Just a quick update on what is going on in the Boulder County / Denver real estate market these days:
Boulder / Denver Condo Market:
*Buyer Demand: The demand for condos in Boulder under $300k is healthy, but remains relatively weak in the higher price ranges. In Denver, the demand for condos under $300k remains extremely strong, and there is still a healthy demand in the higher ranges up to $1,000,000 as well.
*Units sold: On a year to year comparison, the number of condo units sold in Boulder increased by 21.8%. In Denver, the number of condo units sold increased by 17.3% The surrounding communities such as Broomfield and Longmont also saw an increase in activity by a whopping 52% and 43.7% respectively.
*Prices: Most communities experienced a bump in condo prices, with the median condo price in Boulder increasing by 5.4% and in Denver by 15.1%. Keep in mind that the large number of foreclosures in 2011 (many sold at prices well below market rate) makes these increases appear more significant.
*Days to Offer: Boulder’s average number of days to offer decreased 23% and Denver’s decreased by 33.3%!
Boulder/Denver Single Family Home Market
*Buyer Demand: The demand for single family homes in Boulder up to $500k is strong, and remains healthy between $500k and $1,000,000. The demand for single family homes above $1,000,000 is weak. Denver’s single family homes is extremely high with more than 1/2 of the homes for sale under contract. Denver’s single family home market is also healthy between $500k and $1,000,000 but is weak above this range.
*Units Sold: On a year to year comparison, the number of single family homes sold in Boulder increased by 27.6%. In Denver, the number of single family homes sold increased by 17.2% The surrounding communities have experienced similar increases.
*Prices: Almost all communities experienced an increase in single family home prices, with a median single family home price in Boulder increasing by 4.7% and in Denver by 17.6% As with condos, keep in mind that the large number of foreclosures in 2011 makes these increases appear more significant.
*Days to Offer: Boulder’s average number of days to offer decreased 19.1% and Denver’s decreased by 27.8%!
As you can see, the real estate market in the Boulder/Denver Metro area is performing very well; these encouraging numbers are influenced by many factors. The most significant factor affecting our stats today is the lack of inventory due to the reduced number of foreclosures and lack of new housing units for sale as construction has been almost non-existent for the last 5 years.