Boulder 2009 Real Estate in Review, 2010 preview

Compared to the rest of the nation, Boulder's real estate values are weathering the housing crisis fairly well. The 2009 median sales price of a single-family residence was $525,000, down just 2.4% from the previous year, which was down 2.2% from 2007. We have not yet fallen to 2005 values when the median sales price was $519,000, but we have declined from the peak in 2007 of $550,000.

Although the inventory of homes for sale is on the decline, listings are competing for a smaller pool of buyers. Only 563 single-family homes sold in 2009, 24 percent fewer than in 2008 and almost half the 1,014 homes sold in 2004.

In Boulder's market for attached dwellings (condos and town homes), median prices are holding steady at $242,000, about the same value as 2006 and 2007, but have dropped 5.1% from the recent peak of $255,000 in 2008.

There is still movement in this market, but fewer sales with 628 closings of condos and town homes in 2009, a 15% decline from 2008.

This year started with a bang, with 29 single family homes sold in January, compared with 21 in January of 2009. The high-end market is also showing signs of life with 6 homes sold for over $1 million in January, including a $4.2 million sale.

The number of sales were up this January for condos and town homes as well, with 18 closings compared with 14 in January of 2009.

Financing is widely available for qualified buyers in all price categories. Even fixed jumbo loan rates (over $417,000 in Boulder) are at historic lows.

All this translates as follows. Sellers need to spruce up their homes and list them at the right price with a real estate broker who knows how to market their home in this competitive market. Buyers will find great choices, favorable interest rates, and tax credits -- why wait?