Boulder Real Estate Market Highlight

boulderhousephoto.jpgI’m noticing that the Boulder real estate market is still very active.

Scroll to the end of this post for October 2007 sold stats and more info on the house pictured left…

There’s an interesting trend in local real estate. Boulder data from the last week or so shows that we’re still seeing price adjustments on a pretty regular basis in many neighborhoods as sellers try to find the market.

For instance, at 325 Norton in the Table Mesa general area, the property entered the market at $885,000 in July. They adjusted down to $870,000 after about 60 days; came down another $15k to $855,000 after another 40 days on the market; then only waited about 10 days to lower the price again another $30k to $825,000.

Two questions:

1. You think these sellers want to move this property? I do! …

2. Do you think that it might have helped to enter the market a little more aggressively? … I do too.

Okay, so it’s not fair to pick on just one seller and one property I agree. I’m just using this one as an example. I commend them for looking hard at the market and making bold steps with the asking price. Its a beautiful kitchen and what appears to be a nicely done remodel. I’d like to see it move soon.

I guess we need to ask ourselves if the market is changing that much in Boulder and what’s it mean to our buyers and sellers. That’s why I did the post recently on the Dakota Ridge neighborhood . I think there are pockets of Boulder that are doing better than the market average and some that aren’t. If you want to see some specific info on a particular area let me know by posting a comment and I’ll see what I can do.

Here’s some more comparison:

4540 Martin (yep Martin Acres): listed at $455,000 in early August. Price has been lowered 5 times in the last 11 weeks and it’s now at $389,900. This baby could certainly use some more updating (like the kitchen) from what I can see in the photos but looks like a nice yard and a large lot (why wouldn’t the lot size be in the listing information?)

Of the homes that come up on my daily list with status changes, the average days on market is hovering around 45 days on the low end and about 70 days on the high end this last couple of weeks. That’s not bad. I know some areas are averaging much longer.

SOLD STATS:

54 single family homes sold in the city of boulder in October 2007 so far.

Average days on the market: 104

Low Sold Price: 172,853 (964 sq feet with no garage and part of the City of Boulder Affordable Housing Program)

High Sold Price: $2,800,000 (Here we go again… Newlands Neighborhood; 5300+ sq feet and it sits on 4 legal lots. A description worth noting:

This historically preserved & expanded Defrees Design Shingle Style home has been crafted with a timeless sense of tradition, firmly placing it as a flagship home for the coveted Newlands neighborhood. The incomparable design & finish details create a functional & aesthetic quality seldom seen in this market. The home is embraced by mature trees & set on a prof. landscaped 14,000 square foot corner lot. No previews, and buyers must have a prequal letter to see the home.

Only took them 15 days to get this one under contract. I think they did a great job with this renovation, presentation and marketing. I only wonder why there were less than half a dozen photos?

Average Price: $780,145

Looks like there’s plenty of inventory with 419 single family homes for sale in Boulder and quite a spread of price ranges represented. Do you need more info? Give me a call!

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