Happy Days for Boulder Real Estate Sellers [Market Analysis]
by Osman Parvez Sad news for buyers of condos and town homes. The market isn't getting any better. In the past, I've been able to negotiate the biggest discounts for my buyers during the 4th quarter. That's unlikely this year. Boulder Seller Ooh, but Happy Days are Here Again if you're a seller. The market is setting records for low inventory even as sales volume remains well above average levels. There should be no problem selling your unit quickly - assuming your agent has priced right, staged, and marketed it well. The following analysis is for [...]
Historic Floods Can’t Drown Boulder Real Estate Market [Market Update]
by Osman Parvez Many of you have been asking about the impact of last month's historic flood on the Boulder real estate market. Let's look at the numbers. Boulder Real Estate Market Update The following analysis is for traditional single family houses, only. I'll publish an analysis for town homes and condos in another post. Just a reminder... I'm a Realtor. My goal is to help you make a smarter decision. If you're in the market to buy, or you're thinking about selling, give me a call. 303.746.6896. Boulder Home Sales Volume The chart above shows sales [...]
Boulder Pending Sales Analysis [Market Update]
by Osman Parvez It's early October. After a scorching hot summer and the horrific flooding in September, you'd think the market would dramatically slow. Guess again. My latest analysis shows that pending home sales in the City of Boulder are continuing at a surprisingly strong rate. Although the full impact of September's floods have yet to be felt, the Boulder real estate market appears to have shrugged off rising rates. Yes, things has cooled slightly, but far less than I would have expected for this time of year. In other words, on a seasonally adjusted basis, the market remains very [...]
Inventory Shortage in Detail [Market Update]
by Osman Parvez Taking a breather from the bidding wars and tense negotiations that have characterized the last few months, let me show you what's happening in the current market. The chart below is for monthly inventory compared to the 5 year average for Boulder, Erie, Lafayette, Longmont, Louisville, and Superior. It covers the five months of the year (i.e. year to date). I don't normally put this much data onto one chart because it gets a little busy. In this case it's important to see how the shortage hasn't changed much in most local markets. [...]
The House Einstein Report – June 2009
by Osman Parvez ---- Ahh, I just wrapped up and published the latest House Einstein Report. Clients and friends subscribed to our email list should have received the report a few minutes ago. Check your inbox. As always, I'll publish select charts and commentary shortly here on the blog. And a few days later, I'll make the report available to the public. In the interim, if you would like to receive the report each month via email, you can subscribe by clicking HERE. ------ House Einstein Report Email ---- Dear Clients and Friends, The real estate market in Boulder is [...]
Quick Look: Boulder Market Update
by Osman Parvez ---- The data is still preliminary, but it looks like sales volume in Boulder improved slightly in May with a year over year decrease of 37% and 40% for houses and attached dwellings, respectively. Stay tuned... the full Research Report will be available before the end of next week. ---- 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 [...]
Boulder Market Update: Condos and Town Homes
by Osman Parvez ---- So how do you KNOW you're getting a good deal? Simple, work with an agent who really knows the market and has the skills to negotiate a better deal. If you think about it, good negotiation requires deep market knowledge. Without it, you're shooting blind. To know the market, start by considering inventory, sales volume, and price trends - in the context of specific locations and property characteristics. Don't forget to take into account the regular seasonality of the market, with its fluctuations of supply and demand. And if the market is a bit irregular this [...]
Sales off 50% in Boulder – 1Q09
by Osman Parvez ---- In case you missed it, there was a piece on Boulder market conditions in yesterday's Daily Camera. The number of homes sold in Boulder in the first quarter of 2009 was down by a whopping 50 percent compared to the same period last year, and the city is far from alone in its poor statistics. I was interviewed for the article. To clarify... 1. Mortgage Rates - Yes, I believe rates are still trending downward and will continue to do so, possibly bottoming around 4%. But that alone shouldn't drive your purchase decision. If rates drop [...]
March Sales Snapshot
by Osman Parvez ---- The health of the Boulder housing market is getting a lot of interest. Here's a sneak peak from my latest real estate update. For March, the preliminary number shows 35 home sales in Boulder, compared with 60 that occurred last year - a 42% decline, year over year. Sold property ranged in value from $345,000 to $2,625,000. There are currently 498 homes in inventory on the Boulder market, 57 of which are under contract. This implies 12-14 months of inventory. As regular readers know - there's a huge difference between the market for luxury and basic [...]
The Verge of Correction?
by Osman Parvez ---- In my last market update, a reader left the following comment. ------ Osman - are we finally, then, on the verge of the correction here in Boulder? Your comments suggest a Buyer's market in 2009, but I do not sense in the listings yet what I am sensing on the street (poor jobs outlook and economic instability). Will Boulder real estate owners lower their prices, or will the lack of inventory (greenbelt, draconian building regs) continue to inflate prices and insulate owners from the bloodbath just outside? --------- It's difficult to get a sense of the [...]
Boulder Condo and Town House Market Update
by Osman Parvez ---- From the current research report, here's a look at real estate conditions for condos and town homes in Boulder. The following is an analysis through the end of December, focusing on sales volume and inventory levels. If you're looking for information on price trends (median price, $/SQFT) or days on market, give us a call at 303.746.6896. We provide our clients with unique insight into market conditions specific to their situation. We can help you make a smarter real estate decision. Inventory - as the chart above shows, inventory levels during most of 2008 tracked below [...]
Why The Downside Is Limited
by Osman Parvez ---- A few comments have suggested that my recent downside estimate for the Boulder market was too shallow. If you're sitting on the sidelines looking for our local (or broader regional) market to collapse like the former bubbles, you'll probably be disappointed. Here's why. Enter the wayback machine and look at my post from two years ago comparing the Denver market with bubble markets. After showing you how these markets compare and overlaying trends, I wrote: Thus, more support for the notion there's no housing bubble in Boulder or Denver. Even so, we will still be impacted [...]
An Expert’s View on Boulder – Lawrence Yun’s Slides
by Osman Parvez ---- It appears that Lawrence Yun, the Chief Economist of the National Association of Realtors has put out a presentation on local market conditions here in Boulder as well as other parts of the front range. Here's a selection of slides from the presentation. The comments are mine. 2007 looks a little optimistic to me, but the NAR might be using different data. I expect the estimate to be a revised downward. See my index analysis for more details and a better dissection of Boulder's market. Subprime delinquencies are at a record high. Interestingly, delinquencies were quite [...]
Rough Waters
by Osman Parvez ---- Looks like the Camera is finally reporting what I told readers about a month ago... From Rough Waters: Nationally, 2007 was a disastrous year in the residential real estate market, with new home sales plunging 26.4 percent, median sales prices barely gaining and foreclosures skyrocketing 75 percent. While it was rough in Boulder and Broomfield counties, as well, things weren't nearly as bad locally as on the national scene. In Boulder County last year, sales of new and existing homes dropped nearly 7 percent and foreclosures jumped 28 percent to hit a record high. Home sales [...]
Affordable Housing in Boulder – In Action
by Osman Parvez ---- Last week a reader of the blog, Eric Chwang, contacted me. He'd just attended the "City of Boulder Homeownership Program Orientation." During the session the organizers shared some interesting market data. Specifically, they gave us the annual appreciation rates for attached dwellings in Boulder for the last 20 years, as well as the indices used to fix the appreciation rates (capped at 3.5% annually, simple interest) for their affordable housing units. Eric took some time to convert the data to an Excel file and asked if I'd share it with readers of this blog. The chart [...]
