Boulder Colorado has posted its first year over year decline in median price in 21 years of 540,000 to 535,000, of course we are not talking the sky is falling numbers we are actually seeing a slight increase in average sales price of .4% and a .9% decrease in median price or less than one percent. When you combine this with the First Time Home Buyer Tax Credit. I would have expected the Median price to be even a little lower. If we remember from our grade school days the median price is the point that half of all sales are above and below that point. Another way to look at it is the median price is the fulcrum point of the market. In this case we can comfortably predict our median price would have come in balanced or up slightly if the lower end of the market had not been stimulated by the tax credit.
Boulder Colorado Luxury Home market also has been slower over the past year. We are just starting to see this market come alive again, but there is still large amounts of inventory available. With 23 homes built after 2007 and priced over $2,000,000 on the market. At the current sales rate we have 5 years of inventory. Less upper end homes can have a negative effect on average sales price. The upper end doesn't truly impact median price unless we see home lower than the $535,000 point being impacted.