Late Summer update – less hot air?
Is the market cooling? Yes it is. I’ve lately been showing homes that have been on the market 21+ days.
Closings in Boulder County have taken a dip from earlier this year. For sellers this means you need to work harder to prepare – and price – your home to stand out. No more iPhone photos and ‘what will it take to educate the kids’ pricing. For buyers, well, it’s a small relief.
Let’s all get out there and make win-win deals, put back contingencies and close transactions we can all be happy with.
January Report – Looking back on a good year for Boulder real estate
Median sale prices of homes in all markets that make up Northern Colorado and the Boulder Valley increased in 2016, ranging from a 1.5 percent increase in the Estes Park area to 15.5 percent in Longmont.
The report also revealed that the number of homes listed and the number of homes sold in 2016, in most markets, declined compared with 2015.
Boulder still outpaces markets in the region with the highest median sale price for single-family homes at $885,000, marking an 11.2 percent increase compared with $795,000 in 2015. The median price of a home in Boulder had reached its high for the year in October at $921,500.
The number of homes listed in Boulder was up 2 percent to 1,699 compared with 1,665 in 2015, but the number of sales declined 10.6 percent to 608 compared with 680 in 2015, according to the report.
In Fort Collins, the median sale price was up 9.7 percent for the year at $356,500 compared with $325,000 in 2015. Listings were down 4.1 percent, 7,350 from 7,662 in 2015, and the number of homes sold was down 1.1 percent, 2,963 in 2016 compared with 2996 in the previous year.
In Longmont, the median sale price for 2016 of $357,900 was a 15.5 percent increase compared with $310,000 in 2015. Listings were down 19.9 percent, from 2,191 in 2015 to 1,775 in 2016. The number of homes sold declined 10.2 percent, from 1,210 in 2015 to 1,086 this past year.
In the Loveland/Berthoud market, the median sale price was up 10.4 percent at $345,000 compared with $312,525 in 2015. The number of homes listed was up 1.4 percent, 5,428 compared with 5,351 in 2015, but the number of homes sold was down 2.4 percent at 2,110 compared with 2,162 sales in 2015.
The median sale price in the Greeley/Evans market was up 13.6 percent in 2016. It increased from $220,000 in 2015 to $250,000 in 2016. Listings were down 7.2 percent with 4,006 homes on the market during the year compared with 4,315 on the market in 2015. The number of homes sold was up 1.1 percent, from 2,051 in 2015 to 2090 this past year.
The median sale price for the Estes Park market, which includes Allenspark, Meeker Park, Raymond and Riverside, was up 1.5 percent in 2016, from $369,950 in 2015 to $375,500 this past year. The number of homes listed in 2016 dropped 11.7 percent to 1,708 compared with 1,935 in 2015. The number of homes sold held steady, with 314 sales in 2016 compared with 312 sales in the previous year.
It will come as no surprise when I tell you that it’s currently a buyer’s market in Boulder County,
A Look at the Housing Stats
In Q3 2016 median home prices were up 15% over 2015, although the number of homes (attached as well as single family) sold dropped by 16%. This reflects a continued tight inventory combined with a high demand. Look for a similar picture in 2017, although the prospect of several interest rate increases in 2017 might front-end that demand somewhat.
See how days-on-market continues to trend downward, reflecting that strong demand and the presence of multiple offers
Median Home prices ticked up in November,
confounding the conventional wisdom
What does this all mean?
As a buyer, it means you need to work closely with your Realtor, staying top of mind with them in order to ensure you get a crack at the best, most suitable homes as soon as they hit the market. Be prepared with your pre-qualifying letter, preferably from a local lender – strong preference for a local lender, preferably one who works weekends!
As a seller, it may seem like all you need to do is whisper “my house is for sale” and good things happen. Not really. You need to prepare your home to make a great first impression, work with your Realtor to price appropriately, and get great photography. With the tight inventory we still see many multiple offers, so be prepared to thoroughly evaluate each offer, weighing the components of each to get the one closest to what you are looking for. Wondering what your home might be worth? Get an estimate with our quick valuation tool.