Boulder Home Values

June 3, 2011 in Boulder Housing Stats, Colorado News, Financial News

Boulder Home ValuesPosted on June 1, 2011 by Leanne Goff

In the past I have presented monthly sales stats for cities in North Metro Denver and Boulder. Today I thought we could twist it up and take a closer look. In order to illuminate the information I’ve been gathering the data into graphs. As you can see, data has been collected for almost every month since November of 2007, when I started working in Boulder. If there is a month or two missed, please excuse me. This is life and sometimes it gets in the way of my data collection

Being that Boulder is my home base I thought it would be a good place to start. The two graphs below represent overall sales in Boulder. These are a representation of the average sales price and the median sales price. Note that the average sales price can become skewed if there is an outlier pulling it one direction or another. In Boulder we often see the average sale price jump up based on a high end, jumbo sale that month. In this situation we often look to the median sales price. Just a quick math refresher:

me·di·an: adjective /ˈmēdēən/

  • Denoting the middle term of a series arranged in order of magnitude, or (if there is no middle term) the average of the middle two terms. For example, the median number of the series 55, 62, 76, 85, 93 is 76

Overall based on the graphs below you can see that property value in Boulder has not tanked, but rather held strong. Contrary to what we hear on the news, property values in Boulder have basically held their value. There has been a slip, but not by much when considering what we have heard about what has happened in other states like Florida and Arizona. Another interesting thing to note is that attached homes in Boulder (condos, townhomes, flats, duplexes, etc) have an average sales price between $200,000-$300,000 dollars! I think most people are under the impression that home ownership in Boulder is unachievable because there is so much high end property (and there is!) but there are opportunities for everyone depending on how you skin the cat.

Boulder - Single Family Home Values

Boulder Attached Home ValuesThe information attached is based on data collected from IRES, the Boulder and North Metro Denver MLS database. It is deemed to be reliable but is not guaranteed.

For other info go to: http://leannegoff.com/blog1/boulder-home-values/.php

Thanks Leanne Goff!

Urban Areas See Jump in Young Buyers

April 5, 2011 in Financial News, National Real Estate

Living downtown is becoming increasingly appealing to college-educated 20- and 30-somethings.

In two-thirds of the country’s 51 largest cities, the college-educated population in the past decade has grown twice as fast within 3 miles of urban centers when compared to the rest of the metro area, the USA Today reports. That is a jump of 26 percent, on average, compared with 13 percent in other parts.

Young adults with higher education, in particular, seem to be showing a preference for urban living. Young adults with a four-year degree are about 94 percent more likely to live near urban neighborhoods than less-educated young professionals. (In 2000, that number was about 61 percent.)

Even floundering downtowns are attracting more young people. For example, Detroit, which has faced a 25 percent drop in its population since 2000, has added 59 percent (or 2,000) young and educated residents during that time, according to Impresa Inc., an economic consulting firm.

Looking to keep the young vibe going strong, Detroit even has recently launched a campaign ”15 by 15” to bring 15,000 young, educated professionals to live in the downtown by 2015. To do that, they are offering cash incentives: A $25,000 forgivable loan to buy a home in downtown and stay there for at least five years or $3,500 on a two-year lease.

In Cleveland another hard-hit metro area that has lost 17 percent of its population young professionals are also re-emerging. Cleveland has increased its number of college-educated professionals between ages 25 to 34 who live downtown by 49 percent (or 1,300).

“Clearly, the next generation of Americans is looking for different kinds of lifestyles walkable, art, culture, entertainment,” Carol Coletta, who heads CEOs for Cities, told USA Today.

Source: “Young and Educated Show Preference for Urban Living; Even Shrinking Cities See More Moving Downtown,” USA Today (April 1, 2011)

Economic Report

March 21, 2011 in Financial News

March 8, 2011 –

BOULDER – Some little-known economic facts are out in a new report published by the Boulder Economic Council.

When it comes to salaries, workers in Boulder make an average of $54,924 annually. Those in the information industry earn the highest average salary at $92,780, while workers in accommodation and food services industry jobs earn the lowest average at $17,405.

Of the city’s almost 100,000 workers, more than three times the national average are in the information industry and more than twice the national average work in some sort of professional, scientific or technical services field.

More than 20 percent of the people who work in Boulder are employed by the University of Colorado, at federal labs such as the National Center for Atmospheric Research, or at other governmental entities. Another 15 percent do some sort of manufacturing job.

Companies in Boulder received $84 million in venture capital investment in 2010, or close to 20 percent of the state total. In 2009, that amount was $243 million in funding, or almost 55 percent of the state total.

Other statistics mentioned in the report:

Boulder’s retail sales represent about 44 percent of all Boulder County sales.

The city has roughly 6.6 million square feet of office space, 6.2 million square feet of industrial/warehouse space, 4.5 million square feet of research and development or so-called “flex” space and 4.5 million square feet of retail rentable space.

The median sales price for a single-family home sold in Boulder in 2010 was $535,000, close to a 2 percent increase compared with the $525,000 average price in 2009.

A total of 623 single family homes sold in 2010, up more than 10 percent from the 564 sold in 2009.

Hotel occupancy in Boulder was up by almost 3 percent in 2010 at 65.1 percent compared with 62.4 percent in 2009. Average daily rates were up, too: $116.13 compared with $112.42 in 2009.

Accommodations taxes for the city increased 6.3 percent and sales-tax receipts were higher in most areas frequented by tourists.

The Leeds Business Confidence Index, based on expectations of Colorado’s business leaders rose to 54.8 for the first quarter of 2011. A “neutral” score is 50. In the first quarter of 2009, the index reached a record low 30.6.

The complete report is available online at www.bouldereconomiccouncil.org.

The Boulder Economic Council, an affiliate of the Boulder Chamber, is a group of business and community leaders committed to Boulder and its economic well-being.