Thursday, January 20, 2011
Real Estate Stats for Boulder County
Economic Snapshot
A look at the current real estate market; provided by RE/MAX ALLIANCE
January/2011
The first decade of this new millennium was one of contrasts. It began on loose footing with the dot.com fiasco and the events surrounding 9/11. Then followed the years of unbridled economic growth, where people’s thoughts were centered on early retirement, travel abroad and procuring more adult toys. The decade limped to a close as the government attempted to pump new blood into an ailing economy by offering tax credits to homebuyers and salvaging the banking industry; home mortgage interest rates fell to historic lows. The question that begs an answer is, “Where are we ten years later?”
Let’s take a quick look back to see where the Boulder County real estate market was ten years ago relative to today. In January/2001 the traditional thirty-year fixed rate mortgage was at 7.07%. In December/2010 that same loan was at 4.86%. The average sales value of a single-family home in 2001 was $361,833. In 2010 the average sales value of a single-family home was $442,694. That equates to a 22.34% increase in the average sales value; approximately 2.23% per year. Using the above figures, with a 20% down payment, the principle and interest payment for the average home in 2001 was $1,945.28. In 2010, that number would be $1,879.88. Things have improved incrementally over the course of the past ten years.
The Boulder Valley real estate market appears to have weathered the economic storm and reached a point of stabilization. Boulder County sold properties in 2010, single-family homes and attached units, was 3,660. This compares to 3,665 sales in 2009. The inventory of available homes for sale still exceeds the number of potential buyers, with the Absorption Rate currently standing at 6.26 months.
Per the chart below, the average home values of sold properties have improved over last year in most market areas. This should continue as buyers who have been standing on the sidelines view this as an opportune time to purchase homes in the higher price ranges.
Home mortgage interest rates have trended-up slightly over the course of the holidays. As the economy continues to show signs of improvement, expect mortgage rates to vacillate around the 5% mark as we head into spring.
Below is an overview of sales activity for the past two years for single family homes in the various Boulder Valley areas, courtesy of IRES – the Northern Colorado MLS.
2009 2010 %Change 2009 2010 % Change
Area Solds Solds Change Average Price Average Price Change
Boulder 563 622 +10.48% $647,584 $650,280 +.416%
Louisville 202 194 -3.96% $394,214 $440,512 +11.74%
Lafayette 219 229 +4.56% $352,667 $357,377 +1.33%
Superior 127 107 -15.75% $413,935 $426,358 +3.00%
Longmont 891 831 -6.74% $240,902 $256,175 +6.34%
Sub. Plains 373 449 +20.37% $510,351 $549,796 +7.73%
Sub. Mtns. 203 230 +13.30% $415,567 $411,662 -.940%
Broomfield 353 338 -4.25% $353,343 $380,074 +7.56%
=== === ====== ======= ====== ======
Totals … 2931 3000 +2.35% $405,363 $433,427 +6.92%
Wednesday, January 19, 2011
Economic Outlook Digital Magazine!!
New from RE/MAX Alliance, our Economic Outlook Digital Magazine!! Inside you will find all kinds of great information, from what the real estate market indicators are to home staging tips. There is even a section for kids. Take a look!!
Click here to read the magazine.
Click here to read the magazine.
Friday, January 14, 2011
LAEC reports primary job gains for the Longmont area!
4th Quarter 2010
Currently we have 197 primary employers in the Longmont
area.
~ 10 new companies: Abound Solar, American Recreation
Products, Goliath Systems, Niwot Technologies, Onsemble,
Inc., Parascript, RF Concepts, Synapse Design, TechPubs
Global, and TerraLUX which represent 148 new jobs in
2010.
~ 14 companies closed or relocated their operation
out of Longmont in 2010 resulting in a loss of 156
positions. Those companies are AgInfoLink, BioHarmony
Corporation, Cevan Nutritionals, Colorado Micro
Precision, Cornay Company, Earthmap Solutions,
ExcelStor Technology, FreeDesign, Great Basin Scientific,
InPhase, Knowledge Forge, Monolithic Sculptures, Peak
Industries, and Storage Genetics.
~ 67 existing companies added employees to their
operation in 2010 resulting in 661 new jobs.
~ 47 existing companies cutback employment in 2010
resulting in a loss of 317 jobs.
This gives us a net gain of 336 primary jobs in 2010.
~ The vacancy rate for real estate inventory (industrial and
office) in the Longmont area through the fourth quarter of
2010 is 14.6% with 1.26 million square feet available. (Net
primary employer absorption through the fourth quarter
2010 is +7,444 square feet). Note that these numbers
reflect only facilities that are ready for occupancy.
~ The Longmont Area Economic Council worked with 10
new prospects looking at the Longmont area for relocation
and/or expansion of their businesses during the fourth
quarter 2010 for a total of 45 for the year. This compares
to 7 for the same quarter in 2009 and 52 for the year.
The Longmont Area Economic Council has a
comprehensive database of available land and industrial/
office buildings. We service the City of Longmont, Lyons,
Niwot and unincorporated Boulder County area.
Currently we have 197 primary employers in the Longmont
area.
~ 10 new companies: Abound Solar, American Recreation
Products, Goliath Systems, Niwot Technologies, Onsemble,
Inc., Parascript, RF Concepts, Synapse Design, TechPubs
Global, and TerraLUX which represent 148 new jobs in
2010.
~ 14 companies closed or relocated their operation
out of Longmont in 2010 resulting in a loss of 156
positions. Those companies are AgInfoLink, BioHarmony
Corporation, Cevan Nutritionals, Colorado Micro
Precision, Cornay Company, Earthmap Solutions,
ExcelStor Technology, FreeDesign, Great Basin Scientific,
InPhase, Knowledge Forge, Monolithic Sculptures, Peak
Industries, and Storage Genetics.
~ 67 existing companies added employees to their
operation in 2010 resulting in 661 new jobs.
~ 47 existing companies cutback employment in 2010
resulting in a loss of 317 jobs.
This gives us a net gain of 336 primary jobs in 2010.
~ The vacancy rate for real estate inventory (industrial and
office) in the Longmont area through the fourth quarter of
2010 is 14.6% with 1.26 million square feet available. (Net
primary employer absorption through the fourth quarter
2010 is +7,444 square feet). Note that these numbers
reflect only facilities that are ready for occupancy.
~ The Longmont Area Economic Council worked with 10
new prospects looking at the Longmont area for relocation
and/or expansion of their businesses during the fourth
quarter 2010 for a total of 45 for the year. This compares
to 7 for the same quarter in 2009 and 52 for the year.
The Longmont Area Economic Council has a
comprehensive database of available land and industrial/
office buildings. We service the City of Longmont, Lyons,
Niwot and unincorporated Boulder County area.
Monday, December 13, 2010
Economic Snapshot
Economic Snapshot
A look at the current real estate market; provided by RE/MAX ALLIANCE
December/2010
The end is near. Another year is about to hike over the horizon and a new year will magically make its presence known. The years seem to slip by more quickly these days as we try to keep pace with the newest cell phone, computer or television. Technology has made things smaller, more efficient and quicker. We would die of boredom waiting for an old IBM 286 to boot up; all fifty pounds of it.
Despite all the changes in technology over the past couple of decades, the purchase and sale of real estate has remained pretty much the same. It is still a hands-on business. Ultimately, all the final decisions are made by humans, not computers.
The pace of a real estate market isn’t defined by the human element, though. Statistics rule here. How many homes have sold this week, this month, and this year? How does that compare with last year or the year before that? Are home values going up or down? How many homes are on the market for sale? All questions requiring statistical answers.
Here are some area statistics compliments of IRES (Northern Colorado MLS). The year 2005 is used as a benchmark, since that has been the most active year for sales activity for the past six years throughout Northern Colorado.
• Boulder County: In 2005, there were 4,193 single family homes sold. For 2010, there will be approximately 2,560. That equates to about a 39% drop in the number of sales.
• Boulder County: In 2005, there were 1,602 attached units sold. For 2010, there will be approximately 1,030. That equates to about a 36% drop in the number of sales.
• Northern Colorado: Through November/2005 there were 26,239 New Listings. Through November/2010 there were 19,724 New Listings. That equates to about a 25% drop in the number of New Listings.
• Northern Colorado: Through November/2005, the Medium Sales Price was approximately $237,500; Average Sales Price was approximately $296,521. Through November/2010, the Medium Sales Price was approximately $230,000; Average Sales Price was approximately $286,704.
Statistics can be confusing at times. They can also be manipulated to represent a specific position. If looked at solely from the perspective of what the numbers are, they don’t lie. So, what do the numbers above tell us?
1. Sales are down noticeably from 2005. They have trended down every year since 2005 for Boulder County, but the numbers for 2010 will be equal to or slightly above 2009 sales figures.
2. The number of active listings has dropped off significantly since 2005. Sellers have decided to (a) stay where they are and not move; (b) wait for the market to improve and then move; or (c) rented their home and moved.
3. Real estate market values have not improved since 2005. In actuality, they have dropped slightly overall. The upper end of the market i.e. over $600,000 has experienced the greatest negative impact from the economy. The lower end of the market has sustained itself.
4. Finally, the Boulder County single family Absorption Rate for 2005 was 7.5 months. Through November/2010 the Absorption Rate is 7.06 months.
A look at the current real estate market; provided by RE/MAX ALLIANCE
December/2010
The end is near. Another year is about to hike over the horizon and a new year will magically make its presence known. The years seem to slip by more quickly these days as we try to keep pace with the newest cell phone, computer or television. Technology has made things smaller, more efficient and quicker. We would die of boredom waiting for an old IBM 286 to boot up; all fifty pounds of it.
Despite all the changes in technology over the past couple of decades, the purchase and sale of real estate has remained pretty much the same. It is still a hands-on business. Ultimately, all the final decisions are made by humans, not computers.
The pace of a real estate market isn’t defined by the human element, though. Statistics rule here. How many homes have sold this week, this month, and this year? How does that compare with last year or the year before that? Are home values going up or down? How many homes are on the market for sale? All questions requiring statistical answers.
Here are some area statistics compliments of IRES (Northern Colorado MLS). The year 2005 is used as a benchmark, since that has been the most active year for sales activity for the past six years throughout Northern Colorado.
• Boulder County: In 2005, there were 4,193 single family homes sold. For 2010, there will be approximately 2,560. That equates to about a 39% drop in the number of sales.
• Boulder County: In 2005, there were 1,602 attached units sold. For 2010, there will be approximately 1,030. That equates to about a 36% drop in the number of sales.
• Northern Colorado: Through November/2005 there were 26,239 New Listings. Through November/2010 there were 19,724 New Listings. That equates to about a 25% drop in the number of New Listings.
• Northern Colorado: Through November/2005, the Medium Sales Price was approximately $237,500; Average Sales Price was approximately $296,521. Through November/2010, the Medium Sales Price was approximately $230,000; Average Sales Price was approximately $286,704.
Statistics can be confusing at times. They can also be manipulated to represent a specific position. If looked at solely from the perspective of what the numbers are, they don’t lie. So, what do the numbers above tell us?
1. Sales are down noticeably from 2005. They have trended down every year since 2005 for Boulder County, but the numbers for 2010 will be equal to or slightly above 2009 sales figures.
2. The number of active listings has dropped off significantly since 2005. Sellers have decided to (a) stay where they are and not move; (b) wait for the market to improve and then move; or (c) rented their home and moved.
3. Real estate market values have not improved since 2005. In actuality, they have dropped slightly overall. The upper end of the market i.e. over $600,000 has experienced the greatest negative impact from the economy. The lower end of the market has sustained itself.
4. Finally, the Boulder County single family Absorption Rate for 2005 was 7.5 months. Through November/2010 the Absorption Rate is 7.06 months.
Monday, November 29, 2010
Longmont FREE Holiday events!!
The holidays are upon us!! Longmont know how to do it right!! It all starts this weekend with the tree lighting festivities on Friday December 3rd from 6-8
Friday, December Longmont Lights in Roosevelt Park the following events are happening!!
Sounds of the Holidays at the Senior Center, 6:30 to 8 pm. Enjoy the sounds of Longmont's All Star Jazz Band under the direction of Bill Wilkinson.
Holiday Ice Show: 6:30 to 8 pm
As part of the 2010 Longmont Lights celebration, the City's Ice Pavilion hosted a Holiday Ice Show featuring ice skating instructors and professionals from the Denver area performing on Friday, December 10, 2010.
Night Parachute Drop : 8 pm - weather permitting
Mile High Skydiving Club proudly sponsors the pyrotechnic night parachute drop at 8pm in Roosevelt Park.
Santa’s Workshop: 5 to 8 pm
Visit Santa and his workshop on this magical evening. Make holiday ornaments and play in his workshop. This parent/child activity is geared for children ages 10 and under. Be sure to bring your camera. Free.
Hot Cocoa Carts: 5 to 8 pm
Enjoy a free cup of hot cocoa from one of the hot cocoa carts in Roosevelt Park at the Fire Pits. Sponsored by Longmont Meals on Wheels. Free.
Reindeer Visit: 5 to 8 pm
Join us in front of the St Vrain Memorial Building at 700 Longs Peak Avenue to visit with Santa's finest!
Trolley Rides: 5 to 8 pm
Take a horse-drawn carriage ride around Old Town Longmont. Trolley rides begin and end on the east side of the Longmont Senior Center. Free.
Saturday, December 11th is the Parade of Lights!! With firepits, and fireworks after!!
click here for all the details!!
Friday, December Longmont Lights in Roosevelt Park the following events are happening!!
Sounds of the Holidays at the Senior Center, 6:30 to 8 pm. Enjoy the sounds of Longmont's All Star Jazz Band under the direction of Bill Wilkinson.
Holiday Ice Show: 6:30 to 8 pm
As part of the 2010 Longmont Lights celebration, the City's Ice Pavilion hosted a Holiday Ice Show featuring ice skating instructors and professionals from the Denver area performing on Friday, December 10, 2010.
Night Parachute Drop : 8 pm - weather permitting
Mile High Skydiving Club proudly sponsors the pyrotechnic night parachute drop at 8pm in Roosevelt Park.
Santa’s Workshop: 5 to 8 pm
Visit Santa and his workshop on this magical evening. Make holiday ornaments and play in his workshop. This parent/child activity is geared for children ages 10 and under. Be sure to bring your camera. Free.
Hot Cocoa Carts: 5 to 8 pm
Enjoy a free cup of hot cocoa from one of the hot cocoa carts in Roosevelt Park at the Fire Pits. Sponsored by Longmont Meals on Wheels. Free.
Reindeer Visit: 5 to 8 pm
Join us in front of the St Vrain Memorial Building at 700 Longs Peak Avenue to visit with Santa's finest!
Trolley Rides: 5 to 8 pm
Take a horse-drawn carriage ride around Old Town Longmont. Trolley rides begin and end on the east side of the Longmont Senior Center. Free.
Saturday, December 11th is the Parade of Lights!! With firepits, and fireworks after!!
click here for all the details!!
Thursday, November 11, 2010
RE/MAX Alliance Market Updates: Boulder Valley Economic Snapshot - November '10
RE/MAX Alliance Market Updates: Boulder Valley Economic Snapshot - November '10: "Real estate markets and economies are trend oriented. They have a tendency to follow specific paths. Sometimes those paths ar..."
Tuesday, November 9, 2010
RE/MAX Alliance supports Operation Christmas Child
Our office is helping with Operation Christmas Child. We have boxes at our office at 900 S Main or you can use a shoebox of your own. These simple boxes go to needy children in some of our planets most impoverished countries. They make a huge impact on the children and are much needed. If you would like to fill a box or 3, please drop them off at my office before November 16th. Please include $7.00 for each box for shipping. Please contact me if you have any questions.For more information click here.
Subscribe to:
Posts (Atom)