well as that of the U.S. as a whole (decreasing).
Here are some of the 1 year returns from other selected areas:
United States .84%
Colorado 1.37%
Boulder 2.89%
Denver -.49%
Fort Collins – Loveland 1.80%
Greeley -4.80%
Grand Junction 12.03%
Colorado Springs .06%
Highest appreciation: Wenatchee, WA 13.67%
Lowest appreciation: Merced, CA -18.98%
by neil kearney | Mar 3, 2008 | For Buyers, For Sellers, Statistics
S&P/Case-Schiller vs. OFHEO
S&P/Case-Schiller and OFHEO (Office of Federal Housing Enterprise Oversight) both publish a “national” price index. The Case-Schiller index has been getting much play on national media lately. Their most recent index shows a huge drop in appreciation during the 4th quarter. Unfortunately, this index only represents data from 20 metropolitan areas in 13 states. It is weighted toward higher priced homes and it is designed to overstate housing up’s and down’s. OFHEO’s index contains data from 291 metropolitan areas in all 50 states. Real Estate is local and the more data points you have the better the focus. I think the OFHEO index should be used more by the media. It tempers the extremes and gives a clear picture at the local level. In my next post I will give the latest data for Boulder County presented by OFHEO.
by neil kearney | Feb 21, 2008 | Statistics
Showings Up 8% Year-to-Date
The gross showings in Boulder and Broomfield County so far this year are up 8% from the same time last year. The market is picking up! A quick search shows that 22% of single family active listings are under contract in Boulder County. Up from 16% just one month ago.
