Boulder Real Estate Economic Market Update

I have researched the numbers again for sold Boulder real estate. You will see both single family home sold data, and also attached homes sold data. We track all condos, town-homes, and similar properties as one category: ‘attached’.

You will see a brief comment from me on the trend in the market and some comparison between the sold real estate activity in August 2007 versus 2008.

Here are the statistics for Boulder real estate sold in August 2008:

Single Family Homes:

Number of homes sold: 68

Average Days on market: 100

Median Price: $579,000

Average Price: $710,074

High Price: $3,122,500

Low Price: $309,000

When I compare these numbers from August of 2007, the most interesting item is the number of homes sold. Last year in August, there were 107 homes sold. The next salient number is the median price of sold homes; it’s actually higher this year at $579k, whereas last year the median price of sold homes in August was $545k.

So, while sold home prices seem to be on the increase, as I’ve been reporting, the number of homes sold is quite a bit less. It has also taken longer to sell these homes in August when compared to last year in the same month. The ADOM in August 2007 was 81. Most of us would consider a market with ADOM under 90 days as a pretty strong market, now that we’ve inched over 90 at 100 ADOM, sellers may want to explore whether or not they are over-pricing their homes for sale.

Attached Homes Sold (Condos & Town homes):

Number of homes sold: 81

Average Days on market: 164

Median Price: $236,710

Average Price: $326,187

High Price: $1,399,000

Low Price: $97,000

The first thing I notice when comparing August 2008 against 2007 is that the average days on market (ADOM) is up significantly this year at this time. The ADOM last August was 96.

Thankfully, for sellers, the median price is up from $205,000 last year, but some of this may be due to the increased number of new condos available for sale in Boulder this year with projects like The Peloton, Northfield Commons, Landmark Lofts, and several others, which are commanding higher prices than the bulk of older inventory available in previous years.

The one surprising number is total number of sold units which is essentially the same at 82 last August versus 81 this year. For a seller, it tells me the demand is still reasonably strong for condos and town-homes in Boulder. However, you will have to continue to compete with new construction around town so if you have a pretty good location, such as the central downtown area, and you prepare your unit well for market, you may do alright.

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