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The Kearney Report 3rd Quarter 2017

The Kearney Report 3rd Quarter 2017

The Kearney Report I’ve just published the latest Kearney Report which highlights the latest trends in Boulder County real estate and compares them to the longer term trends.  I break up the county into a few smaller areas including Boulder, Longmont, East County (which includes Erie, Louisville, Lafayette and Superior) so that you can compare price ranges and other statistics in our different communities.  You can view The Kearney Report below online or you can download the PDF here The Kearney Report 3rd Quarter 2017 Real Estate Market Update At the end of the second quarter the Boulder area real estate market started to show signs that the strong sellers market that had been in place for over four years was wavering.  The third quarter solidified that trend as sales slowed, negotiation edged toward neutrality, properties stayed on the market longer and price reductions were very common as sellers figured out that their optimistic expectations were not being realized in the market. During the third quarter of 2017 there were 1,335 sales in Boulder County which reflects an 12% drop from the same quarter of the previous year. The median sales price during the quarter was $475,000 which is 8% higher than it was a year ago (the median price for sales during the second quarter were $500,000).  Homes are staying on the market longer and this has given buyers more choices when looking. During the second quarter, 31% of the homes sold for a price above the list price, this is down from 41% during the second quarter and 42% during the third quarter of 2016.  The average premium...
1775 Linden Avenue, Boulder – $800,000 – New Listing

1775 Linden Avenue, Boulder – $800,000 – New Listing

1775 Linden Avenue Boulder, CO 80304 – $800,000 Great North Boulder location! Lots to love here including; hardwood floors, remodeled kitchen including maple cabinets, quartz countertops, stainless appliances and an induction cooktop, 8 kw owned solar system takes care of all the electricity needs for the home (and more), stained concrete floors in the lower level, a great yard with multiple sheds, a koi pond, new deck, large garden area & a potting shed. Upgraded baths with a steam shower in lower level. Multiple off street parking spots.    ...
1601 24th Street, Longmont – $335,000 – Under Contract

1601 24th Street, Longmont – $335,000 – Under Contract

1601 24th Street Longmont, CO 80501  – $335,000 I’ve just listed this very nice ranch style home in a great North Longmont neighborhood. The home features a good sized and well maintained yard, a nice back deck, a beautiful flagstone entry patio and a two car garage. Inside you will find three bedrooms and two baths on the main level, a living room with vaulted ceilings, a wood burning fireplace, a large basement with one finished room and lots of room for further expansion. Well located just a short walk to Sanborn Elementary School. Radon mitigation is already installed. A great value in Boulder County.  ...
The Strength of the Market Depends Upon Price Range

The Strength of the Market Depends Upon Price Range

In a recent market update I outlined how we are seeing more price reductions, fewer sales and that the market seems to be shifting away from a strong sellers market.  However, there are still pockets in the Boulder County market where most of the houses are under contract.  As I looked further I found that these “pockets” around the county all seemed to be in the lower price range of their community.  The graphic below shows the absorption rate of the inventory throughout Boulder County in different price ranges.  Think of it this way, if we froze the market and accepted no new listings but sales happened at the rate they have been happening over the past three months, how long would it take to sell all of the listings.  According to NAR (National Association of Realtors) a balanced market is 6 months.  Anything less than that is a sellers market and more is a buyers market.  So what we have is a sellers market under $1 million, a balanced market between $1 million and $2 million and a buyer’s market above $2 million. Another interesting graph that helps to tell the story of the market is below and it shows the number of price reductions in the market on a weekly basis over the past three years.  2015 and 2016 were markets characterized by multiple offers and above asking price sales.  2017 started out in much the same way but by the end of spring we were seeing some softening.  One way to see this softening graphically is in the number of price...