How's The Market?
- Understandably all eyes are on the war in Ukraine, volatile stock market, and spiking energy prices. Let me drag you away from all of that for a moment and let's talk about real estate.
- Market data for last month is now official. The median sold price for single family houses (SFH) in Boulder County was $865K in February, up an incredible 31.5% year over year. For attached dwellings, the median was $510,000, up 24.4%.
- In the City of Boulder, the median sold price skyrocketed to $1.56M for SFH, up 38% year over year. For attached dwellings, the median price was 527,500, up 25.6%.
- Meanwhile in Denver, the median sold price for SFH was $662,500 last month, up 12.3% year over year. For attached townhomes and condos, the median sold price was $395,000, up 12.5% year over year.
- Already at record lows, the number of new listings hitting the market continues to disappoint. New listings were down 8.9% for SFH and down 13.7% for townhomes and condos in Denver, respectively. In Boulder County, new listings for SFH were down 11.8% year over year. New listings for townhomes and condos were down 14.0%. In short, it’s slim pickings out there, which should continue to drive strong price growth for at least the next six to eight months.
Important note: Median appreciation can be deceptive, especially in a small market like Boulder. It's a sample size problem. The median year over year price increase doesn't mean your home has gained +30% in value compared to last year. It's possible it's gained more or less, depending on location, price range, and property characteristics.
When we price a home, we conduct a two-stage analyses prior to going to market. The first is an analysis of the most relevant comparable sales. The second analysis occurs just prior to listing, and looks closely at the most likely competitors to your home. In many cases, this second stage involves discussions with listing agents for transactions that have not yet closed. Because we maintain good relationships with the real estate community, we are often able to provide details that are not publicly available. This gives us the most accurate picture for the value of your home, based on up-to-date market data. Remember: Intelligent real estate decisions are based on deep market knowledge. There is no substitute for doing the work.
Osman Parvez is the Founder and Employing Broker of House Einstein. Originally from the Finger Lakes region of New York, he lives in Boulder with his wife and their Labrador Retriever. He has been a Realtor since 2005.Osman is the primary author of the House Einstein blog with over 1,200 published articles about Boulder real estate. His work has also appeared in many other blogs about Boulder as well as mainstream newspapers, including the Wall Street Journal and Daily Camera. For more information, click HERE.
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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties. House Einstein strongly recommends conducting rigorous due diligence and obtaining professional advice before buying or selling real estate.
