We have just completed The Kearney Report for the 3rd quarter. The Kearney Report is a comprehensive, quarterly presentation of the real estate statistics in Boulder County. We then break it down into smaller areas so that we can identify differences within the Boulder area real estate market.
Through the first three quarters, total sales in Boulder County are down 6% from last year but up 6% from 2012. However, the sales volume is down just 2% YTD. This means that the average price for each home sold has increased. This increase has come in two forms. First, the median home price increased by 8% from the third quarter of 2013 and secondly, more high priced homes have sold this year. Last year 24% of all sales in Boulder County sold for $500,000 or more. This year it’s 29% above that threshold.
So far this year there have been 1,557 sales in Boulder County. Here is where those sales have taken place:
City of Boulder – 43% (478 sales)
City of Longmont – 39% (432 sales)
Unincorporated Plains (including Gunbarrel and Erie) – 21% (231 sales)
City of Lafayette – 16% (177 sales)
City of Louisville – 8% (92 sales)
Unincorporated Mountains – 8% (84 sales)
Town of Superior – 6% (63 sales)
Prices have been rising and it’s interesting to see the erosion of the lower end of price spectrum and the expansion of the higher end of the market. The chart below shows that in the third quarter of 2012 79% of the home sales in Boulder County closed for $500,000 or below. This most recent quarter 72% sold for under $500,000, an erosion of 7%.