Total Sales: 2015 was a very strong year for real estate in Boulder County. This was especially true for houses in the luxury market. Sales of homes priced $1 million dollars and up were up 24% during 2015. During the year 366 properties sold during the year, this represented roughly 6.5% of all sales. This is the continuation of a strong upward trend that has been on the upswing since 2009. The chart below shows the number of million dollar sales in Boulder county since 2004.
There are two factors that have lead to the increases in this market. 1) Organic price appreciation. 2) Houses are being improved, rebuilt and upgraded. The fact is that the housing percentage of luxury homes that exist in Boulder County has never been higher. Old homes are being improved all the time.
Sales Mix: The median price of all sales over $1 million in 2015 was $1,325,000. The chart below shows where the sales were on the price spectrum. This shows that a majority (68% to be exact) of the sales in the luxury price range sold for $1.5 million or below. 14% sold for $2 million or above.
Inventory Comparison: Currently, there is a serious shortage of homes on the market in Boulder County. But this is not necessarily the case in the luxury price range. NAR (National Association of Realtors) defines a balanced market as one having 6 months of inventory on the market (this measure is derived by dividing current inventory by the average of homes that sell during a month). Overall, Boulder County currently has 2.42 months of inventory. A definite sellers market. The table below breaks this out by price range. The inventory in months in on the far right and is color coded. Green = Sellers Market; Yellow = Balanced Market; Red = Buyers Market.