Happy New Year!
Here are some interesting stats for Boulder County/Denver and surrounding areas at the end of 2012:
Boulder/Denver Condominium Market
Buyer Demand: The demand for condominiums in Boulder under $500K remains
steady, but is relatively weak in the higher price ranges. In Denver, the demand for
condominiums under $300K remains extremely strong, and remains healthy between
$300K and $750K. The demand in Denver is low above $750K.
Units Sold: When comparing 2011 to 2012, the number of condominium units sold in
Boulder increased by 14.4%. In Denver, the number of condominiums units sold
increased by 22.9%.
Prices: Most metro communities experienced an increase in condominium prices, with
the average condominium price in Boulder increasing by 3.3% and in Denver by 17.7%.
The significant increase in Denver’s condominiums prices is partially skewed by the
significant volume of foreclosure sales in 2011 (and substantially less foreclosures in
2012), which were sold at prices well below market rates, therefore making the average
price increase in 2012 appear more significant.
Days to Offer: The average number of days for a Seller to receive an acceptable offer on
a condominium in Boulder decreased by 37%, and in Denver’s the average days to offer
decreased by 40%
Boulder/Denver Single Family Home Market
Buyer Demand: The market for single family homes in Boulder and Denver remains
healthy up to $750K, but demand declines significantly above this range. In Denver, the
demand for the most affordable single family homes is extremely high with more than ½
of the units for sale under contract.
Units Sold: On a year to year comparison, the number of single family homes sold in
Boulder increased by 22.8%. In Denver, the number of single family home sales
increased by 2.17%.
Prices: Almost all communities experienced an increase in single family home prices,
with the median single family home price in Boulder increasing by .23% and in Denver
Days to Offer: Boulder’s average number of days to offer decreased 17.7% and Denver’s
decreased by 38%
Throughout 2012, the real estate market in the metropolitan area performed significantly better
than it did in either 2010 or 2011. This is particularly true for real estate with values under
$750K. Some of the most significant factors affecting our market today include the lack of
inventory, extremely low interest rates and very little new housing construction in recent years.
Simply put, the demand is high and the supply is low, thus pushing prices in an upward direction
and reducing the time it takes to sell.
The real estate market began to improve in the lower price ranges in January and February of
2012, especially below $500K. By the middle of 2012 this market improvement began to
include values up to $750K, and in some specific segments up to $1mm.