Our economy is still struggling. Employment is not improving at a fast enough pace. Colorado’s unemployment rate is still hovering at 8.0% for September 2010, down from 8.2% in June 2010 but up from 7.7% in May 2010 per the United States Department of Labor, Bureau of Labor Statistics. Boulder County stands at 6.2% and Broomfield County is at 7.2% for September 2010.
Approximately every other week Colorado Landmark provides detailed information on the real estate actvity in Boulder and Broomfield Counties from the past two weeks. Hopefully our analysis will help reveal what properties are selling, at what prices, how long they are are taking to sell, and other relevant information about what’s going on in OUR local area – Boulder County and Broomfield County.
For the two week period from October 18 through October 31, 2010 here are the numbers:
•193 properties sold (up from 142 properties previous reported period)
•Price range of properties sold during this period: $59,000 – $2,400,000
•Median price: $305,000
•Average price: $385,529
•$0-199k = 44 sold this period (33 last period)
•$200-299K = 49 sold (38 last period)
•$300-399k = 31 sold
•$400-499k = 29 sold (13 last period)
•$500-599k = 10 sold
•$600-699k = 10 sold (4 last period)
•$700-799k = 10 sold (4 last period)
•$800-899k = 1 sold
•$900-999k = 3 sold
•$1.0-1.9M = 5 sold (15 last period)
•$2.0M+ = 1 sold
Top Ten Listings Sold during this period:
Information obtained from MLS and public record.
This period’s Top Ten numbers are not very different from previous periods, and reinforce what we have been communicating all along. Overpricing = BAD!
The four properties with the longest days on market are …. you guessed it … the properties with the lowest ratio of sale to list price. The home on Neher Lane was listed for over 900 days total and sold for only 39% of its’ original list price. 8828 W. Phillips Road was marketed for almost 2000 days (astounding!), and sold for just over half of its’ original list price. What was going on with these sellers? Did they dictate a sales price to their real estate professional, driven by greed, ego, or financial need? Or did their original listing agent blow sunshine in their face and recommend an inflated list price simply to win the listing? Shocked? Don’t be … these things do happen.
So what’s the antidote for overprice-itus? Two simple things.
#1) Get several professional opinions about what your house is worth from local realtors that have been recommended by someone you trust. The stress is on the word local here. No one can do it all. The Boulder-Denver Metro area is huge. A real estate professional who lives in Denver and is d in Cherry Creek can’t possibly be completely clued into what the Boulder-Broomfield market is doing. Pick an agent that not only lists homes in your specific neighborhood, but actually sells them. Ask for proof of their sales records, and testimonials or recommendations from past clients. Many of you shop at the Boulder Farmer’s Market for produce because you feel good about “buying local”. Don’t you think using a local professional to help you sell your most important asset is just as important as buying a locally grown zucchini?
#2) Don’t dictate a selling price to your realtor. Please don’t take offense to this but don’t think that just because you have a Masters in Engineering, MBA or PhD, or are a high ranking executive at a great company that you know how to price your house. We know Boulder and Broomfield are full of wonderful highly educated people – what a pleasure for us to work with you! Just let us do our jobs. A true real estate professional is on top of the market data, community trends and current inventory and they will know how to price your house appropriately. Trust their expertise and experience!
This week’s takeway – find a good local professional, and trust them to do their job.