RE/MAX of Boulder Podcast keeps the Boulder community and future homebuyers and sellers updated with the latest information regarding the real estate market. RE/MAX of Boulder Managing Broker DB Wilson joins RE/MAX of Boulder Podcast host and REALTOR® Duane Duggan for their monthly update of the Boulder County real estate market.
RE/MAX of Boulder Managing Broker DB Wilson (left) with RE/MAX of Boulder Podcast Host Duane Duggan (right)
Single Family Residential - First Half of 2015
Wilson begins by explaining that he prefers to look at the Boulder County real estate market on a macro level. He comments, “So often people just look at average and median sales price. While those are really important, to get the overall look at the entire market place, it’s important to look at some other factors: number of total listings, sales price to list price ratio, days on market, of course the total number of sales, months of inventory or an “absorption rate” to see how fast properties are moving, percentages under contract – that’s a real good bellwether as to what’s going to happen to prices in the future. Then we also want to be looking at interest rates… and finally ‘expired(s)’. Everybody thinks that every property that comes on the market sells, and this is not true, even in a hot market.”
Keeping a broader perspective in mind, Duggan and Wilson discuss the single family residential market for Boulder County. According to Wilson, “At the end of June there were 957 homes for sale [in Boulder County]. That’s 20% less than a year ago. That sounds like a big number when you’re seeing almost a thousand [listings].”
However, Wilson explains when you remove the listings under contract, you are left with the real number of available homes. He remarks that “64% of those [957 listings] were under contract. That left maybe about 350 actually available [homes]. The other interesting point about that is 200 of those [350 available properties] were over $1,000,000.” That means around 150 properties for sale in Boulder County were priced under $1,000,000.
By accounting for listings under contracts, Wilson is able to get a more accurate view of the properties. This in-depth approach gives RE/MAX of Boulder REALTORS® a competitive edge as they are able to apply the data Wilson compiles to keep their clients well informed with the most accurate picture of the Boulder County real estate market.
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