Boulder Year End 2017 Micro Market Report

MICROMARKET REPORT |

Boulder • 2018

BOULDER COUNTY NEIGHBORHOODS 15

3

1.

Mountain & Canyon Communities

2.

Foothills Communities

3. Lyons 4.

2

North Boulder

5. Downtown

10

14

4

9

6.

University Hill & Chautauqua

7.

Central Boulder & Historic District

8.

South Boulder

9.

East Boulder & Gunbarrel

10.

Eastern Boulder County Plains

11. Superior 12. Louisville

1

5

7

13. Lafayette 14. Erie 15. Longmont

6

13 8

11

12

Pictured on cover: 7321 Flagstaff Road, Boulder

coloradomicroreports.com

BOULDER market update Boulder County real estate continues to be one of the best performing investments, in addition to providing one of the most attractive lifestyles in the country. Strong employment, and net migration has created a market where demand seems to constantly outpace supply, resulting in a fastmoving and competitive “seller’s market” in most areas. Double digit appreciation rates were the norm in 2015 and 2016, but in 2017, there were some signs that the rise was slowing.

County-wide, there were 4,700 sold listings (all properties) which was up 9.2% from last year. Total dollar volume sold was up 10.2%, and stood at $2,831,136,763 at year’s end. The average price was up only 3.9%, to $602,498, and several micro markets saw a decrease in average sold price as well as highest price sold. These are imperfect indicators of appreciation because of the small sample size, but other indicators lend credence to the theory that the rapid gains of the past two years have started to wane, as evidenced in Boulder’s average list price to sales price ratio, which is down to 98.6% The Boulder Area MMR indicates that certain micro markets have performed better that others. Interestingly, both downtown Boulder and North Boulder are down in average price and highest price sold. These markets have led the pack in the past. Now the markets with the greatest gains in average price and overall sales volume are Louisville, Lafayette, Longmont and the communities of eastern Boulder County. All hovered around increases of about 10% in average sales price. The Foothills Communities saw a decrease in average sales price of 11.3%, and the highest price sale dropped to less than half of the highest sale of 2016. Similarly, the January through December 2016 2017 % Change Mountain and Canyon Communities saw decreases in highest sales price, New Listings 5,594 6,149 9.9% and fewer sales. This “dual market” scenario shows that there are distinct preferences in the marketplace that are driven by the convenience and Sold Listings (All Properties) 4,304 4,700 9.2% amenities offered by the more urban and suburban properties of eastern Sold Single Family 3,175 3,390 6.8% Boulder County, rather than the views, privacy and space of the more rural Sold Condo 1,255 1,310 4.4% and dispersed mountain communities of western Boulder County.

BOULDER COUNTY

Overall, the Boulder real estate market remains one of the most desirable places to live in the country. The Boulder metropolitan statistical area ranked 57th of 253 markets by the Federal Housing Finance Authority in their most recent quarterly report, with an 8.76% appreciation rate for the last twelve months, and 58.29% for the last five years.

livsothebysrealty.com

Average Days on Market Average Price % Sold Price to Original List Total Dollar Volume Sold

63

59

-6.3%

$579,786

$602,498

3.9%

99.9%

98.6%

-1.3%

$2,568,451,935

$2,831,136,763

10.2%

All Properties

Based on Information from IRES, LLC and REColorado. This representation is based in whole or in part on data supplied by IRES, LLC and REColorado. IRES, LLC and REColorado does not guarantee nor is in any way responsible for its accuracy. Data maintained by IRES, LLC and REColorado may not reflect all real estate activity in the market.

MICROMARKET REPORT | Boulder 2018 • COLORADOMICROREPORTS.COM

CITY OF BOULDER January through December

2016

2017

% Change

New Listings

2,100

2,319

10.4%

Sold Listings (All Properties)

1,561

1,644

5.3%

911

978

7.4%

650

666

2.5%

62

63

1.6%

$790,702

$798,027

0.9%

99.5%

97.7%

-1.8%

Sold Single Family Sold Condo Average Days on Market Average Price % Sold Price to List Price

CENTRAL & HISTORIC BOULDER January through December

2016

2017

Average Price

$1,387,176

$1,414,570

2.0%

68

68

0.0%

$7,755,285

$6,700,000

-13.6%

135

167

23.7%

98.7%

98.0%

-0.7%

Average Days on Market Highest Price Properties Sold % Sold Price to List Price

% Change

Historic Boulder is famed for its pedestrian-friendly mall, lined with the city’s acclaimed restaurants, bookstores, boutiques, sidewalk cafes, and plaques that highlight the area’s history.

Mapleton Hill, Whittier, Newlands, Green Meadows, Sunset Hill, Panorama Heights

DOWNTOWN BOULDER January through December Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2016

2017

% Change

$626,369

$567,590

-9.4%

58

51

-12.1%

$2,875,000

$2,187,500

-23.9%

159

132

-17.0%

99.3%

99.0%

-0.3%

coloradomicroreports.com

33.3%

The number of properties sold in University Hill & Chautauqua increased by 33.3% January through December 2017 compared to that of 2016.

UNIVERSITY HILL & CHAUTAUQUA January through December

2016

2017

Average Price

$1,078,928

$1,131,694

4.9%

61

74

21.3%

$3,400,000

$4,125,000

21.3%

72

96

33.3%

97.9%

97.0%

-0.9%

Average Days on Market Highest Price Properties Sold % Sold Price to List Price

% Change

Floral Park, Geneva Park, Bellevue, Rose Hill, Columbine, Interurban Park

SOUTH BOULDER January through December Average Price

2016

$694,676

1.5%

49

51

4.1%

$3,100,000

$4,100,000

32.3%

278

292

5.0%

100.8%

99.0%

-1.8%

Properties Sold % Sold Price to List Price

% Change

$684,172

Average Days on Market Highest Price

2017

Devil’s Thumb, Table Mesa, Highland Park, Shanahan Ridge, Martin Acres, Frasier Meadows, Keewaydin Meadows

13.7%

The average price for East Boulder and Gunbarrel increased by 13.7% January through December 2017 compared to that of 2016.

EAST BOULDER & GUNBARREL January through December Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2016

2017

% Change

$566,948

$644,501

13.7%

57

58

1.8%

$2,670,000

$2,782,505

4.2%

564

633

12.2%

99.6%

98.2%

-1.4%

Wonderland Hill,Dakota Ridge, Northfield, Carolyn Heights, Melody Heights, McKay’s Orchard, Moores

MICROMARKET REPORT | Boulder livsothebysrealty.com

2018 • COLORADOMICROREPORTS.COM

NORTH BOULDER January through December Average Price

2016

$854,489

-4.6%

74

66

-10.8%

$5,900,000

$3,500,000

-40.7%

320

282

-11.9%

99.2%

99.0%

-0.2%

Properties Sold % Sold Price to List Price

% Change

$895,448

Average Days on Market Highest Price

2017

LOUISVILLE January through December Average Price

2016

$613,197

9.5%

53

59

11.3%

$1,412,500

$1,775,000

25.7%

274

305

11.3%

100.5%

100.0%

-0.5%

Properties Sold % Sold Price to List Price

% Change

$560,074

Average Days on Market Highest Price

2017

Northern Boulder boasts more than 220+ artists and creative industries along its popular Broadway Street.

11.3%

The number of properties sold in Louisville increased by 11.3% January through December 2017 compared to that of 2016.

SUPERIOR January through December Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2016

2017

% Change

$553,885

$571,642

3.2%

47

45

-4.3%

$1,107,287

$1,090,000

-1.6%

192

165

-14.1%

104.1%

101.0%

-3.0%

coloradomicroreports.com

LAFAYETTE January through December Average Price

2016

$524,450

7.0%

72

54

-25.0%

$1,600,000

$1,520,000

-5.0%

417

466

11.8%

101.1%

99.6%

-1.5%

Properties Sold % Sold Price to List Price

5.8%

January through December 2017, the average price in Erie and Southwest Weld County increased by 5.8% compared to that 2016.

% Change

$490,179

Average Days on Market Highest Price

2017

ERIE/SOUTHWEST WELD COUNTY January through December Average Price

2016

$525,638

5.8%

58

51

-12.1%

$1,250,000

$1,479,000

18.3%

202

225

11.4%

99.0%

99.0%

0.0%

Properties Sold % Sold Price to List Price

% Change

$496,814

Average Days on Market Highest Price

2017

Frederick, Firestone, Dacono

LONGMONT January through December Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2016

2017

% Change

$397,624

$436,996

9.9%

58

55

-5.2%

$1,285,000

$1,287,402

0.2%

1,632

1,696

3.9%

100.3%

99.4%

-0.9%

MICROMARKET REPORT | Boulder livsothebysrealty.com

2018 • COLORADOMICROREPORTS.COM

LYONS January through December Average Price

2016

$598,893

13.8%

76

74

-2.6%

$791,000

$925,000

16.9%

42

39

-7.1%

99.0%

99.0%

0.0%

Properties Sold % Sold Price to List Price

% Change

$526,135

Average Days on Market Highest Price

2017

BOULDER COUNTY PLAINS January through December Average Price

2016

$823,684

11.9%

73

75

2.7%

$6,250,000

$5,950,000

-4.8%

506

481

-4.9%

98.3%

95.7%

-2.7%

Properties Sold % Sold Price to List Price

% Change

$736,381

Average Days on Market Highest Price

2017

Niwot, Hygiene, Sommerset Estates, White Hawk Ranch, Fairview Estates, Paragon Estates, Spanish Hills

Situated at the intersection of State Highway 7 and U.S. Highway 36, Lyons is often referred to as “The Double Gateway to the Rockies�.

11.9%

The average price in the Eastern Boulder County Plains increased by 11.9% in January through December 2017 compared to that of 2016.

FOOTHILLS COMMUNITIES January through December Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2016

2017

% Change

$966,628

$857,342

-11.3%

103

98

-4.9%

$5,400,000

$2,360,000

-56.3%

133

121

-9.0%

96.2%

97.0%

0.8%

Pinebrook Hills, Boulder Heights, Lake of the Pines, Jamestown, Eldorado Springs

coloradomicroreports.com

3.7%

January through December 2017, the average price in the Mountain and Canyon Communities increased by 3.7% compared to that of 2016.

MOUNTAIN & CANYON COMMUNITIES January through December Average Price Average Days on Market Highest Price Properties Sold % Sold Price to List Price

2016

2017

% Change

$415,177

$430,445

3.7%

103

78

-24.3%

$3,000,000

$1,162,500

-61.3%

332

227

-31.6%

96.5%

98.0%

1.5%

Nederland, Allenspark, Coal Creek Canyon, Golden Gate Canyon, Gilpin, Jefferson County

NUMBER OF DAYS OF SUNSHINE: 300

BOULDER COUNTY PARKS: 60

ACRES OF PRESERVED OPEN SPACE: 45,000

MICROMARKET REPORT | Boulder livsothebysrealty.com

2018 • COLORADOMICROREPORTS.COM

LIV SOTHEBY’S INTERNATIONAL REALTY

RESIDENTIAL LUXURY REPORT

Interested in learning about Colorado’s luxury real estate market?

Visit luxury.livsothebysrealty.com

WE ARE.

THE VOICE OF COLORADO REAL ESTATE

1110 White Hawk Ranch Drive, Boulder

15

930 69

21,000

1

Exceptional Brand

The life you love.

livsothebysrealty.com | coloradomicroreports.com Based on Information from IRES, LLC and REColorado. This representation is based in whole or in part on data supplied by IRES, LLC and REColorado. IRES, LLC and REColorado does not guarantee nor is in any way responsible for its accuracy. Data maintained by IRES, LLC and REColorado may not reflect all real estate activity in the market.