2Q21 Boulder County Stats

The first half of the year's numbers are in and they are still maintaining the trend from the first quarter. We've seen an uptick in listings this month, although that wasn't hard to do since we were so low to begin with.

Buying activity seems to have slowed a bit as people go on vacation. This was not something we saw last year with Covid - could be that we are returning to a more predictable seasonal pattern. If so, things will pick up a bit after Labor Day until November.

If you need a market activity report for your county or neighborhood let me know. It's still a good time to sell!

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@elevatedrealestate.com

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Broomfield Heights 1st Filing 2Q21 Stats

Are we returning to a more normal real estate schedule? Last year, nothing was normal. Like everyone else, we were completely shut down for a few weeks. When things started going again they didn't slow down, not even very much in July and during the holidays.

This summer we're seeing the typical slump in showing activity while people head out on vacation, excited to be out in the world again. We are still low on inventory, and properties under $600,000 are still moving quickly.

Broomfield Heights 1st Filing saw 15 houses close in the second quarter, keeping pace with last year and exceeding the three years prior. 

The median $/sqft foot dropped slightly, but I'm not very concerned about that being a trend. That number moves from month to month depending on what is on the market. Also, I noticed more houses than usual in the neighborhood were sold off-market, at least one to a family member at a steep discount. Houses that don't make it to the MLS generally sell for less than they would have had they been given adequate market exposure and had a real estate expert negotiating and advocating for the seller's needs. If you'd like a Comparative Market Analysis of your home, contact me anytime, no obligation!

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@elevatedrealestate.com

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April 2021 Boulder County Stats

We continue to speed along the real estate highway, stopping to catch our breathe and grab an occasional smoothie. 

If you need more specific sales data for your neighborhood or your home, please contact me for your no-obligation Opinion of Value.

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@elevatedrealestate.com

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Boulder County March Stats

All I have to say is - Sellers, what are you waiting for? We have a national housing shortage, and the data is backing up all of the stories I keep hearing from colleagues.

42% decrease in inventory from this time last year, 50% down from 2019. When people find out I'm a Realtor they sometimes say, "Oh, I bet you like this market!" But I really don't. When buyers are having to pay much more than homes are really worth, make important decisions in a few hours, and give up a lot of their consumer protections, Realtors don't feel great about their transactions. Plus, we and our clients are getting burned out on touring homes for months and making offer after offer with nothing to show for it.

Although it might now sound like it right now, I really love my job. My home is my sanctuary, and I love helping other people find theirs. I love when the seller has so many good choices and their investment is paying off. I love the people I meet who sometimes become close friends. Don't even believe that you're bothering me when you have a question or would like to send a referral my way. Just know that The Word for 2021 is Patience.

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@elevatedrealestate.com

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Boulder County January Statistics

The trends from 2020 continue. The number of total active listings (detached single family homes) is down significantly from this time last year, almost 36%. Correspondingly, the average market time is down over 27% as buyer demand remains high.  Average and median sales price continues to go up as buyers compete for the homes for sale.

Townhouses and condos  are behaving similarly...

If you're a seller who's been on the fence about putting your house on the market, I advise you to seriously consider doing it soon. The property does not have to be in perfect condition to find interested buyers. Interest rate are still low and multiple offer situations can drive up the purchase price. If you're a buyer, I know a lot of ways to make your offer competitive and stand out. I also have a great app for house searching that is updated by both the Denver and Boulder MLS several times a day - just shoot me a text/email/phone call and I'll get it over to you!

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@elevatedrealestate.com

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2020 Boulder County Statistics

Compiled for the entire 2020. Not a lot of surprises here, if you bought or sold in 2020 you could feel these stats - low inventory, high demand. We're expecting much of the same for 2021.

Boulder County has averaged 5.5% appreciation since 1978, 5.6% in the past decade. If you'd like to see what your neighborhood has been doing and get a free, no-obligation opinion of value for your house just let me know. We can also talk about the costs associated with selling and how much you can expect to walk away with should you decide to sell.

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@elevatedrealestate.com

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Boulder County 2Q20 Stats

How we have fared through the most restrictive part of the quarantine is beginning to become apparent. For single family detached dwellings, we are down over 16% in active listings compared to this time last year. We can feel that, too, as there are once again multiple offer situations happening throughout the Denver metro area. The median and average sales prices have taken a small hit but I think that's due to the higher priced homes taking a little longer to sell resulting in a few more price reductions than normal. Homes under $500,000 are still going fast, and even the really rough properties are going under contract quickly to investors. 

We're seeing in increase in days on market of 3.4% for detached homes which is likely the COVID effect. Even though houses in certain areas are flying off of the market it is not the majority of properties. Buyers are getting more cautious and tired of getting beaten up by bidding wars and are less likely just to take whatever the seller is dishing out. Inspection repair requests should be taken seriously by the sellers that receive them as buyers are willing to walk if major concerns can't get addressed.

Attached dwellings - duplexes, townhouses and condos - saw an increase in total number of listings the first half of the year, with the median and average sales price also going up. Like detached homes, they are also generally sitting on the market a little longer than this time last year. Even so, we are still under the 4-6 month inventory rule of thumb that indicates a balanced market. 

I know Boulder County is unique in a lot of ways, so if you would like a market analysis on your area, don't hesitate to contact me - I do a lot of work south and east of my office and it's still a good time to sell!

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@elevatedrealestate.com

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Broomfield Heights 2Q20 Stats

Second quarter stats are in for 1st Filing! The number of sales remains strong despite the virus interrupting market activity. 

However, our $/sqft slid more than 6% from this time last year. This could be partly due to more than 40% of the properties being sold off market, or not in the Multiple Listing Service. A couple of those were severely under typical market value. This lack of exposure to the general market can result in a seller leaving money on the table. 

Of course, we don't know all of the factors - perhaps there were structural or other large issues that necessitated a discount, or one family member was selling to another at an intentionally lower price. But without this information, these kinds of sales can affect appraisals and neighborhood appreciation trends. If you'd like a free evaluation of your home, don't hesitate to reach out!

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@elevatedrealestate.com

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COVID-19 Affects on Boulder County Real Estate

Stats through the end of April are in and you can see the effects of the COVID-19 and stay-at-home orders. For a few weeks, properties were not allowed to have in-person showings, nor staging or photography activities. As you can imagine, the lack of photos can make it hard to advertise a property online! Some sellers decided to take their own, and some decided to withdraw their listing or postpone until we are over our virus peak.

As of May 9, in-person showings were allowed again, although open houses are still forbidden. You can see the affect on the active listings total in Boulder County, down for both detached single family homes and attached townhouses and condos. Months of inventory are also down since this period last year, which means that for the buyers that are still out there looking, pickins' are slim and bidding wars are still occurring for prime properties.

Prices in the Boulder Valley have been holding so far. Since the pause in activity was not caused by anything in the housing industry, sellers still want the prices they were seeing before the stay-at-home order. And to a large degree they are getting them. Investors may see some opportunities where others are having difficulty, like AirBNB properties. Interest rates should hold steady this year, and listings are beginning to increase. Get your financial ducks in a row - when that perfect property comes across your app, you'll want to be ready to move quickly!

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@elevatedrealestate.com

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Boulder County 1Q20

Today Governor Polis is easing up on some virus restrictions, allowing retail businesses to conduct curbside pickup and real estate agents to schedule in-person showings, all with masks, gloves and social distancing guidelines. Most counties in the area, except for Boulder county, are extending their stay-at-home order until May 8, though. Of course, these restrictions are greatly affecting the real estate market, with the showing dip beginning at the end of March.

March showings are just above the 7-year low

First quarter was promising another busy spring

Despite showings only being allowed virtually, houses at the entry level under $450,000 are still seeing a lot of interest. My listing in north Westminster got 3 offers in 2 days before anyone had even set foot in the property. Pent-up buyer demand seems to indicate that our busy spring season will be pushed to late summer. If you have any questions about how to navigate this odd market, don't hesitate to reach out!

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@elevatedrealestate.com

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Broomfield Heights Market Pulse

Last year I did a ton of research on my neighborhood, Broomfield Heights, with the idea of buying a rental property. The city is still planning to construct a civic center near the city buildings so it seemed a smart place to invest. Like most Denver areas priced under $450, this mid-century modern neighborhood  has appreciated quite a bit in the past few years. 

Those who are trying to become homeowners can purchase a fixer-upper in Broomfield Heights with good bones for the mid-$300s and live in the desirable Boulder Valley School District. Broomfield also makes open space preservation a priority, and the trail connectivity throughout the area and into other cities is invaluable. 

This March we are seeing multiple-offer situations again, with buyers waiving contract contingencies to make their offers more competitive. Buyers need to have started the pre-qualification process with their lender and review the contracts with their Realtor so they are ready to move quickly when the right property pops up.

You can see the seasonal cycles in the chart above, where sales go down in the winter and increase in the spring and summer. Property moves all year, as people still need to move for reasons they can't control. Properties that are in good shape and priced appropriately will sell during any month, so if an agent tells you they can't sell in the winter, move on!
  

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@elevatedrealestate.com

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2019 Boulder County Market Data

Trying to figure out if you should buy or sell this year? Well, you know the line is, "The best time to buy real estate is yesterday." Still, it's good to get some context so you know what to expect. Let's start with the number of listings on the Boulder MLS for the past six years:

The graph above shows the listings climbing over the last few years. You can also see the seasonal swing of the market with the largest inventory available in the summer. Still, people buy and sell all year long. If you're a buyer in the winter this could mean less buyers to compete against and possibly price discounts.

Drill down to just the past year to see the inventory at all of the price ranges. The glut of the properties sit between $350,000 - $700,000. It was also clearly a seller's market with 1-3 months of inventory, except for luxury homes over $2,000,000. A balanced market is typically 4-6 months of inventory, which we haven't seen in most Denver metro markets since the recession.

I rely on stats to confirm my gut - there's no substitute for actually getting into houses and knowing the market one works in. Being part of a large brokerage firm and hearing my colleagues' experiences gives me a hyper-local perspective. I know which areas are still seeing higher appreciation and which would be the most vulnerable in a recession, which would be most affected by new oil and gas rules and which have strict building codes. And if you ask a question I can't answer I have 120 other agents to talk with. Let me know if I can send you any additional information!
  

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@elevatedrealestate.com

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Bradburn Village Update

Bradburn Village continues to grow, between new nearby businesses opening like Zoe's Kitchen and Chuck and Don's Pet Food, and Century Communities Bradburn East single family homes at the corner of 120th Avenue and Lowell Boulevard.

2016 saw the typical slower start with busy spring and summer seasons. Sales were still going strong into the fourth quarter, echoing the continuing narrative from surrounding areas - high buyer demand, low inventory. Total yearly sales made 2016 the third highest in 9 years.

Whether selling or buying, it's important to understand how the local market is behaving. Days to offer and percentage off listing price are two characteristics that can clue you into buyer demand for particular types of housing in specific neighborhoods. Bradburn townhouses were on the market for an average of 5 days before going under contract, while detached homes were averaging 47 days (not including new construction). Rising home values have forced some new homeowners to seek out condos and townhouses rather than detached homes, driving that market faster than in decades past. Sellers have also contributed more to the buyers' closing costs in the fourth quarter than the rest of the year, which can be more common in the higher price tranches than the entry level homes. Closing cost credits should be taken into consideration when examining the percentage off listing price; credits can make the final home value appear higher than it actually is.

You can see in the chart below that, although a few sales this way or that way can really change the $/sqft average in any quarter, the trend lines for both attached and detached dwellings are on a healthy upward run.

2017 is still going to be a busy seller year, but appreciation is expected to slow down a bit. The current administration recently rolled back legislation designed to help buyers qualify for FHA backed loans, and if interest rates go up it will decrease the amount of potential buyers. If you'd like a no-obligation Comparative Market Analysis for your home, don't hesitate to contact me!

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@stauferteam.com

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A Look at Dutch Creek

 

A recent client of mine was interested, and eventually bought, in the southeast Louisville neighborhood of Dutch Creek.  With just over 240 homes, it accounts for only a small percentage of all the detached housing in the city, and inventory in general has been tight.  From 2009 - 2012, 9, 10, 7,  and 9 homes have sold per year, respectively (source:  IRES).  If you're a prospective buyer looking in this area, this 3-4% availability can be frustrating.  These statistics don't count For Sale By Owner properties, so if you or your agent are focused enough to drive the area regularly, you can increase your chances. (BTW, if your agent is too busy to do that for you, it may be time to reconsider your working relationship.)

The Dutch Creek Neighborhood

Built in the early 80s, the homes are at various levels of updating and offer mostly bilevel and trilevel floorplans with a few 2-stories and ranches sprinkled in.  With several parks, the Warembourg open space and Coal Creek Trail just steps away, this area is a hot entry level neighborhood for Louisville.  If you're downsizing, you might be looking for some of these 2 bed/2 bath or 3 bed/1 bath layouts that also keep you close to the downtown area.

This year, only 7 properties have been marketed through the MLS, and none of those have had to be withdrawn or expired.  Sales prices ranged from $298,500 for 1256sqft to $360,000 for 2016sqft.  The average days to offer was 10, and, on average, the homes that have closed already did so for 100% of the asking price due to the amount of buyer competition.  The market has cooled a little bit, but with only one Dutch Creek home currently available and already under contract, any seller thinking about listing his home should still find himself in a good market position.  If you'd like a free market analysis on your home to see if now is the time to sell, don't hesitate to contact me.

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@stauferteam.com

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The Real Estate Wonk Bonk

For those with an affinity for numbers, here are the statewide and regional housing statistics for the second quarter of 2013.*


STATEWIDE:

• Number of sales (detached and attached homes) rose to 28,068, an increase of 16% over 2Q12.  YTD sales increased just under 17% compared to the same timeframe in 2012.
• Number of new listings (detached and attached homes) rose to 42,348, an increase of 16% over 2Q12.  New townhouse and condo listings were greater than detached home listings.
• Median sales price rose to $260,000 for detached homes and $170,000 for attached homes.  This represents an 8% increase over 2Q12.  Median sales price is not an average of all home sales prices but the middle point, which may not be a good representation of activity in a short timeframe.
• Days on the market decreased 25% for detached homes and 29% for attached homes.  Ask your Realtor to do a little digging into TRUE days on market and days to offer, which can reveal a more accurate picture of any local market.
• Number of active listings on the market at the end of 2Q13 was 33,256.  Looking at the days on market numbers, this represents a 4.6 month inventory for detached homes and a 4.1 month inventory for attached homes. 
• All regions showed a decline in sales from banks and other mortgage lenders (foreclosures).

NORTHEAST REGION (Boulder, Larimer, Logan, Morgan, Weld):

• Number of sales (detached and attached homes) increased 16% over 2Q12.  Attached home sales slightly outpaced detached home sales.
• Number of new listings (detached and attached homes) increased 15% over 2Q12. 
• Median sales price rose 4% for detached homes and 9% for attached homes.  Median sales price is not an average of all home sales prices but the middle point, which may not be a good representation of activity in a short  timeframe.
• Days on the market decreased to 81 for both detached and attached homes, a 25% drop from 2Q12.  Ask your Realtor to do a little digging into TRUE days on market and days to offer, which can reveal a more accurate picture of any local market.
• Number of active listings on the market at the end of 2Q13 was 6,000.  Looking at the days on market numbers, this represents a 4-5 month supply.

METRO DENVER REGION (Adams, Arapahoe, Broomfield, Denver, Douglas, Jefferson):

• Sales of detached homes increased 3% while sales of attached homes increased more than 20% over 2Q12.
• Median sales price rose to $284,000 for detached homes and $164,000 for attached homes.  Represents an 9% increase over 2Q12.  Median sales price is not an average of all home sales prices but the middle point, which may not be a good representation of activity in a short  timeframe.
• Days on the market decreased to 45 for both detached and attached homes.  Ask your Realtor to do a little digging into TRUE days on market and days to offer, which can reveal a more accurate picture of any local market.
• Number of active listings on the market at the end of 2Q13 was 12,450.  Looking at the days on market numbers, this represents roughly a 3 month supply.

*Source:  Colorado Association of Realtors®.  Statistics represent about 91% of the statewide market; does not include For Sale by Owner listings/sales or all new construction.

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I would love to help you with your real estate journey. 

Please contact me at 303-917-7143 or robbin@stauferteam.com

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