Boulder Real Estate Market 2007 Summary Surprise

dollar-sign.jpgHere’s the comparisons for 2006 annual statistics versus 2007’s annual stats for the cities of Boulder, Superior, Lafayette, Louisville and Broomfield. Boulder real estate is doing well so don’t get hung up on bad media on a national level. The proof’s in the numbers reported below

I think many of you that have had your eyes and ears pinned to the national media will find surprising numbers here. I keep hearing from people in different parts of the U.S. that wonder if Boulder is feeling the same depressive trends in real estate that many parts of the country are feeling.

Some seem surprised when I tell them that our area is NOT in the same trend and in fact we’re trending the other direction. Actually, I recall a comment I made to Mike Martino at Lakeshore this morning. He asked how the market was doing in our area and I told him some of what I’m telling you now; the local Boulder, Superior, Lafayette, Louisville markets are doing well. The Rock Creek Subdivision included (which is most of what comprises residential Superior land mass) is doing well and I’ve broken out the stats for that large subdivision since I get lots of requests about that area.

While the numbers may not be staggeringly large for those looking for quick appreciation, they’re solid positive numbers. As I’ve been telling you, the areas where we’re still concerned are in the eastern counties and towns such as Broomfield, Erie, Frederick, Brighton etc. The Broomfield numbers below will show you exactly what I’ve been reporting.

While some of you might not get too excited about a 2% to 3% appreciation it’s still an upward trend and I’m remaining optimistic. Although, that all depends on what the lending institution does to us concerning stated income loans, no docs, low docs etc. With about 30% of the loans originated in the Boulder market area being low doc / no doc loans (lots of self employed people around here) if the Fed and Congress get their way with tightening up on those types of loans, we may actually see some lending issues soon. Let’s hope they make the right decision. I should have an update on that issue in the next few days.

Superior:

2006

  • Median Price: $390k
  • ADOM: 85
  • # Sold: 187

2007

  • Median Price: $399,900 (+~2.5%)
  • ADOM: 84
  • # Sold: 158

Boulder:

2006

  • Median Price:$550,000
  • ADOM: 95
  • # Sold: 1222

2007:

  • Median Price:$580,000 (+5.5%)
  • ADOM: 106
  • # Sold: 1175

Lafayette:

2006:

  • Median Price: $276,500
  • ADOM: 111
  • # Sold: 336

2007:

  • Median Price: $310,000 (+12.1%)
  • ADOM: 132
  • # Sold: 308

Louisville:

2006:

  • Median Price: $332,500
  • ADOM: 74
  • # Sold: 271

2007:

  • Median Price: $340,000 (+2.3%)
  • ADOM: 73
  • # Sold: 244

Broomfield:

2006:

  • Median Price: $302,500
  • ADOM: 160
  • # Sold: 401

2007:

  • Median Price: $223,000 (-26.3%)
  • ADOM: 127
  • # Sold: 402

Comments

2 Responses to “Boulder Real Estate Market 2007 Summary Surprise”

  1. Trevor Adams on January 10th, 2008 8:02 pm

    I am surprised to see such strong numbers. Good to know that our area is still hanging in there. You sure seem to have a good grasp of the Boulder area and market. Interesting blog.

  2. Zachary Epps on January 10th, 2008 8:03 pm

    Thanks Trevor!

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