BOULDER COLORADO REAL ESTATE STATS, MARCH 2015

Hello again…

Sun Burn by Jack Sorenson

Cold Water and Falling Leaves by Jack Sorenson

Market Update Boulder CO Real Estate
and Surrounding Communities including Estes Park

NEW LISTING

Custom mountain home (4,848 fin sq ft) and ice hockey arena (11,952 sq ft) on 43 acres. Serene location near Nederland and adjacent to Roosevelt National Forest. Just click for Photos, Property Description, Panoramic Tours, and Location. Offered at $3,450,000.

http://www.realtor.com/realestateandhomes-detail/22955-Peak-to-Peak-Hwy_Nederland_CO_80466_M11193-35731

Here’s a question in keeping with the arrival of Spring and the birth of a new baseball season. What’s the most expensive baseball card ever sold? You’d have to go back over a hundred years for the card that sold in 2007 at auction for $2,800,000 to Ken Kendrick, owner of the Arizona Diamondbacks. It’s the Honus Wagner T206 card produced by the American Tobacco Company between 1909 and 1911.

With that bit of baseball trivia, let’s segue from baseball to real estate and the concept of scarcity. What made the Honus Wagner card so valuable was the fact there were so few cards distributed – only forty to the public. What has made home values increase over the course of the past few years across the Boulder Valley and Front Range is too few homes available for sale.

As an example of appreciation, the average sales price of a single family home in the City of Boulder in 2011 (when the real estate market bottomed out) was $663,912…the median sales price was $545,000. The average sales price of a single family home in the City of Boulder in 2014 was $822,139…the median sales price was $685,000. That’s a collective increase, respectively, of 23.8% and 25.7% over that four year period of time.

That same pattern of appreciation has transpired in the various municipalities surrounding the City of Boulder. Once identified as bedroom communities, towns and cities like Superior, Louisville, Lafayette, Erie, Broomfield, and the mountain areas have grown-up over time. They haven’t reached the same level of average sales value as the City of Boulder, but home values have continued to increase throughout the Boulder Valley fostered by new construction and lack of inventory.

Let’s see how these previous bedroom communities did compared to the City of Boulder. Below are single family average sales prices for 2011 and 2014 (four year period) for various geographic areas throughout the Boulder Valley. Information is courtesy of IRES (the Northern Colorado MLS)

	Median	Sales	Average	Sales
		Price ($)		Price ($)
		01/01/11		01/01/14	%(+)	%(+)
Location		12/31/11		12/31/14	Change	Change

Boulder		545,000		685,000	25.7	23.8
Broomfield		321,415		356,500	10.9	19.1
Erie		304,000		383,000	26.0	27.4
Lafayette		324,000		407,334	25.7	16.3
Longmont		220,000		275,000	25.0	25.0
Louisville		380,500		511,000	34.3	30.3
Superior		379,000		470,500	24.1	20.3
Sub Mtns		316,000		385,000	21.8	19.7
Sub Plains		470,000		579,225	23.2	13.0

As the City of Boulder becomes built-out (filled-in), look for growth to the east. Superior, Louisville and Lafayette are mostly in an in-fill status. Erie continues to cultivate new home subdivisions and will eventually be larger in terms of both number of residents and acreage than any of the three communities just noted.

Bruce Royer

Equity Colorado Real Estate

Direct: 303-589-7168

Toll Free: 800-373-1282

www.new.coloradosbestbroker.com

Kristen Martin Brown

Equity Colorado Real Estate

Cell: 303-478-1883

Fax: 303-379-2040

www.buyboulderrealestate.com

PS. If you are planning to move from your present home and/or purchase another this late Spring or early Summer, please consider contacting us.