Happy Boulder Realty Market
Pharrell Williams sums it up when he cleverly sings Happy. And we can all clap along in Boulder as the housing market nearly tops seventy seven million in single family home sales for July. (I didn’t even add in all the condos, town houses and land sales)! This Boulder real estate market JULY report focuses simply on houses. And only those in the city – no county sales in this report.
By the way, speaking of Boulder County, the big news around town is the courts overturned the Boulder County Commissioners plans to tax owners for new roads. The good news: no more LID tax. The bad news: we still need to figure out a way to improve the roads around Boulder County!
Want to feel happy for two minutes as you scan the good news in this Boulder real estate market JULY newsletter? Listen to Happy!
Boulder Average Days On Market
When you remove the two outlier sales – one is a new construction house that took about a year to sell and the other is a house that was on the market for over 700 days – 2 years – before selling…when you remove those two sales, you see ADOM is under two months. 58 days to close to be exact. Boulder residential single family homes didn’t go under contract quite as fast as in June 2014.
Boulder Luxury Home Market
21 Million dollar plus homes sold and closed in July 2014. Great news for the local luxury home market. Prices ranged from a mere five grand over a million to two point eight million bucks. Want to see what a million dollars buys in Boulder backing to open space? Check out this LINK now.
The million dollar plus home market is feature rich. What does a million dollars or more buy in Boulder Colorado? Exquisite settings on unbelievable lots! Custom features. Great schools are generally walking distance and the homes have all the latest features. Uncompromising quality, brilliant design, chic designer finishes and state of the art home automation.
Ever wonder what sort of negotiating power you have when buying a Boulder luxury home? In July, the average place for 95% of list price. But, two of the three most expensive houses sold for full price or Better than list! ADOM is a little longer for this segment of the market at 80 days.
MLS Insights
In reviewing sales data for this Boulder real estate market July analysis I looked at two MLS systems: Denver (metrolist) and (Ires) Boulder. And I discovered an interesting anomaly. Homes listed in metrolist sold for a lot less than those in Ires. In fact, three of four sales accounted for some of the highest discount percentages.
- 1890 Del Rosa Court took 2 years to sell and then closed for 97% of list price (the least bad)
- 593 Lee Hill closed for 94.4% of list price
- 140 S 35th was a steal, closing at $419,000 — 87% of list price
- 1315 Tamarak – a million dollar plus luxury home – was the best deal. It took a $400,000 hit, closing for 79% of list.
Take Away: Realtors utilizing Ires outperformed agents relying on Metrolist – the Denver MLS – in July 2014!!
Affordable Boulder real estate market July analysis
With close to ninety single family sales in July, only a fraction of these homes sold for under $450,000. It is quickly becoming the new norm. If you are seeking an affordable Boulder home, it is going to cost $350K to $450K.
Of the nine home sales in this category, six 3-bedroom homes, two 4-bedroom homes and one with 5 bedrooms. ADOM for these affordable Boulder homes in July 2014: right in line with overall average of about two months. List to Sales ratio: 99.2% of list price (not counting the Metrolist outlier sale I mentioned above). In fact, three of these homes sold for better than list price.
Takeaway: Buying an affordable Boulder home? Be ready to pay 1.4% over list price!
About half of the affordable houses have no basement. One in three have no garage.
Majority of Boulder Home Sales July 2014
Luxury and affordable units account for 30 of the nearly 90 home sales. The vast majority of Boulder home sales analyzed in this Boulder real estate market July update sold for more than $450,000 and less than a million dollars.
In addition to these sales, there is a strong attached dwelling market. An additional ninety six condos and town houses sold in July with a net value of over $35 Million dollars. I will be evaluating the attached dwelling market as well as Louisville, Lafayette and Superior in future posts.
This has been my two minute update on what’s selling in Boulder Colorado. Additional posts you may appreciate include:
June 2014 Market Update
Louisville, Lafayette and Superior Update
2nd Quarter Attached Housing Report
In addition, if you are wondering what your home is worth or have questions for Bob Gordon regarding the statistics in today’s Boulder real estate market July blog, please contact Bob directly NOW!