Boulder County Real Estate Market Update

Market Insights

A look at the current real estate market; provided by RE/MAX ALLIANCE

April/2015

            Here’s a question in keeping with the arrival of spring and the birth of a new baseball season. What’s the most expensive baseball card ever sold? Is it the Tulowitzki rookie card? Not! You’d have to go back over a hundred years for the card that sold in 2007 at auction for $2.8 million to Ken Kendrick, owner of the Arizona Diamondbacks. It’s the Honus Wagner T206 card produced by the American Tobacco Company between 1909 and 1911.

            With that bit of baseball trivia, let’s segue from baseball to real estate and the concept of scarcity. What made the Honus Wagner card so valuable was the fact there were so few cards distributed – only forty to the public. What has made home values increase over the course of the past few years across the Boulder Valley and Front Range is too few homes available for sale. As an example of appreciation, the average sales price of a single family home in the City of Boulder in 2011 (when the real estate market bottomed out) was $664,620. The average sales price of a single family home in the City of Boulder in 2014 was $823,550. That’s a collective increase of 23.91% over that period of time.

            That same pattern of appreciation has transpired in the various municipalities surrounding the City of Boulder. Once identified as bedroom communities, towns and cities like Superior, Louisville, Lafayette, Erie, Broomfield, and the mountain areas have grown-up over time. They haven’t reached the same level of average sales value as the City of Boulder, but home values have continued to increase throughout the Boulder Valley fostered by new construction and lack of inventory.

Let’s see how these previous bedroom communities did compared to the City of Boulder. Below are single family average sales prices for 2011 and 2014 for various geographic areas throughout the Boulder Valley. Information is courtesy of IRES (the Northern Colorado MLS).

                   

                                                              2011                             2014           

                  Area                      Average Sales Price        Average Sales Price         % Change

      Boulder                                      $664,620                          $823,550                    +23.91%         

      Superior                                      $423,885                          $509,950                    +20.30%                     Louisville                                 $412,121                             $537,124                    +30.33%          

      Lafayette                                    $372,445                          $433,416                    +16.37%         

      Longmont                                  $244,774                          $306,144                    +25.07%

      Suburban Plains                         $551,819                          $618,848              +12.14%                      Suburban Mountains                       $398,398                           $477,2                 +19.79%                                

  As the City of Boulder gets built out (filled in), look for growth to the east. Superior, Louisville and Lafayette are mostly in an in-fill status. Erie continues to cultivate new home subdivisions and will eventually be larger in terms of both number of residents and acreage than any of the three communities just noted. 

Listings Remain Low Through Out Boulder County | Longmont Title

Listings Remain Low Through Out Boulder County | Longmont Title

Boulder Valley Real Estate Update

Economic Snapshot

A look at the current real estate market; provided by RE/MAX ALLIANCE

November/2014

The days grow shorter. The nights grow longer. We edge toward the end of another year. That sounded a little morbid, didn’t it? All new beginnings must ultimately have an end.

Real estate markets always have a new beginning. When the frigid days of winter give way to the warm days of spring, a renewed optimism in the minds of buyers and sellers begins to blossom. Change is in the air.

It’s like running a marathon. At the starting line (the beginning) there’s a nervous energy prevalent in the participants. Smiles flourish. Good wishes are offered. There’s a loud bang and they’re off. A few hours later (the end) the picture is a little different. A lot of energy has been expended. The participants are tired, but there’s a sense of accomplishment, a sense of purpose. Fulfillment reigns supreme.

When we look at the Boulder Valley real estate market thus far in 2014, from a new beginning to an impending end, we see the various aspects of a marathon.

·         We started the year with home mortgage interest rates around 4.47% for the traditional thirty-year fixed rate loan. At this writing the rate is about 3.93%. No major hills and valleys to be encountered here as we run along.

·         Home values across the Boulder Valley increased on average by about 5.89% when compared to last year ($517,488 vs. $487,008). That’s good stuff. We’re keeping a steady pace, running with the wind at our back.

·         Home sales across Boulder County are down slightly when compared to 2013. Single family sales are off about 8.44% (2,799 vs. 3,057). Attached unit sales are up about 2.04% (1,196 vs. 1,172). The combined market is down about 5.54% (3,995 vs. 4,229). A few hills to traverse here. Need to expend a little more energy, but not a lot of ground to make up.

·         Available inventory continues to be an ongoing issue. New construction has somewhat filled the void with production homes being built in several of the communities to the east of Boulder. Boulder County started the year with 769 single family active listings. At the end of October there were 981 single family active listings. That number will continue to drop by the end of the year to be somewhat comparable to where we started.  We’re on a flat surface now. A gentle breeze carries us along. The finish line is in sight.

As we race toward the end of the year, we can look back with some degree of pride on what has been accomplished. It’s been a long ten months plus thus far, with a steadfast resolve to help buyers and sellers meet their real estate needs. There have been a few transactions that have gone awry, but many more that went as planned, resulting in satisfied buyers and sellers.

Just beyond the horizon sits a new beginning, awaiting its time and opportunity to spring forward and make its presence known. What lies ahead for it is unknown, but as Ralph Waldo Emerson said: “Life is a journey, not a destination.” Take the time to enjoy the run. 

Longmont and surrounding area real estate market stats for September

Longmont Association of REALTORS® | Statistics

I received a very nice letter of recommendation from a past client!

To Whom it may Concern:

We lost my father unexpected in the spring of 2013.  Which left my mother alone in the house her and my father shared together for over forty years. 

I was concerned about this situation over the long term, as I lived nearly an hour drive away.  With no other family nearby that was going to leave her a little isolated. 

I wanted her move closer to me, so I could be more available to her.  And I wanted it sooner rather than later.  But since my mother has lived on the same block since she was two years-old, she was not eager to move anytime soon. 

Realistically, I thought it would probably be five, maybe even ten years before she might choose to make that sort of move.  However, I thought if I started having her look at houses near me, occasionally, it would encourage her to move forward sooner. 

This is how we met Kathy, in the spring of this year, 2014.  We were "window shopping" and called Kathy to view a house she was listing in my  own neighborhood. 

The house was very nice, but not my mom's style. However, we both found Kathy to be very personable and enjoyed viewing her listing.  We felt at ease with her, and there was a real "click" between her and my mother, in particular.  

I will tell you that I don't remember wether we contacted Kathy again or, she contacted us.  It was such a natural progression of communication that it doesn't stand out to me.  And I can tell you this is the beauty of Kathy's manner and professionalism.

Kathy really knows how to talk, listen, and respond to her customers.  In fact, she never made us feel as if we were her customers.  She made us feel more like good friends, and she didn't want us in just any old house.  Rather she was determined to help us find the house perfectly suited to our wants and needs.  She is very patient and thoughtful that way.

We felt truly cared for and listened to.  And, amazingly, because of her keen abilities to respond so seamlessly to the conversations we had while house hunting, my mother found her perfect home. 

It took less than 5 months, beginning to end --not years!  I was so astounded.  She really knew how to connect with my mother in a way that helped her make one of the biggest lifestyle changes she's made in a very long time.

I will always be grateful to Kathy for helping my mother find the house of her dreams, so close to my own house.  My mother now lives 10 minutes away, and can enjoy her grandkids daily.  Rather than an hour away, with only the occasional visits she got previously. 

We are all very happy with this new change in our life, and I give Kathy so much credit for that change.  We feel very lucky to have connected with her.  She is so personable, knowledgable, and professional!  I highly recommend her to anyone looking to make a move, she knows her business and is a pleasure to work with! 

Sincerely,

Darla Bradford

Boulder County economic update

Economic Snapshot

A look at the current real estate market, provided by RE/MAX ALLIANCE

July/2014

              Thus far this year home values continue to rise across the Boulder Valley as demand exceeds supply. New construction throughout the eastern portion of Boulder County has augmented a portion of the increased buyer demand, but resale listing inventory has plateaued, with monthly home sales somewhat mirroring monthly listings entering the market.

              In late June/2013 there were 1,353 active single family home listings in Boulder County. At the end of June/2014 that number stood at 1,284. Sales of single family homes through June/1014 are down 10.40% compared to through June/2013 (1,543 vs. 1,722). Attached unit sales for the same time periods are comparable (645 vs. 648).  

              Below is a brief overview of sales values by locale for single family homes from IRES (the Northern Colorado MLS). 

              

                                           2013 (Thru June)          2014 (Thru June)       

                Area                 Average Sales Value      Average Sales Value    % Change

              Boulder                         $749,116                     $804,668                     +7.41%

              Superior                        $469,584                     $504,825                     +7.50%

              Louisville                      $504,165                     $519,973                     +3.13%

              Lafayette                      $423,943                     $429,902                     +1.40%

              Longmont                     $280,923                     $304,563                     +8.41%

              Suburban Plains            $571,726                     $588,583                     +2.94%

              Suburban Mountains    $427,505                     $510,580                     +19.43%

              Broomfield                   $391,432                     $410,368                     +4.83%

                                                   =======                    =======                    =======

                 Average …               $476,568                     $499,963                     +4.90%       

              For Boulder County, this summer housing season is similar to last year’s. Here are some comparisons.

·            The Absorption Rate (the time it takes for the market to fully turn) for single family homes in June/2013 was 144 days; June/2014 was 150 days.

·            The thirty-year fixed rate mortgage could be had for 4.07% in June/2013; 4.16% in June/2014 … zero discount points on those rates. Thirty years ago (June/1984) the rate was 14.42%, with 2.5% in discount points. Each point lowers the interest rate by one-eighth to one one-quarter of the  interest rate. Zero discount points would have equated out to a rate of around 15% in June/1984.

·            As noted above, the level of available inventory for the two years is very similar. Inventory normally peaks around mid-summer and then begins to slowly drift lower as summer turns to fall and winter makes its presence known. 2013 ended the year with 679 active single family home listings in Boulder County.

·            Through June/2013 there were exactly 100 single family home sales in Boulder County for $1,000,000 (one million) and up. Through June/2014 that number stood at 110 single family homes.

              

YouTube video posted - via Circlepix.com

825 Collyer St Longmont, CO 80501

New listing video just posted:

http://video.circlepix.com/VSJCG5/525/4453

Description: Lovely Old Town home! Walk to downtown and all it offers. You will see this home have been lovingly cared for. Check out the hardwood flooring, crown molding and unique built ins! The kitchen offers abundant cabinet space, title floor and all appliances..jetted tub, storm windows are just some of the offerings...large patio, enclosed front porch, fenced yard shed and carriage house that has been converted to studio or office space. Rare offering! Showings start 6-29-14

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Home Information:

Beds: 3

Baths: 2.00

Sqft: 1980

Price: $275000

MLS #: 740451