Boulder Condos Also in Short Supply [Analyze This]
by Osman Parvez On Tuesday, I posted an update on market conditions for traditional homes in Boulder (link). Now let's look at the market for town homes and condos (i.e. attached dwellings). Inventory Just as with traditional single family homes, there's a shortage of condos and town homes in Boulder - and it's getting worse. The spring market has even less inventory than last year. As of this writing, only 187 properties are on the MLS - about 17% below last year. 111 of those units or 59% of inventory is available for purchase (not under contract). [...]
Boulder is Desperate for Inventory [Analyze This]
by Osman Parvez We're still about a week from the official data release for February. Let's take a look at the preliminary numbers for Boulder Real Estate. The following analysis is for single family detached homes (i.e. no condos or town homes). For an in-depth analysis of Boulder real estate, sign up for House Einstein Research HERE. My next report is coming soon. Sales Volume 42 houses sold in Boulder last month, about the same as the previous year. Over the last six months, 334 sales have occurred - an increase of 5%. Inventory [...]
Unstoppable Demographics Drive Housing Demand in Colorado
by Osman Parvez Cranes dot the city and construction vehicles are everywhere in Boulder these days. What's going on? Colorado is experiencing a development boom. Here's why. The population of Colorado has been growing steadily, even during economic recessions. The chart above shows a combination of historic census estimates and the latest projections from the State Demography Office. During the next ten years, Colorado is expected to add nearly a million people - about 20% more than today. Here in Boulder County, population growth is more modest. The population is expected to grow a [...]
Boulder Real Estate Gains 11.2% [Analyze This]
by Osman Parvez Driven by low mortgage rates and scarce inventory, the average price of single family detached houses increased 11.2% last year. The median increased 8.4%. It was a good year to be a Boulder homeowner. Of course, this doesn't mean that the typical Boulderite suddenly found themselves with an extra $50K in their pocket. It also doesn't mean your home appreciated 11.2%. Market conditions vary by price range, location, property type, design, and condition. Consult your neighborhood real estate expert if you'd like an analysis of your home's current market value. Additional Reading Volume Spikes in Boulder [...]
Slicin’ and Dicing Boulder Real Estate [Analyze This]
by Osman Parvez Record low inventory and record mortgage rates created interesting market conditions for Boulder real estate last year. Sales volume was up 12% for single family dwellings despite about half the normal level of available inventory. See Sales Volume Spikes in Boulder and Understanding Market Conditions in Boulder for more details. The median sale price in Boulder during 2013 was $629,000. By definition, half of the sold homes in Boulder fell below this level. $1MM+ sales represent only 15% of the market. $2MM+ sales are an even small slice of the pie, only 3%. Why? A lack [...]
Understanding Market Conditions in Boulder [Analyze This]
by Osman Parvez Last week, I wrote about rising sales volume for Boulder Real Estate and the importance of strategy suited for current market conditions. See Sales Volume Spikes in Boulder. Market conditions will always vary by price range, location and property type. Certain layouts are more desirable than others - open floor plans and bedrooms on the upper level, for example. The same is true with houses that have been recently updated with high quality finishes and modern paint colors. Sales volume for houses rose 12% last year in the City of Boulder, but not all price ranges [...]
Sales Volume Spikes in Boulder [Annual Review]
by Osman Parvez Boulder real estate sales spiked during 2013. Let's take a look at the numbers. 804 condos and town homes sold during the year, a 32% increase from 2012. 755 detached houses sold, a more modest 12% increase. Together, sales volume increased 21% in the city of Boulder. On a dollar volume basis, $901.3MM sold in 2013 representing a 30% annual increase. Condos and town homes comprised $265.2MM, up 44% from 2012. Houses worth $636.1MM sold during the year, up 25%. Osman's Thoughts Who is advising you? Numbers don't lie, sales and dollar [...]
The Annual Report on Boulder Real Estate [Analyze This]
by Osman Parvez I just slapped a shiny ribbon on House Einstein's latest research. It's the annual report on Boulder Real Estate. Didn't get a copy? It's easy to sign up. Just click HERE. House Einstein's annual report covers Boulder, Lafayette, Longmont, Superior, and Louisville real estate markets. The analysis includes days on market, inventory, sales volume, pricing, and more. You won't find this unique research anywhere else. it's the most up to date and detailed information on real estate conditions available, period. As Muhammed Ali once said, "It's not [...]
Fresh Boulder Listings, Get ‘Em Hot
by Osman Parvez Happy Friday, Boulder. Here's what hit the market this week plus a few ramblings by yours truly. Fresh Listings, Get 'Em Hot 25 properties entered the Boulder Real Estate Market this week. 6 were actually old, refreshed listings, leaving 19 fresh properties. Here's a link -> Fresh Boulder Listings. 3 of the 19 are already under contract. I know it's only mid January but desirable properties go quickly. Seriously, you can't wait until the weekend. "New listings in this market? It's like throwing fresh meat to a pack of wolves." [...]
Quick Correction
by Osman Parvez A quick correction to my post from earlier today. The actual sales volume increase for Boulder houses in the price trance of $500,000 to $600,000 is 86%, not 91%. Here's the revised chart. An 86% increase is still massive by the way. Why the difference? I went through the the numbers again this morning and removed duplicates from the data set. IRES has a "hide duplicate listings," but it's not very good with condos. Many imported Metrolist sales are actually duplicates of IRES, so manually cleaning up the data is required. [...]
High End Condos Sales Boom in Boulder [Analyze This]
by Osman Parvez What if I told you that higher end condo sales in Boulder increased massively in 2013? Take a look at the following chart. Get The Research Right now, I'm crunching numbers for House Einstein's 2013 year end report and interesting trends are starting to appear. Folks - you will not find this analysis anywhere else. If you want a copy, click here to sign up. To produce the chart above, I did a price range analysis for house and condo sales in Boulder utilizing data from both MLS systems. I compiled the data and [...]
Last Month’s Research [Get it Cold]
by Osman Parvez For those of you who aren't subscribed to my research reports, here's a look at what you're missing. You can download a few older reports from last year by clicking the links below. Enjoy! November's House Einstein Research Report (link) with Sales Data (link) December's House Einstein Data (link) and monthly sales sheet (link) --- Like this analysis? Subscribe to my research. Want to meet me in person? Attend a Boulder Real Estate Meetup. Ready to buy or sell? Call me at 303.746.6896.
Bad Data – An Open Letter to the Boulder Realtor Association
by Osman Parvez An analysis is only as good as the underlying data. Back in 2012, I contacted the Boulder Realtor Association (BARA) to let them know their statistical data had a pretty big error. Here's the email I sent and BARA's response (link). The data error led me to drop Broomfield from my regular monthly reports. I couldn't in clear conscious continue to publish market research that was based on a flawed data set. I'm now starting to put together my end of year report for 2013 and the damn data error still persists. [...]
Boulder Market Update – by the Numbers [Fresh Listings]
by Osman Parvez Time for a quick update on market conditions - by the numbers style. Thirty five listings have hit the MLS since January 1st in Boulder. Here's how it breaks out: Think the market has slowed? Guess again. 14% of listings since January 1 are already under contract (19% if you remove refreshed listings). Check out the average days to offer. Keep in mind that most agents are a little slow to update the MLS, which means the reported average days to offer should be considered conservative. The real number is likely lower. [...]
2013 Ends Strong for Boulder Real Estate [Analyze This]
by Osman Parvez So, how did the market do in 2013? Let's take a quick look at preliminary year end sales numbers for Boulder real estate. As you can see from the charts below, the Boulder real estate market experienced modest sales volume growth despite record low inventory. Single Family Houses Over the last six months (ending in December), 408 houses closed - an increase of 12% from the previous year. At least 50 properties closed during December, about the same as 2012. 804 houses closed during 2013 - an increase of about 5% from the year earlier. [...]
