Boulder Sales Volume Falls, Prices Appreciate Strongly [Analyze This]
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by Osman Parvez
3Q sales fell nearly 17% this year, driven by low inventory and higher mortgage rates even as prices continued to accelerate. The median sale price for detached houses increases 10.6%, year over year. Nearly half of listed homes sold for more than the asking price.
Why are prices continuing to rise so strongly? Because unlike the stock market, real estate asset prices are sticky on the downside of a cycle and markets with strong fundamentals (like Boulder) are considered by many investors to be safe havens.
During a call with a potential new client yesterday, she asked about $/SQFT, a key statistic in the Bay area. The median $/F.SQFT was $462 in the 3Q, compared to $405 last year, a gain of 7.4% year over year.
As I mentioned to her, cost per square foot is a useful metric that buyers should always consider but to properly value a house requires placing a value on the location, design, finish quality and many other qualitative factors. Intelligent real estate decisions are based on deep market knowledge and experience.
Note: Statistics are based on what sold or the inventory of listed homes, but doesn’t reflect the value of your unique home. For a private consultation on the value of your home or to discuss your specific home search, give me a call at 303.746.6896.
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
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We can highly recommend Sophie. Her attention to detail and communication skills are great. Our home was in area that most realtors are not familiar with, but Sophie took extra time to get to know the neighborhood in order to give us quality service. She also brought in a professional photographer to make our home look its best. Even though the listing was in winter, the house sold quickly. With Sophie’s business and people skills, we have no doubt she will be a top realtor in the area.
Osman was a refreshingly honest realtor. He stressed through the entire process that his goal was to make me happy with my home purchase. I greatly appreciated the fact that he never shied away from pointing out the negatives as well as the pluses of different places while leaving the final decision up to me.
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More about the author
Osman Parvez
Owner & Broker at House Einstein as well as primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has appeared in the Wall Street Journal and Daily Camera.
Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. Learn more about Osman.
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