Economic Snapshot Boulder County - Novemeber 2013
Life is a composite of good times and not so good times, highs and lows interspersed with a multitude of middles. As we trek toward the end of another year this is an opportune time to reflect back on the events and circumstances that led us down the path to where we find ourselves today.
From a real estate perspective, Boulder County and the Boulder Valley area have experienced relatively good times in 2013.
Home mortgage interest rates vacillated between 3.34% (January) and 4.58% (August) for the traditional thirty-year fixed rate loan. Not a dramatic shift, but a 1% rate differential on a $615,000 home (median price in Boulder) with an 80% loan-to-value ($492,000 mortgage) is approximately $280.00 per month in additional principle and interest. The thirty-year fixed rate loan presently resides at around 4.29%.
Home values trended up across most geographic areas and price ranges as buyer motivation outpaced available inventory. Below is a comparison of 2012 and 2013 (thru November) average sales values for the various market areas across the Boulder Valley. (Information is from IRES, the Northern Colorado MLS.
2012 2013 (thru November)
Area Average Sales Price Average Sales Price % Change
Boulder $668,275 $762,278 +14.06%
Louisville $432,180 $500,959 +15.91%
Lafayette $384,839 $414,400 +7.68%
Longmont $258,385 $284,512 +10.11%
Suburban Plains $552,604 $586,799 +6.18%
Suburban Mountains $422,299 $452,140 +7.06%
Superior $425,315 $467,018 +9.80%
Broomfield $358,513 $399,792 +11.51%
The Absorption Rate, the time it takes for the market to sell through assuming no new inventory surfaces, was at 86 days year-to-date for Boulder County at the end of November for single family homes. 2012 ended the year at 91days; 2011 at 156 days; and 2010 at 189 days. Homes are selling at a comparable pace to 2012, but very much faster than in 2010 and 2011.
Active listings continue to decline as fall fades into winter. At the end of November there were 847 single family homes available for sale in Boulder County. 2012 ended the year with 814 active listings; 2011 was at 1121 active listings; and 2010 was at 1353 active listings.
Boulder County single family sold listings are up 7.09% (3,276 vs. 3,059) when comparing November/2013 (YTD) versus November/2012 (YTD). Attached unit sales are up 17.07% (1,248 vs. 1,066) when comparing similar timeframes.
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