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 | Mar 2, 2007 | Statistics
February 2007 Statistics
Number of Sales Off 22% For The Month
There were 181 sales of single family homes in Boulder County that occurred during February. This is down from 238 a year ago. So far for the year the combined sales are down 14%. As I mentioned a few posts ago, it seems like the market is picking up and there are currently 362 properties under contract. 
Median Price Down From January, Unchanged from 2006
The median price for a single family home in Boulder County was $344,000. Compare this to $377,000 in January and $343,000 during February last year. As you can see from the chart below, there is no statistical pattern for seasonality of price. However, we have seen modest price increases over the past few years county wide.
by neil kearney | Jan 10, 2007 | Statistics
Median prices of single family homes in Boulder County were up 5.11% for the year. All communities showed some appreciation with the exception of Lafayette which had just a slight decline. Average prices were up across the board for the year. The chart below shows the increase of median prices over time. As you can see the gap between Boulder and its neighbors has become more pronounced as time has gone by. This is mostly due to the proliferation of new and remodeled, high end properties in the city of Boulder.
The median price for an attached dwelling in Boulder County increased by just under 1% for the year. In the City of Boulder the median price in December 2005 is exactly the same as it is now $240,000. The largest increase was in Louisville where the net gain was 6.4% for the year.
Days on Market and Days to Offer remained roughly the same as compared with year end 2005 figures. On average it took 74 days to obtain an acceptable offer. In my experience this number is a lower than it should be due to the realities of agents and sellers withdrawing homes from the market and re-listing them to “refresh” the listing. This practice happens in all markets so I believe the comparison across years paints a fairly accurate picture.
by neil kearney | Jan 9, 2007 | Statistics
While I’m already into 2007 working and planning toward another successful year helping buyers and sellers, it is very helpful to look back on 2006 to see where we are and where we may be headed.
Before I present some of the stats I have compiled, I’d like to share with you some of the thoughts I have regarding the market that are not necessarily easy to see in the numbers. Here is what I noticed in 2006:
- There were a ton of vacant houses and condos for sale. This is a result of the softer than normal rental market. Many landlords have decided that selling was a better idea than trying to get a tenant only to find that it was a pretty tough year to find a buyer. Especially when the property was not in pristine shape.
Many houses did not sell and were withdrawn from the market after many months of trying. Only well priced homes are selling quickly. Buyers have many homes to see and it is very hard to fool “the market”.
Once a buyer for a house was found the negotiation tended to favor the buyer on inspection issues. There were many new roofs, furnaces, hot water heaters etc. paid for by the seller this year. Many had the attitude of “just let me be done with it”.
Although the statistics show at least some appreciation, many areas have been losing value. This year I represented a Buyer in buying a house for $11,000 less than the Sellers had purchased for 5 years ago!
One of the statistics I love for comparison purposes is “months of inventory”. This statistic relates houses currently on the market to the number sold during the last 12 months. The chart below shows the amount of inventory in months for the different sub-areas in Boulder County. The inventory is derived by dividing the number of current listings by the average number of sales per month during the preceding 12 months. It answers the question, “how long would it take to sell the homes currently on the market?”. The inventory is the greatest in the mountain areas and the lowest in Louisville. Both Erie and the mountain areas showed improvement from December 2005.
Although the figures for the County are similar, in general the inventory is higher for attached dwellings. 
I will continue highlighting year end statistics in the coming days. Stay tuned!
by neil kearney | Oct 25, 2006 | Statistics
The sky is falling! The reports in the media lately have lead many people to believe that not only is the “Great Real Estate Boom” over, we are in store for a “great collapse”. It is my goal in this post to give you the true picture of the real estate market both local and national. I think you will find that in both cases we are still moving along in a normal manner, unlike what some markets have grown accustomed to in the past few years.
First off let’s tackle the national picture: The record boom is coming to a close. All of the areas that have seen astronomical price jumps are now seeing those numbers level out as inventory rises. Areas like Las Vegas which has averaged over 21% appreciation for the past 5 years, showed an 11% gain the past 12 months and an anemic .57% gain during the second quarter. The TV shows like Flip That House, that it seem like it is really easy to make money flipping houses, will have to find new territory, Las Vegas is yesterday’s news. Overall the appreciation rates are declining across the board with the areas that have shown the most appreciation slowing the most. Areas like ours, which did not participate in the recent boom are continuing to stay relatively stable and are not being sucked into the backwash of the price surge seen in places like Arizona, Florida and California. The rise in interest rates and the rise in inventory (when everyone is building) has caused markets to cool. We have not seen a crash but I don’t doubt that there will be price corrections in some markets that have appreciated at a pace above sustainability.
Locally, we have been more deliberate in the past few years. According to the Office of Federal Housing Enterprise Oversight, the Boulder County market has appreciated at an annual rate of 3.92% over the past five years. In the City of Boulder the figure looks like 6.9% and in the Boulder County part of Erie the appreciation has been just .5% per year. Locally, the number of sales has decreased 9.5% in the County and 4.2% in the City. As I mentioned before prices are still up for the year with the exception of Condos in the City which were stable. Since the end of July showings and sales have been at a slower pace.
As I have said many times, well priced homes in good condition are still selling. Have a great fall and call with any questions. I’d love to be of service!
