by neil kearney | Jul 12, 2007 | Statistics |
June Sales Update
The median price for homes sold in June in Boulder County was $380,000 this is an increase of 1.3% from June 2006 and an increase of 17% from June of 2004. In the City of Boulder the median price for homes sold in June was $515,000. Last June the median price was $562,000 and in June 2004 it was $448,000. Taking values just one month at a time is not an exact science. It is just a snapshot and does not necessarily reflect a trend. Here is the chart.
The number sales however works well in the monthly format. This give a good indication of the temperature of the market. As you can see from the chart below we are following the seasonal trend well but the number of sales this year is down when compared to the past three years. In fact we had 17% more sales in Boulder County in June of 2004 than we did last month. 
by neil kearney | Jul 9, 2007 | Statistics
June Sales Statistics
The numbers for June are in and it was a good month! In Boulder County 61 more properties closed in June than did in May. We were still down 8.7% from June 2006 and are down 12% YTD. The gross showings declined a bit in early June but rebounded during the final two weeks. The market is still moving and a full 25% of active listings are under contract in the City of Boulder. The U/C percentage allows us to compare relative strength in the market. Here are the percentages from throughout the region. The higher the number the more activity in the market.
o Boulder 25% of listings U/C
o Louisville 25.5%
o Lafayette 13.3%
o Longmont 11.7%
o Mountains 7.6%
o Plains 14.8%
o Superior 15.7%
o Boulder Cty. 16.7%
o Weld Cty. 7.8%
o Larimer Cty. 14.1%
Another gauge for market strength is the Listing inventory. This statistic shows how long it would take to sell all of the current listings using the average sales rate over the past year. Here are the numbers for our area. The lower the number in months the less inventory there is on the market.
o Boulder 7.26 months
o Louisville 5.32
o Lafayette 7.06
o Longmont 10.3
o Mountains 17.9
o Plains 10.4
o Superior 6.54
o Boulder Cty. 8.75
o Weld Cty. 10.3
o Larimer Cty. 9.2
I will follow up with a graphical display of the comparative statistics in the next few days!
by neil kearney | Jun 21, 2007 | Statistics
Million Dollar Price Trends in Boulder County
The overall trends prevalent in Boulder County are fewer sales and higher prices. In the past I have noted that the average and median prices in Boulder especially have been influenced by the increased number of high end houses selling. Today I’d like to explore the market for $ million homes in Boulder County.
Currently there are 296 homes in the county listed for $1 Million or more of those approximately 10% are under contract. There are 26 homes listed for $3 Million or more and the most expensive listing is $7,995,000. Currently none of the homes listed for more than $3 Million are under contract. Given the sales rate over the past twelve months, there is currently a 17 month supply of homes listed over $1 Million.
During the first 5+ months there have been 105 sales over the $Million mark. To show you how this compares with past years I have prepared a chart that shows the number of sales in this price range since 1997. It is obvious that we are headed up and if the sales rate keeps up, this year may be a record year.
As the number of sales increase it is interesting to see that the median price during the last 10 years is largely unchanged. During 1997 when there were only 6 sales the median price was $1,171,129. During 2006 there were185 sales with a median price of $1,340,000 an increase of only 14%. During that same time frame the high price for the year increased over 200% to over $4 Million. The chart below shows the prices of closed homes over $1 Million since 1997. Very interesting data for a highly competitive market.
by neil kearney | Jun 12, 2007 | Statistics
National Appreciation
Where Do We Stack Up?
Last week the Office of Federal Housing Enterprise Oversight released their home value report for the 1st quarter of 2007. According to the report, nationwide home price appreciation is slow, but on average, remains positive. As a nation, prices were 4.3% higher this year than they were 1st quarter last year. Seven states (mostly in the west) showed double digit appreciation and seven states showed home price depreciation during the first quarter.
Colorado had appreciation of 3.3% for the past year. This ranked 38th among states. During the 4th quarter of 2006 we had annual appreciation of 3.32% and ranked 43rd. We seem to be holding ground while other parts of the country are declining.
Locally, Boulder/Longmont had 1.55% appreciation during the past year and -.28% during the 1st quarter. This ranked us 223rd among 272 MSA’s (Metropolitan Statistical Areas). During the 4th quarter of 2006 we showed annual appreciaiton of 1.68 which ranked us 223rd.
Here are the top performing States:
- Utah 17.01%
- Idaho 12.27%
- Montana 11.68%
- Wyoming 11.67
- Washington 11.63%
- New Mexico 11.21%
- Oregon 10.77%
Here are the worst performing States:
- Michigan -.66%
- Massachusetts -.56%
- Nevada .60%
- Ohio .84%
- New Hampshire 1.07%
- California 1.19%
by neil kearney | Jun 6, 2007 | Statistics
May Statistics
Median Prices Increase
Number of Sales Down (slightly)
The statistics for May are in and the trend we have been watching all year long is still holding true; a modest increase in median price and a decline in the number of sales.
The median prices for single family homes in Boulder County was up 2.7% from last May. The median price is now $385,000. During May of 2004 the median sales price was $324,000. Many areas have not seen any appreciation during the proceeding three years. So why are the prices up, you ask. In my opinion, it is due to a few reasons. First are the many remodels and scape offs that have characterized the high end market. As more high end homes are sold the median price rises even if the actual values do not increase. Second is the spotty nature of market. There are pockets that have seen good appreciation and those that have not seen any. The graph below shows the median prices over time.
The number of sales during May is down just 4% from last year. I say “just”, because last month there were 18% lower than 2006. We are still down 13% for the year so far but I have the feeling that we are closing some ground. I have been very busy the past month or so (sorry so few posts) and get the feeling that many of my colleagues are as well. Here are the numbers.
by neil kearney | May 17, 2007 | Boulder County Housing Trends, Statistics
Hot Local Markets Revealed
I have seen a big surge in activity in the market the past few weeks. We have seen multiple offer situations on many homes and May is living up to 
its billing as the busiest month for sales. One tool I use to gauge the relative strength of markets is the Active to Under Contract Ratio. This simply measures how many homes are under contract in any market and compares that as a percentage to the total of listings available. A low percentage would indicate ample supply and low appreciation potential in the short term and conversely a high percentage would indicate a higher demand and possible upside appreciation in the short term. I have listed below the under contract percentage for the local areas for both single family attached and condos and townhomes. But first a summary; The three hottest markets for detached homes are in order: Louisville (36.5%), Boulder (29.6%) and Superior (28.4%). The softest markets for detached homes are: Weld County as a whole (9.46%) and Erie (10.9%). The hottest markets for condos are: Louisville (30.6%) and Boulder (26.4%). There are two markets that are very slow in the sale of condos; Erie has 38 active listings and only 1 under contract and Superior has 33 active listings and only 1 under contract.
Here is the data:
Single Family/Detached Homes
- Louisville – 36.5%
- City of Boulder – 29.6%
- Superior – 28.4%
- Lafayette – 23%
- Boulder County – 19.6%
- Longmont – 14.7%
- Suburban Plains – 14.7%
- Suburban Mountains – 11.2%
- Erie – 10.9%
- Weld County – 9.46%
Condos and Townhomes
- Louisville – 30.6%
- City of Boulder – 26.4%
- Boulder County – 20.4%
- Lafayette – 18.1%
- Suburban Plains – 17.3%
- Longmont – 10.3%
- Weld County – 9.8%
- Superior – 3%
- Erie – 2.6%
