Boulder Colorado Real Estate Blog

The real estate story in Boulder Colorado is one of a significant drop in volume of units sold rather than a drop in prices. 

For the 12-months ended September 30, 2009 compared with the 12-months ended September 30, 2008, the number of Boulder houses sold declined 30.4% while the number of Boulder condos and townhomes sales declined 21.3%.  During this same period, the average sales price of Boulder homes remained flat increasing 0.4% while Boulder condos remained flat decreasing 0.5%.  The median sales price during this same period decreased 0.9% for Boulder houses while it increased 1.6% for Boulder condos and townhouses.

For Boulder houses, the median sales price was $535,000 for the 12-months ended September 30, 2009, while the average sales price was $656,178.  For Boulder condos and townhomes, the median sales price was $249,000 for this same period, while the average sales price was $301,528.

Another important barometer of the health of a real estate market is the average number of days to contract.  For Boulder houses, the average number of days to contract for October sales was 80-days compared to the average of 72-days for the 12-months ended September 30, 2009.  For Boulder condos and townhomes, the average number of days to contract for October sales was 82-days compared to the average of 88-days for the 12-months ended September 30, 2009.  For the 12-months ended September 30, 2008, the average number of days to contract for Boulder houses was 68-days while it was 74-days for Boulder condos and townhouses.

Rex Manz is a licensed Colorado real estate broker and Realtor. Rex provides personal service in helping homebuyers with the purchase of Boulder Colorado Homes and Boulder Condos. Additionally, Rex assists homeowners in the listing and sale of their homes and condos in the Boulder County communities of Boulder, Louisville, Niwot, Lafayette, Erie and Longmont, as well as Boulder County mountain and rural properties. 

RealtyTrac is an Irvine California based online company that compiles and reports foreclosure information — some information is free, some is by subscription.  They recently released a report that default notices, foreclosure action notices and bank reposessions were down 20% for the 1st quarter 2009 compared to 2008 in Boulder County.  The Daily Camera, Boulder’s local newspaper, compiled its own statistics directly from the Boulder County public trustee and demonstrated that foreclosures were actually up 5% for the 1st quarter 2009 compared to 2008 in Boulder County.

A RealtyTrac representative suggested that their data collection process cuts-off potentially 7-10 days before a reporting period ends compared with the Daily Camera which precisely collected data to month-end.  The RealtyTrac representative also suggested by their “metrics” may be different.  Metrics generally refers to the technical definition in categorizing the data in compiling it.

My personal real estate focus is within the City of Boulder.  Most headlines concern themselves with Boulder County which includes surrounding communities such as Longmont and unincorporated areas of Boulder County.  For the month of March 2009, RealtyTrack reports that the National foreclosure rate was 0.27% compared with 0.26% for Colorado — about the same.  For Boulder County the foreclosure rate was 0.17% for March, about 35% below the State of Colorado foreclosure rate.  For the City of Boulder the foreclosure rate was 0.07% or 59% below the Boulder County foreclosure rate and 73% below the State of Colorado foreclosure rate.

RealtyTrac also compiles an analysis by zip code.  Those zip codes that are substantially within the City of Boulder show a foreclosure rate of approximately 1 in 3,168 housing units.  Those zip codes that include largely unincorporated areas of Boulder County and portions of outlying communities have a higher foreclosure rate of approximately 1 in 645 housing units.  Of the cities that RealtyTrac collects foreclosure data, Boulder’s foreclosure rank is 7,507th — near the bottom.

Rex Manz assists home buyers in locating Boulder CO Homes and Boulder Condos For Sale as well as Colorado Ski Homes and Colorado Ski Condos For Sale.  Rex has also compiled information about Boulder’s Neighborhoods, Colorado’s Lifestyle and Colorado’s Ski Resorts.  Boulder Colorado Real Estate Listings MLS Search 

Now that I have your attention, let’s look at the 1st Quarter 2009 statistics (January February March). 

First the “shocking” news — the number of Boulder single-family homes sold dropped 50.7% from 152-homes in the 1st quarter of 2009 compared with 75-homes in 2008.  In January the drop was 50.0%, then 61.5% in February followed by 41.7% for March.  Homes sold were 20 in January, 20 in February and 35 in March.  The trend is positive in both percentage-decline and number of houses sold improving in March 2009.

Boulder condos faired better recording a 16.5% decline from 115-condos in the first-quarter of 2008 to 96-condos sold in the first-quarter of 2009.  January 2009 saw a tremendous decline of 62.1% improving to just a 10.3% decline in March 2009.  The number of condos sold in March 2009 improved to 52 from 33 in February 2009.

These statistics represent properties whose sale closed during the month.  The typical length of time between accepted contract and closed sale ranges between 4-6 weeks.  This means that the accepted offer for January 2009’s solds actually originated with an accepted offer sometime in November or December 2008.  This was a time when public confidence was at record lows.

It is my personal observation that the Boulder real estate is adversely affected by the real estate markets in other regions of the country.  People that are looking to relocate to Boulder find themselves delaying their move pending the sale of their property in their home location.  Employment transfers have also slowed as employers and employees remain cautious about the global economy.  Second-home buyers are looking at the value of their investment portfolio with one-eye and the favorable pricing of Boulder real estate with the other-eye.  They don’t want to miss an opportunity in the Boulder real estate market, yet they don’t want to sell into a stock market that is near the bottom.  Finally, the mortgage credit market is more difficult to navigate as a borrower.  Mortgage lenders are more hesitant to lend and have increased their underwriting standards — sometimes during the course of loan approval it seems.

The average sales price for single-family homes decreased 7.1% for the 12-months ended February 28, 2009 compared to 2008.  The average sales price for condos increased 4.9% in the same comparison.  The Boulder condo market is more resilent than the single-family house market.

Rex assists buyers of Boulder homes and Boulder condos. 

I’m here to tell you the good news and the bad news — mostly good news though. 

Forty single-family homes sold in Boulder during the first two-months of 2009 compared with 92 homes in 2008 — a decline of 58%.  The good news is that the average selling price of single-family homes sold in Boulder for the twelve months ended January 31, 2009 declined 0.4% compared to the same period in 2008.  In other words, while sales volume declined significantly, the average sales price remained virtually unchanged.  The average number of days to contract in February 2009 was 115-days compared to 89-days in 2008.

For the first two-months of 2009, 44-condos and townhomes were sold in Boulder.  This compares to 57 in 2008 — a decline of 23%.  The good news is that the average selling price of Boulder condos increased 4.8% for the twelve months ended January 31, 2009 compared with the same period ended January 31, 2008.  The average number of day to contract in February 2009 for Boulder condos was 81-days compared to 73-days in February 2008.

Compared to the national housing market, Boulder real estate values are very favorable.  Its the Boulder Lifestyle that continues to attract people to our area.

Good news!  Foreclosure activity in Colorado has decreased 16-percent between 2008 and 2007.  Even more promising, completed foreclosures in the 4th-quarter 2008 decreased 20-pecent when compared with the 4th-quarter of 2007.

In the Denver area, Boulder County had the lowest foreclosure rate with one foreclosure sale per 247-households representing a 19-percent decline between 2008 and 2007.

A spokesperson for the Colorado Division of Housing suggested that the low-level of foreclosures in the city of Boulder off-set those areas with higher-levels of foreclosures in Boulder County.  The spokesperson went on to say that the city of Boulder also benefits from higher appreciation rates and demand.

For more Colorado foreclosure statistical information visit Colorado Division of Housing Online. 

For more about Boulder real estate and homes for sale visit Beautiful Boulder Homes.com.  For more about condos lofts townhomes for sale visit Just Boulder Condos.com.

It’s time for some hard facts about the Boulder Colorado real estate market.  All statistics are for the 12-months ended December 31 2008 compared with the same period in 2007 as published by the Boulder Area Realtor Association.

The number of single-family homes sold in Boulder in 2008 was 753 compared to 935 in 2007 — a decrease of 19.5%.  The number of condos and townhomes sold in Boulder in 2008 was 709 compared to 797 in 2007 — a decrease of 11.0%.

The average sales price of single-family homes sold in Boulder in 2008 was $656,383 compared to $662,642 in 2007 — a decrease of 0.9%.  The average sales price of a condo or townhouse sold in Boulder in 2008 was $298,080 compared to $280,845 — an increase of 6.1%.

The median sales price of single-family homes sold in Boulder in 2008 was $538,000 compared to $550,500 in 2007 — a decrease of 2.3%.  The median sales price of a condo or townhome sold in Boulder in 2008 was 249,900 compared to $240,000 in 2007 — an increase of 4.1%.

A measure of a real estate market’s health is the average number of days to contract (ADTC).  For single-family homes, ADTC shortened from 67-days in 2007 to just 65-days in 2008.  For condos, ADTC remained unchanged between years at 74-days.  This statistic is telltale of a healthy Boulder real estate market.  

Boulder single-family homes sales have declined between years, but the pricing has remained relatively-stable with only modest decreases.  Boulder continues to compare quite favorably in contrast with national averages.

Boulder condo and townhome sales have declined, but both average and median sales prices have increased solidly year-over-year.

For more about Boulder CO real estate and homes for sale visit Beautiful Boulder Homes.com. 

For more about Boulder CO condos lofts and townhomes for sale visit Just Boulder Condos.com.

For a map of Boulder homes visit Boulder Homes Map.

For a map of Boulder condos visit Boulder Condo Map. 

For more about Boulder’s neighborhoods visit Boulder Neighborhood Profiles.

For Personal Service in locating a Boulder home visit Boulder Homes For Sale.

For Personal Service in locating a Boulder condo visit Boulder Condos For Sale.

To search the MLS for Boulder homes for sale visit Boulder Home Search.

To search the MLS for Boulder condos lofts townhomes for sale visit Boulder Condo Search.

For more about the Boulder lifestyle visit the Live The Rockies! blog. 

Colorado’s major ski resorts can be found in Aspen, Beaver Creek, Breckenridge, Copper Mountain, Crested Butte, Keystone, Snowmass Village, Steamboat Springs, Telluride, Vail and Winter Park.  Each ski town has a unique character as well as different ski amentities.  Purchasing a ski home or ski condo in any of these resort communities is an investment in your life style not just real estate.

Each ski community has abundant summer activities including music festivals, culinary events, performing arts performances, and visual arts displays among others.  Hiking, camping, fishing, kayaking, hot air ballooning, mountain biking and more round-out your summer fun.

Each ski resort offers skiing and snowboarding, but different resorts will better appeal to family skiing or extreme skiing or night skiing or nordic skiing.  Shopping, dining and nightlife exeriences vary as well.

The Colorado Rocky Mountains are beautiful regardless of the season.  Aspen has its celebrities, Beaver Creek its elegance, Breckenridge its sense of community, Copper Mountain its focus on skiing, Crested Butte its history, Keystone its night skiing, Snowmass Village its new base area, Steamboat Springs its champagne powder, Telluride its stunning scenic beauty,Vail its nightlife and Winter Park its family skiing.  Invest in your lifestyle and enjoy living!

For information about Colorado ski homes for sale visit Beautiful Colorado Ski Homes.com.

For information about Colorado ski condos for sale visit Just Colorado Ski Condos.com.

For Colorado Ski Resort photos and profile visit Aspen, Beaver Creek, Breckenridge, Copper Mountain, Crested Butte, Keystone, Snowmass Village, Steamboat Springs, Telluride, Vail and Winter Park.

For information about Telluride ski real estate, condos and homes for sale visit Beautiful Telluride Homes.com.

For information about Boulder CO condos lofts townhouses for sale visit Just Boulder Condos.com.

For information about Boulder CO real estate homes for sale visit Beautiful Boulder Homes.com.

For Colorado lifestyle information visit Live The Rockies! blog.

For Sedona AZ lifestyle information visit Live The Red Rocks! blog.

For information about Sedona AZ real estate, condos and homes for sale visit Beautiful Sedona Homes.com and Sedona Arizona Real Estate Blog.

For a map of the Colorado Ski Resorts visit Colorado Ski Resort Map.

The greatest economic minds are hard at work fashioning the infrastructure for an economic recovery.  Breaking the credit log-jam is essential.  Creating new employment opportunity is critical.  Stabilizing real estate values is imperative.  It will take a combination of creative genius, hard work and a little luck to solve each of the underlying problems.

Roughly two-thirds of the U.S. economy is driven by consumer spending.  While unemployment rates approaching 9-percent are disturbing, it remains that over 90-percent of the employable population is in-fact employed.  As a consumer, it seems that virtually everything is on-sale these days.  So, why aren’t the gainfully-employed buying?

Consumer confidence has been spiraling-down of late.  You can’t pick-up the newspaper or visit the Internet without an onslaught of bad news.  When you are surrounded by bad news, you begin to feel bad yourself even though your personal situation may be unchanged.  You begin to imagine what could go wrong in your situation.  With each daily dose of bad news, fear creeps in.

Many of us have become overwhelmed.  The natural reaction is to hold back.  Caution is a virtue.  Gridlock is dangerous.  We are moving toward gridlock.

Yes, the stimulus legislation will make real dollars available to help solve the problems, but what is needed most is the restoration of people’s confidence.  A sense of moving forward will begin to alleviate the fear that is holding consumer spending hostage.

It was just a few months back that a president was elected based on a platform of hope.  Powerful stuff.  I’m not suggesting that we bury our heads in the sand and ignore the problems.  In reading the daily news, I suggest that we avoid getting overly caught-up in the drama of bad news.  We all know that bad news sells more newspapers than good news.       

In the 1980’s, the City of Boulder closed-off four-blocks of downtown Pearl Street to create the Pearl Street Pedestrian Mall.  The street was removed and replaced with a pedestrian boulevard of flower planters, trees, public art, fountains and children’s play areas.  Visitors and residents enjoy the many restaurants, boutique shops, espresso cafes, book stores, and art galleries that now make-up the mall.  Through-out the summer and most weekends, street performers provide music, song, dance, juggling, magic and comedy.  The Boulder Creek Path is nearby as is Boulder’s Central Park.

With all these amentities and activities, it is no wonder that low-rise luxury condos have been developed along Pearl Street.  These Downtown Boulder luxury lofts are popular as second homes.  Retirees also find them convenient with the need for a car virtually eliminated.

If you would like more information about Boulder luxury condominiums, call (888-442-3342) or email me.