Our area’s real estate market is still somewhat flat (yes, even in Boulder/Broomfield) but homeowners are bombarded by conflicting national news reports and statistics that make it difficult to discern what is really happening in OUR area. At Colorado Landmark, Realtors we are committed to knowing the local market and giving our clients and friends the most up-to-date and accurate information possible.
To that end, about every other week Colorado Landmark provides detailed information on the real estate actvity in Boulder and Broomfield Counties from the prior week. What is selling, at what prices, how long these properties are taking to sell, and other relevant information about what’s going on in OUR local area.
For the week of September 19-25, 2010 here are the numbers:
•63 properties sold (up from from 58 properties 2 weeks ago)
•Price range of properties sold during this period: $46,000 – $1,019,000
•Median price: $310,000 (down from $290,000)
•Average price: $348,849 (down from $364,332)
•$0-199k = 15 sold this week
•$200-299K = 16 sold
•$300-399k = 11 sold
•$400-499k = 10 sold (up from 5 last period)
•$500-599k = 2 sold
•$600-699k = 5 sold (up from 2 last period)
•$700-799k = 1 sold
•$800-899k = 1 sold
•$900-999k = 1 sold
•$1.0-1.9M = 1 sold
•$2.0M+ = 0 sold
Top Ten Listings Sold during this period:
Information obtained from MLS and public record.
This week’s statistics illustrate a depressing fact – today’s selling prices have reverted to 2000-2001 levels in many cases. And homeowners who purchased later than 2006 may not break even selling in today’s market. With transaction costs and seller concessions, this means that some sellers may even have to bring a check to the closing table – ugh! Activity in the upper echelon of the market has slowed down, after a fairly decent summer of sales in the $1.0-1.9 million range. And as reported last time, if your home is priced in the $700-999k range, be prepared for a tough go. Homes in this “move up” price range are a difficult sell. Consumers concerned about unemployment may not be willing to risk a leap now, despite the lowest interest rates in history.
The statistics illustrate the glaringly obvious fact that overpricing your home can be a devastating financial mistake. The three properties above with the highest days on market are also the ones with the most drastic price reductions. The property on today’s list that was on the market for over 1900 days sold for 43% of the original list price.
Pricing is THE only way to compete in this market. Sellers should consult no fewer than three real estate professionals for price opinions … and list with the one who tells the hard, honest truth. This is not a time to let anyone blow sunshine in your face about the price of your home. Sorry Gordon Gecko, but in this market greed is NOT good. The only explanation for 1900 days of market time is greed and a very poor pricing strategy.
Here’s your takeaway for the week – price positioning. Set a market price for your home and it will sell. Case in point – the second property on the above list. The seller knew they were not going to be able to sell for the price they purchased the property for in 2007, so they didn’t even try. They priced it to sell, and it did … in 5 days. Be that seller – realistic, brave, and smart.
Director of Relocation and Business Development
Colorado Landmark, Realtors