Boulder Real Estate Market Update Q4 2008

In response to recent comments and suggestions from you, I’ve organized this Boulder real estate market update to reflect both the most recent statistics, as well as the previous year. In this case, you’re getting the fourth quarter report for 2008 and some comparisons with 2007 data.

If you’re interested to know where your home’s value fits into this market, call or email me and we’ll put together an analysis of your home so you’ll know right where it sits in the current market.

Here’s the sold data for Boulder real estate, 4th quarter 2008, compared to 2007 (parenthetic data is 2007)

Sold Single Family Homes:

Number Sold:127 (166)

Average Price: $703,878 (677,846)

Median Price: $573,000 (567,200)

Average Days On Market: 85 (106)

Sold Condos:

Number Sold: 90 (138)

Average Price: $261,360 (304,049)

Median Price: $232,000 (240,000)

Average Days On Market: 107 (118)

Looks like the market is pretty steady in Boulder. When I compare the 2007 versus 2008 4th quarter sold prices on single family homes, it looks like they are up slightly at somewhere around 1.5% to 4%; and slightly down on condos, between around 4% to 15%, depending on whether you like to look at average price or median price data.

When we hear of market down-trends in the larger coastal cities of 40% or more, this data looks pretty encouraging to me, when I look at the relatively strong numbers in Boulder. Our area does usually trend counter to the real estate markets on the coasts, so while we’ve been through a cycle of relatively flat prices for a little while now, I think things are turning towards a stronger market.

To give you an idea of market activity, total new homes for each year for sale data looks like this (that’s total homes that came up for sale that year) :

2006: ~28,000/year (January/2352)

2007: ~26,000/year (January/1892)

2008: ~22,000/year (January/1940)

2009: (january/1174) … now we’re not quite done with January, with another week left, we may get close to 1600 or so if things stay at this pace.

What this could mean to you as a seller, is that with prices holding pretty well, and fewer homes on the market to choose from, buyers may not find this so much as buyer’s market. More of a balanced market, and if your home is for sale, and prepared well, marketed properly and priced right, it should sell ahead of the rest of the pack.

If you’re ready to talk about the value of your home, getting started with finding a new home, or just what the market is doing, call or email me, and I’ll get you honest answers to your important questions.
-Zachary Epps, full-time professional Realtor® and EcoBroker®

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