Last Week in Boulder Real Estate, By the Numbers [Analyze This]
by Osman Parvez ---- Last week in Boulder real estate. More analysis upcoming in this month's research report. Sign up below! ---- Like this analysis? Subscribe to our client research report. Want to get blog updates via email? Click HERE. Ready to buy or sell? Schedule an appointment or call 303.746.6896. You can also like our Facebook page or follow us on Twitter.As always, your referrals are deeply appreciated. -- The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive [...]
Inventory Update [Analyze This]
by Osman Parvez ---- A quick look at inventory, updated through today, April 20th 2015. Inventory continues to creep mildly upward. 182 houses and 157 condos and town homes are listed for sale. As of this morning, 108 attached dwellings are under contract. 48 are available. This ratio will change as final negotiations take place for last week's new listings and agents update the MLS listing status. As an odd coincidence, 108 houses are also under contract. 74 houses are available. Keep in mind "under contract" includes "active/backup" and "pending" status on the MLS. Our take? [...]
March Madness [Analyze This]
by Osman Parvez We posted our analysis of recent bidding wars last week in The Over-Under in Boulder Real Estate. Here's a comparison to last year. The percentage of properties which sold for more than asking in March expanded from 20% to 34% of sales, year over year. Sales volume dropped 10%. Keep in mind that this analysis is for the overall market for residential property in Boulder, which includes attached and detached dwellings. Takeaways No surprise, the market is tight. Inventory in Boulder is tracking about 70% below average, mortgage rates are still near record lows, and the economy [...]
The Over-Under in Boulder Real Estate [Analyze This]
by Osman Parvez One of our competitors marketing letters hit our mailbox this morning. As usual, it contained the usual "I'm #1" sales pitch and some charts that might have been relevant a few months ago. If you're buying or selling real estate in Boulder, you can't rely on old market data. You need to know what's happening right now. You need actionable, relevant information. Here's the skinny. 118 houses, town homes, and condos sold last month in Boulder. 34% sold for more than asking, 26% sold for asking, and 40% were sold at a discount. That's [...]
Heatherwood Owners Pocketed $50-60K Last Year
by Osman Parvez As we seek to provide our buyers and sellers with higher quality advice on market conditions, we're doing more neighborhood level research. Take a look at the following analysis for appreciation in Heatherwood. Heatherwood is a family friendly neighborhood of mostly 3 and 4 bedroom houses in Gunbarrel. Most are tri-levels or 2 story in the 2,000 to 3,000 SF range, constructed in the late 1960's to mid 1970's. From our analysis (above), homeowners in Heatherwood put $50,00 to $60,000 of equity into their pocket last year. It's a thinly traded market (i.e. low volume), but the [...]
Bidding Wars, How High Should You Go?
by Osman Parvez Last weekend we engaged in two bidding wars on behalf of clients. The #1 question: "How much should we offer?" As you know from reading this blog, inventory in Boulder is ~70% below the long term average. But not all is what it seems. Once again, it's a tale of two markets. Some listings are receiving multiple offers and selling the first weekend they hit the market. Others are stagnating for weeks (or months) without a single offer. The only way to know what's worth a premium and what's not is to deeply analyze market conditions [...]
The Inventory Shortage Gets Worse [Analyze This]
by Osman Parvez Time for a quick inventory analysis update. Let's look at the charts. The graph above shows House Einstein's inventory tracking for attached and detached dwellings in the city of Boulder. Inventory has been rising since mid January. Now let's look at the bad news. This chart shows the breakdown between available and under contract houses. Beginning in early February, the number of "tied up" houses spiked upwards. The inventory shortage is worse for condos and town homes. Under contract properties (including pending listings) are 41% higher than available homes. From The Front Line We've [...]
Market Knowledge – Realtors HATE This!
by Osman Parvez This past weekend, I negotiated on a $2.2 MM deal for an international buyer and held two separate discussions with private sellers in the $1.4 to $2.5MM range. Everyone was concerned with the same thing. Question: "What about private sales? Am I missing out on something?" Answer: Certain brokers would like you to believe that private, off-market sales are a big portion of the Boulder real estate market. This myth gives them undue leverage. Don't believe the hype. The vast majority of transactions are conducted by professional, full time real estate agents with properties [...]
Boulder’s Strong Demand and Record Low Inventory [Analyze This]
by Osman Parvez ---- Writing offers and getting nowhere? You're not alone. Record low inventory and strong demand is what you're up against. No happy talk and hand waving. We advise our clients with the facts about market conditions. It's the only way to help you make a smarter real estate decision. Let's look at the numbers. Boulder House Inventory The chart above shows inventory of detached, single family houses in Boulder over the last twelve years. That bright green line on top? That was record high inventory five years ago. The dark blue line at the bottom? Last [...]
Shockingly Low Immunization Rates at Boulder Schools [Analyze This]
by Osman Parvez ---- Neighborhood desirability (and thus appreciation) is closely linked to school performance. We routinely bring this topic up with buyers, whether they have children or not. It's just one of the ways we help our clients make a smarter real estate decision. We recently learned that a database is now available to look up immunization rates for individual schools in the 20 largest districts in the state, including BVSD. We put together a chart showing local schools with the highest immunization exemption rate. Take a look. If you have concerns over unvaccinated children, you may want [...]
Our Research Outperforms [Prove It]
by Osman Parvez ---- "You can't improve what you don't measure," said W. Edwards Deming (supposedly). We'd make Deming proud. We measure and benchmark everything. Not just the Boulder real estate market via the House Einstein blog, but our own performance for buyers and sellers. It's part of Realty Unique's culture of professionalism, continual growth and improvement. Two days ago we issued our latest research report. Want to see how we did? Here are the metrics: According to Mail Chimp, our open rate is more than double the industry average. Our click rate is fifteen times higher. [...]
Fresh Boulder Listings [Get ‘Em Hot]
by Osman Parvez 24 new listings hit the Boulder real estate market this week. 3 are already under contract, 2 are flips, and 4 are old listings from last year - reinserted as new. I dug through what remains and only 6 are worth your time. Remember, I can show you any of these properties and unlike the listing agent, I don't represent the seller. CLICK HERE to schedule an appointment. Here are my picks: 2110 Columbine Ave | $670 | More Info This one could use a remodel. Pros: North South orientation, easy access to open space and retail, [...]
Forecast: Bidding Wars Ahead? [Analyze This]
by Osman Parvez ---- Anxious for accurate market data? Check this out. You're looking at the last few years of Boulder real estate appreciation - the change in median sale value for houses, attached dwellings, and the Martin Acres Index are broken out. Show me a better performing asset class with easy access to financing, a high percentage of leverage, preferred tax treatment, and where you can host a dinner party. Houses posted three solid years of gains in Boulder. Condos out performed in 2012 but trailed houses in 2013 before gaining some ground in 2014. The [...]
Deception by Design or Community Forum? [Aspenization]
by Osman Parvez Earlier this week, I attended Why Housing Matters - a community form to discuss housing challenges in Boulder. Here are my takeaways. - It's challenging to conduct a meaningful workshop for an overflowing amount of participants in the span of a couple of hours. eTown Hall could barely contain all of us. Given the size of the audience and the time constraint, the staff did a great job. - Several City Council Members were in attendance. - Michael Pyatok, the keynote speaker, has an agenda. It's called higher density. Recasting it as "coziness" is insulting Orwellian doublespeak. Boulder [...]
Martin Acres Index Jumps 12.7% [Analyze This]
by Osman Parvez Planning to buy or sell Boulder real estate? Pay close attention to market conditions if you want to make a smarter real estate decision. House Einstein's Martin Acres Index (MAI) is the average sale price for arms length transactions of basic 3 bedroom, 1 bath ranches in Martin Acres. The data is cleaned for duplicates and other common errors and covers 18 years of market activity. Pay attention to the MAI - even if you're shopping for other property types, price ranges, or locations. It's the most uniform neighborhood and property type in Boulder. Last [...]
