Boulder County Real Estate Stats: Preparing To Buy and Sell!
Planning on buying or selling a home this spring in Boulder County? Â If so, you might be concerned about rising sale prices and low inventory in this very competitive market. Â Although these things are cause for some concern, they are in fact helping to drive the local housing market and economy. Â By understanding things like absorption rate, you will be better able to effectively plan and budget for either the sale of your home, or the purchase of a new one. Â We all know that Boulder real estate is among some of the most highly sought after in the state, so it is to your advantage to become familiar with area statistics. Â Knowing these facts will give you a better chance of timing things accordingly. Here are the most recent real estate statistics for the Boulder County area. Â
By looking at the year to date absorption rates, January 1, 2013 - March 31, 2013, for single family homes in Boulder County, you can clearly see homes which are priced in the lower brackets, under $400,000, are selling on average in 2.1 to 3.5 months. Â It is also clear to see that homes which are priced over $1.25 million are taking much longer to sell with an absorption rate that fluctuates between 16.8 and 29.6 months. Â One interesting fact that can be observed from the chart below is that homes priced from $1,000,000 to $1,250,000 sold quicker, at a rate of 7.7 months in comparison to homes that were priced from $800,001 and $1,000,000 which took 13.7 months.
Now that we know the absorption rates, how can a buyer and seller use this information? Well, it's obvious that price has a lot to do with how fast homes are selling in Boulder County. Â This means that if a seller is really motivated to move quickly, they could cut their price and sell in less time than if they tried to get the highest amount possible. Â It also says that more people are looking for affordable homes over luxury properties in Boulder County. Â When you take all these factors into consideration, buyers can infer that quality affordable properties will move faster than the general market. Â This indicates that buyers must act on properties promptly, anticipate a bidding war, and be prepared to make generous offers on highly desirable properties.
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