Wow, all kinds of crazy real estate and mortgage news out there! Are you confused? If so we don’t blame you but there are two good places to turn for answers. On a national level, one of the best real estate experts who is masterful at consolidating all of the national media and statistics is Steve Harney and Keeping Current Matters. Check out their blog or KCM Crew Facebook page for lots of great analysis. On a local level, if you are reading this blog then you are in the right place! 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. Find it here, or on our Colorado Landmark Facebook page as well!
To that end, about every other week Colorado Landmark provides detailed information on the real estate actvity in Boulder and Broomfield Counties from the past two weeks – this is a change up as previously we were only reporting 1 week at a time. 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 of Boulder County and Broomfield County.
For the two week period from September 26 through October 9, 2010 here are the numbers:
•142 properties sold
•Price range of properties sold during this period: $41,000 – $1,995,000
•Median price: $298,000
•Average price: $369,133
•$0-199k = 33 sold this period
•$200-299K = 38 sold
•$300-399k = 30 sold
•$400-499k = 13 sold
•$500-599k = 11 sold
•$600-699k = 4 sold
•$700-799k = 4 sold
•$800-899k = 3 sold
•$900-999k = 1 sold
•$1.0-1.9M = 15 sold
•$2.0M+ = 0 sold
Top Ten Listings Sold during this period:
Information obtained from MLS and public record.
This week’s statistics tell us several things:
- New construction is being priced to sell. Three of the five properties in this group with the shortest days on market (DOM) are new construction. Builders know they are facing the fall-winter real estate doldrums and have priced some things to sell. Hard to believe that condos in downtown Boulder at $877 and $915 per square foot are “priced to sell”, I know … but 2-3 years ago these prices would have been well up over $1000 per square foot. There are deals to be had with builders now, although the word “deal” is certainly relative!
- The glaringly obvious continues to be … glaringly obvious. Overpricing your home is a devastating financial mistake. The three properties above with the highest days on market are also properties with very drastic price reductions. The bank-owned property on Mooring sold for 34% of it’s original owner list price. Yes, you read that right – 34%!!! When the bank got hold of it and priced it where it should have been from the beginning, it still only sold for 75% of the list price. That’s the stigma of a bank-owned for you right there.
- People are still shopping in the $1M+ price range! That is the price range where the biggest deals can be found right now, and buyers on solid financial footing are taking notice and they are shopping. I expect this price range might just hold steady through the fall-winter.
Director of Relocation and Business Development
Colorado Landmark, Realtors