October 2012 Market Stats for Boulder County

Posted by Greg Smith on Monday, October 8th, 2012 at 8:05pm.

As is customary for this time of the year, the Boulder Valley real estate market has begun to settle-in for the fall and winter. Active listings continue to decline with the September/2012 inventory of single family homes being down 6% when compared to August/2012 for Boulder County. If that trend continues, active single family home listings for Boulder County at the close of 2012 will be approximately 1,137 (2011 ended with 1,121 active single family home listings).

Through September/2012 single family home sales for Boulder County are UP 22.87% when compared to September/2011 (2,519 vs. 2,050); attached unit sales are UP 23.24% (896 vs. 727); the market is UP 22.97%. For September/2012, the market was UP 14.69% when compared to September/2011.

 

Below is a brief overview of the activity level for single family homes in a number of the Boulder Valley areas through September/2012, courtesy of IRES, the Northern Colorado MLS. 

 

                    Area                     Active Listings            Solds Y.T.D.         Absorption Rate

              Boulder                                498                              806                        169 Days

              Erie                                      109                              237                        126 Days

              Lafayette                              98                                233                        115 Days

              Longmont                            412                              874                        129 Days       

              Louisville                              56                                186                        129 Days

              Suburban Mountains            243                              164                        405 Days                  

              Suburban Plains                  321                              410                        214 Days

              Superior                               37                                128                        79 Days

                                                     =======                    =======                  =========

             Community Totals:             1774                               3038                      160 Days     

 

            The Absorption Rate is essentially the length of time it would take for the market to absorb itself, assuming no new inventory enters the market and the rate of sales activity remains the same. Absorption Rates improve as the year progresses. Inventory levels rise and sales activity increases.

            The Absorption Rate at the end of September/2012 was 149 days for Boulder County. 2011 ended the year with an Absorption Rate of 156 days; at the end of 2010 it was 189 days. Which means? Homes are selling slightly quicker these days than they did last year and at least a month faster than in 2010.

            As the Presidential election heats-up and the holidays surface look for the Boulder Valley  housing market to take a back seat. There will continue to be buyers contracting and closing on homes, and sellers wanting to sell, but the bulk of the sales activity is now in the rear view mirror.

            Mortgage interest rates remain at historic lows and banks/mortgage companies are willing to lend to qualified buyers. Home values have stabilized in most price ranges across the Boulder Valley, with entry level homes showing the most improvement. This being driven, to some degree, by production builders once again being a viable part of the housing market. Bank foreclosures and short sales are getting less media coverage these days, but they are still an important aspect of the market.

       *This Months Market Update From Dan Johnson     

Greg Smith

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