by neil kearney | Dec 12, 2006 | Statistics
The median price for single family homes in Boulder County is up 4.8% from last year. The statistics are compiled through November 30th from IRES – the Northern Colorado MLS. The chart below shows median price by month. Looking at the chart we can see that there is no “best” time to sell. Although the highest median prices were recorded this year during the summer it is not a significant difference over time. 
The number of sales per month is more seasonal. As you would expect the busiest months for real estate transactions are May – August. Overall, this year the number of sales is down roughly 8% from last year. The months where we saw the most dropoff were April and July. Both of those months saw decreases over 14% year over year. The chart below shows the number of sales in Boulder County by month. Keep in mind that the figures track closings, closings usually take place 30 -45 days after the house is placed under contract. So when it says that January is the slowest month it actually means that December and November have fewer buyers.
by neil kearney | Nov 13, 2006 | Statistics
This past weekend I was out showing property and it again became apparant that a large percentage of the places I was showing were unoccupied. Today I ran the numbers and what I found was surprising. I searched both single family homes and attached dwellings by city.
The table above shows the number of vacant homes, the number of occupied homes and the ratio of vacant to occupied for each of the selected locales. Louisville and Superior have the fewest vacant houses on the market with 25%. Ft. Collins, Longmont and Boulder are the highest with 43%, 42% and 41% respectively.
The figures are even higher for attached dwellings where a full 46% of active listings are vacant. The chart is below.
These numbers are so high for a few reasons. First, since the market for new homes has slowed down, builders have listed their inventory on the MLS. In a market where builders are selling their homes before they are completed they do not list their homes on the MLS. All of these homes are counted as vacant. For example all but 4 of Eries attached dwellings are new construction. Another reason for the vacant listings are landlords cashing out. The past few years have been tough for landlords locally. Rents have been falling and it has not been uncommon to have vacancies between rentals. Many small landlords have had enough and are selling after their last leases are up. The last reason I can think of for the vacancies is accumulated gain. Many homeowners have accumulated gains over the years and feel comfortable choosing and buying their hext house before selling their current one. I will be interested to compare these statistics with those next spring when the market is moving a bit faster.
by neil kearney | Nov 6, 2006 | Statistics
Sales figures have been down across Boulder County most of the year as compared with 2004 and 2005. The average drop in the total number of sales for single family homes and attached dwellings in Boulder County has been around 10% per month. The highest variances were 17% drops in closings during July and September.
Days on Market
Other statistics that shows the relative strength of the market are Days to Offer and Days on the Market. This is simply how many days it takes for a listing to sell and close. Days to Offer measures the time it takes to receive and accept an offer. Days on the Market measures the total time from new listing to the closing. Taking the difference of the two measures the average time a seller has to move out while the Buyer does inspections and obtains financing.
From the graph above you can see that the Days to Offer and Days on Market statistics are very similar to the numbers we have been seeing for the past few years. The average time to contract is roughly 75 days with another 25 to 30 days in order to close. A few things to keep in mind when looking at this particular statistic. 1) Not all listings sell. The numbers only reflect those listings that were good enough to attract a buyer. 2) Some listings sell during a second or third listing period. If a listing does not sell within the first couple of months the MLS listing is withdrawn and added again (many times with a new price). This original listing does not show up or add to the listing period shown when it does not sell. Therefore, the numbers shown are unquestionably low. For these reasons this statistic is best used for comparison to past years, not as a prediction of how long a home will take to sell.
by neil kearney | Nov 2, 2006 | Statistics
Through the first ten months of the year the market seems to be holding its own. Median prices for single family homes have increased increased in communities throughout Boulder County. As you can see in the chart to the left the City of Boulder has a median price so far this year of 
$545,000, up 4.7% from last year. Taking Boulder County as a whole, the median price for single family homes is $365,000, up 5.83% from the prices recorded at the end of 2005. While these statistics paint a rosy picture it seems that the market has not been all that strong since August 1st. Inventory has been rising and I suspect that the increases in median prices have much to do with the wide proliferation of large houses being bought and sold (remodel and new) throughout the county.
Attached dwellings (condos and townhomes) have not fared as well in the recent statistics. In Boulder the median price for an attached 
dwelling is down 1.6% for the year thus far. The county is up a mere .2%. The only area that showed significant appreciation in median price is Louisville where the volume is fairly low and the statistics are being pulled up by the new construction of condos in the city. As an andedote, I have noticed condos in and around Boulder that have lost market value in the past 2-3 years. In order for a condo to compete it must be updated and priced well. The trend is away from interior hallways.
As you can see from the chart labeled Boulder Median Sales Price Comparison, Boulder has been a great place to own real estate over the past 13 years. Over the past 4 years our area did not not participate in the price jumps seen in other areas of the country. However, many national experts see this area as one poised for price increases. I have seen instances where many Buyers have come from the coasts 
(mostly California) after a major price increase to find better prices and quality of life in this area. I think we will see some of that in 2007.
