Boulder Real Estate Market Report July 2012
A look at the current real estate market; provided by RE/ MAX ALLIANCE
As we remain on this path of low mortgage interest rates and depleted inventory of available homes for sale, the Boulder Valley real estate market continues to show signs of positive improvement. Through June/2012, the Boulder County real estate market is UP 25% compared to through June/2011 for single family homes and attached unit sales (2,125 units vs. 1,702 units). The market still trails the peak year of 2005, down approximately 28% compared to through June/2005 (2,125 units vs. 2,940 units).
Stability seems to be the key word in describing the local real estate market in terms of buyer and seller motivation, and home values. As the chart below shows, home values have trended-up slightly this year when compared to 2011. Through June/2011, the average sales price for the locale’s noted was $426,783, reflecting a 3.66% increase year-over-year.
Active listings continue to decline, with the available inventory level down 6% for June/2012 compared to May/2012. The Absorption Rate for Boulder County single family homes sits at 182 days (six months) at the end of June. Not surprisingly, homes priced under $500,000 are selling in the shortest amount of time (averaging 133 days). Homes priced over a million dollars are showing some signs of life, but still average about 566 days (18.6 months), based on the current level of sales activity.
Below is a brief overview of the housing market in our area by locale for single family homes from IRES (the Northern Colorado MLS).
2011 2012 (Thru June)
Area Average Sales Price Average Sales Price % Change
Boulder $664,766 $666,232 +0.22%
Superior $423,885 $410,166 -3.24%
Louisville $412,121 $421,352 +2.24%
Lafayette $372,445 $399,302 +7.21%
Longmont $244,825 $255,818 +4.49%
Suburban Plains $552,552 $546,327 -1.13%
Suburban Mountains $396,421 $394,289 -0.54%
Broomfield $354,650 $357,499 +0.80%
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Average … $425,613 $442,418 +3.95%
Look for the Boulder Valley real estate market to continue on a similar path for the balance of the summer and into the fall. Over the course of the past few years sales activity has been somewhat equitable when comparing the first half of the year to the second half. If that holds true this year, Boulder County sales for single family homes and attached units will end-up around 4,250 units, which would be comparable to sales for 2008