- % Of Units Under Contract: (larger markets – Boulder/Denver)
- Single Family Homes:
- Boulder’s single family home market activity remains very strong (Seller’s market) up to $2mm, and is balanced above $2mm
- Denver’s single family home market activity remains very strong (Seller’s market) up to $1mm, is balanced between $1mm – $2mm, and is a Buyer’s market above $2mm.
- Attached dwellings (condo/townhome):
- Boulder’s attached dwelling market activity remains very strong (Seller’s market) up to $1mm, and is balanced above $1mm
- Denver’s attached dwelling market activity remains very strong (Seller’s market) up to $1mm, and is balanced above $1mm
- Current Inventory: Inventory is building as is seasonally expected, and is similar in almost all markets as compared March 2016. In most sub markets, there is slightly more inventory that we did as compared to 2016.
- Units Sold: The number of units sold to date in 2017 was slightly lower for single family homes, and the same for attached dwellings as compared to 2016.
- Days to Offer: The average “days to accepted offer” has been trending upwards in most sub markets for the last few months for both single family homes and attached dwellings.
- Appreciation: (12 months, all markets)
APPRECIATION IS TRENDING DOWNWARD SLIGHTLY FOR SFH
- Single Family Homes: 6% (last month = 10.86% / 2 months ago = 11.11%)
APPRECIATION IS TRENDING UPWARD SLIGHTLY FOR ATTACHED DWELLINGS
- Attached Dwellings: 98% (last month = 20.48% / 2 months ago = 19.669)
- Market Talking Points:
- Percentage Under Contract (Boulder): In the more affordable price ranges, the percentage of homes currently under contract (sale pending) reflects a strong Seller’s market. However, the percentage of homes under contract in Boulder is noticeably lower than it was in the same month last year.
- Boulder homes priced under $750K = 2016 (77%) / 2017 (53%)
- Boulder homes priced between $750K-$1mm = 2016 (69%) / 2017 (43%)
- Boulder homes priced between $1mm-$1.5mm = 2016 (61%) / 2017 (54%).
- Interestingly, the percentage of single family homes under contract above $1.5mm is trending higher than it was at the same time last year.
The same downward trends are occurring in Boulder’s attached dwelling market as well:
- Boulder attached price under $500K = 2016 (77%) / 2017 (64%)
- Boulder attached between $500K-$750K = 2016 (88%) / 2017 (48%)
- Boulder attached between $750K-$1mm = 2016 (65%) / 2017 (47%)
Denver’s inventory of both single-family homes and attached dwellings for sale in 2017 (percentage under contract) is tracking almost identical to 2016.
- Lack of Affordable Homes: Although the City of Boulder may be cooling slightly in the lower price ranges (as reflected in the % under contract 2016 vs 2017), the lower prices ranges are still very unaffordable for many home buyers. As a result, the demand for more affordable housing is increasing the pressure in the surrounding communities as seen by the % of homes under contract in the more affordable price ranges:
Most affordable price ranges in each community (% under contract):
- Boulder – 46% (considerably lower than the surrounding communities)
- Louisville – 75%
- Longmont – 81%
- Lafayette – 94%
- Broomfield – 87%
- Erie – 79%
- Days to offer: The “days to an accepted offer” have been increasing since January 2017, indicating a possible slowing trend. The general consensus among listing brokers in competitive offer situations, is that there are still multiple offers for many of the new listings in the most desirable price ranges and locations, but that there are fewer offers to present to their sellers in multiple offer situations. For example, in 2016 a listing broker would receive 7 offers to present to their seller, today the listing broker might only have 2 or 3 offers to present to their seller.
- Market Appreciation: The single-family home appreciation rate (combined market average) is 10.6% (trending downward slightly) and the attached dwelling appreciation rate (combined market average) is 20.98% (trending upwards slightly). The more affordable price ranges remain the strongest segment of the market for both single family homes and attached dwellings. However, the upper price ranges are balanced (neither a seller’s nor buyers’ market). A