Boulder Condos Market Recap

I’ve had many of you ask me when we talk on the phone if the Boulder condo market is hanging in there.

What I’m seeing is that the market for Boulder condos still remains strong, especially in the central Boulder area. As usual, homes that are prepared to show well, priced right and marketed properly (and where buyers actually look for homes) sell in very reasonable time. My forecast is: as we get into the warm months we’ll see market time shorten drastically for well-prepared and well-marketed condos. The local economic situation is very good.

Here’s what the data looks like for March 2008:

Sold Condos:

Number Sold: 58

High Price: $2,852,534

Low Price: $95,000

Average Price: $407,916

ADOM: 137

The sweet spot seems to be in the price range of about $150k to $200k in terms of market time. The average market time (Average Days on Market / ADOM) drops by about 1/3 if you only look at this price range. Keep in mind that we’ve just come out of the winter months. with ADOM of about 100 to 137, this puts these units back into November/December. It logically takes longer when you hit the market in the middle of winter.

Boulder Condos For Sale:

Number of condos currently for sale: 478

Of those currently for sale, 127 are under contract with a buyer already and scheduled to close. Here’s the stats on those remaining 351 available for sale:

High Price: $3,499,000

Low Price: $94,800

Average Price: $471,786

ADOM: 111

This number is slightly up from a couple of months ago but seems to be consistent with what I’d expect as we move into warmer months.

Condos that failed to sell in March:

Number of condos that failed: 15

High Price: $197,000

Low Price: $141,000

Average Price: $171,966

ADOM: 257

There’s a paradox here for March. The same price range that showed shorter market time for sold condos in March also shows that this is where all of the failures are. It could simply mean that in the lower price ranges, some sellers were reaching too high and trying to get into the $140k to $200k range when they might have seen success when priced lower.

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