Home Buying in 80305>Question Details

Cbboulder, Home Buyer in Boulder, CO

Cbboulder asked: What has been the annual % increase or decrease in home prices FOR BOULDER since the economy tanked in 2007?

Asked by Cbboulder, Boulder, CO Tue Aug 13, 2013

I should have been more specific in my last question, because I was asking about Boulder, not even Boulder County. I live on Shanahan Ridge, but I assume that is too specific! I wonder how Boulder real estate fared since 2007.
Thanks so much!

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9
Hi CBBoulder,

If you look specifically at single family homes in all of Boulder, the average price of sold homes was surprisingly flat (until this year):

Year Average Sold Price of Single Family Home in Boulder
2007 - $657,456
2008 - $657,088
2009 - $650,493
2010 - $646,019
2011 - $659,235
2012 - $662,859
YTD - $745,776

Hope that helps. Let me know if you would like more specific numbers for Shanahan Ridge. I can send you everything that has sold in your neighborhood since 2007 if you would like.


Thanks,
James Taylor
Homestead Real Estate
James@SearchColoHomes.com
0 votes Thank Flag Link Mon Aug 19, 2013
Hi Cbboulder:

You opened a good discussion here.

There is a lot of information below and, together it probably gives you a pretty good idea about what has happened in Boulder during the last few years. For me, as an avid follower of the numbers, the one thing I think everyone should understand is that Boulder City real estate behaves differently from real estate in other areas. Boulder often moves to the beat of its own drummer. (Though right now Boulder is behaving much like the rest of the country as the recovery moves forward.) Boulder prices made probably the biggest upward move in the later 1990s, which was before the big uptrend elsewhere. It then leveled off a lot during the period before the recession while other markets rose rapidly. And prices were not hit hard during the recession. Currently we are moving up again, much like the rest of the country, but, as BoulderSuZ points out, a lot of the upward pressure comes from low inventory (and, to some extend, lower interest rates).

Generally the Boulder trends show more strength than the country as a whole. I think this just reflects the fact that, rain or shine, people really want to live here. And there is a limited "here" for them to live in.

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
info@rovtar.com
http://www.rovtar.com
0 votes Thank Flag Link Thu Aug 15, 2013
Actually, probably a better reference for our web site would have been the section on the impact of the recession on housing stats. Same data, but specifically structured to show what's happened since the downturn in 2008:

http://www.agents4homebuyers.com/statistics/recession-impact…
0 votes Thank Flag Link Tue Aug 13, 2013
You might also check out the market stats on our web site:

http://www.agents4homebuyers.com/statistics/number-of-sales/

They differ from the stats provided by the local Realtor board in that they differentiate homes of different sizes...so you're comparing apples to apple from one year to the next. The stats from the local board take the more traditional approach of providing average/median prices for all the homes in a given community. This makes it difficult to compare communities, since the average size home will vary dramatically from one community to the next (e.g., Niwot vs. Boulder or Superior vs. Louisville). But it also screws up data on appreciation over time. More than 1/2 the apparent appreciation in towns like Louisville and Lafayette during the 1990s was really a function of increasing house sizes rather than house values...and during the downturn in Boulder...the percentage of large homes in the total mix of sales...dropped from 30% to 10% at one point...because it was harder to finance expensive homes. As a result, the local board stats showed a 1% drop in home prices, when comparisons based on comparable sized homes showed stable or increasing prices every year.
0 votes Thank Flag Link Tue Aug 13, 2013
Too specific, Cbboulder? Not at all.

Estimating price based on comparable homes is what agents do. I'm not sure why you would want to quantify the gains per year, but it is possible drawing on sales information in the MLS.

Generally, Boulder flatlined for several years and even dipped slightly.

Boulder is unusual in a number of respects. Steady employment and income are a big factor in why Boulder didn't sink with the rest of the nation. The Denver-Boulder market also didn't overheat as many did prior to 2007.

The two leading real estate markets (metro areas of Texas and the Denver metro area) have higher employment in common. I personally noted this for Zillow's people several years ago and they were skeptical. All they had to do was examine the data from MLS or the jobs numbers to see that Boulder was spared the harshness of the downturn. People will pay more for Boulder real estate. It is fact.

If you want a picture of what real estate has looked like since 2007, imagine a chart with the big numbers for price growth at the 2013 end - a bit like a hockey stick. Appreciation began in 2011 and accelerated in 2012. This year has been another year of price building. Many sales prices have eclipsed the earlier highs.

If you have followed in the press, prices have been growing at 9 percent to 10 percent rate this year. We have been seeing year-over-year gains as well as month to month gains. The gains are coming even after a rate hike in June.

Inventory is the problem and has been the problem for years since Boulder adopted a controlled growth policy.

Your best bet is to schedule some time with a Realtor (or two) and discuss comparable sales in your area.
0 votes Thank Flag Link Tue Aug 13, 2013
What i have seen in Boulder is as follows:

Average Sales Price as of:
December 1, 2008 - $398K
June 1, 2012 - $419K
June 1, 2013 - $455K

so since December 1, 2008 there has been a 14.3% increase through June 1, 2013

From June 1, 2012 to June 1, 2013 (last 12 months), the increase has been 8.59%...not bad.

Darren P. Hunstad
Branch Manager
Sierra Pacific Mortgage
303.464.1137 (office)
303.499.9283 (fax)
darren@darrenhunstad.com
http://www.darrenhunstad.com
CO MB#100010788
NMLS # 266776
0 votes Thank Flag Link Tue Aug 13, 2013
Hi,

Here is an assessment by Trulia:

Average price per square foot for Boulder CO was $335, an increase of 4.4% compared to the same period last year. The median sales price for homes in Boulder CO for Apr 13 to Jun 13 was $459,450 based on 750 home sales. Compared to the same period one year ago, the median home sales price increased 4.9%, or $21,450, and the number of home sales increased 22.7%. There are currently 871 resale and new homes in Boulder on Trulia, including 2 open houses, as well as 69 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Boulder CO was $964,563 for the week ending Jul 24, which represents an increase of 11.9%, or $102,925, compared to the prior week. Popular neighborhoods in Boulder include Gunbarrel and Glenwood Grove - North Iris, with average listing prices of $1,499,197 and $227,814.

Let me know if I can help you in any way with your real estate needs.

Christine Damiano
GreenSpot Real Estate
303-919-9234
0 votes Thank Flag Link Tue Aug 13, 2013
Shanahan ridge... off the top of my head.... sharply increasing in the early part of the decade, but going flat well before the rest of the market. So increases of 5-7% through aught four, then flat for nearly a decade. Some minor decreases. I consulted for a friend a few years ago and there was no movement on her place and she couldn't refinance. This would have been the spring of '10. Good news was that, according to my analysis she hadn't lost much value. Maybe 3 or 4%. Maybe not. The South Boulder Market has been weird for how few homes have been on the market. Since the first of the year properly priced homes have been snatched up in days. My most recent listing there was a tough sell... small and kind of expensive per square foot.... it recieved 7 offers, but only three of them were solid.

Shanahan ridge will have some of the same issues from buyers. Small places with high square footage prices. Those places are always like that.

Justin
0 votes Thank Flag Link Tue Aug 13, 2013
According to the local Boulder MLS stats, median prices were up 2.0% compared to a year earlier in 2007, down 2.0 in 2008, down 2.6% in 2009, up 1.9% in 2010, up 1.9% again in 2011, up 4.6% in 2012. So far this year, the Boulder Area Realtor Association shows the medan price up 6.8% in July 2013 compared to July 2012. These stats are for single family homes in the City of Boulder. If I can help with any more info that is specific to your home, please let me know.

Liz
0 votes Thank Flag Link Tue Aug 13, 2013
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