Prepared by Neil Kearney Kearney Realty Co/ Metro Brokers
Information can be used only with permission Copyright 2010 All data from IRES, MLS
Number of sales down. Homes below the “median” are selling. Different prices for different areas. Higher priced homes have trouble finding buyers. Slow start to the year and then improving as the year progressed. Outside influences include – tight credit, tax credits for first time buyers and low interest rates for conventional loans (up to $417,000). Consumer confidence begins a slow return. Opportunities in the market – foreclosures, motivated sellers.
Copyright 2010 Neil Kearney, Kearney Realty Co.
Total Sales All of Boulder County
6,000
Total Sales are down 38% from the peak in 2005 and down 15% from 2008.
5,000
4,000
3,000
2,000
1,000
2004 2005 2006 2007 2008 2009
Copyright 2010 Neil Kearney, Kearney Realty Co.
Median Prices - Boulder County Single Family Homes
$400,000
Median Prices were down 3.6% and 3.9% in 2008 & 2009.
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Copyright 2010 Neil Kearney, Kearney Realty Co. 2010
City of Boulder Single Family Homes Number Listed vs. Number Sold
In the City of Boulder, sales of single family homes are down 45% from 2004 and were down 25% from a year ago.
1,800
1,600
1,400
1,200
1,000 # Listed 800 # Sold
600
400
200
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Copyright 2010 Neil Kearney, Kearney Realty Co.
City of Boulder Condos Number Listed vs. Number Sold
Sales of Boulder Condos are down 30% from the peak in 2005 and down 16% from 2008.
1600
1400
1200
1000 # Listed 800 # Sold
600
400
200
0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Copyright 2010 Neil Kearney, Kearney Realty Co.
Median Sales Prices - City of Boulder
$600,000
$500,000
$400,000
Prices within the city limits of Boulder have been fairly stable. Median prices for homes were down 2.2% & 2.4% over the past two years and condos were up 3.7% and down 3.6%.
$300,000
$200,000
$100,000
$1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 Condos 2003 2004 2005 2006 2007 2008 2009
Homes
Copyright 2010 Neil Kearney, Kearney Realty Co.
Comparison - Median Prices of Single Family Homes
$600,000 $525,000 $500,000
$400,000 $355,000 $345,000 $300,000 $314,000
$200,000
$220,000
$100,000
$1997 1998 1999 2000 Boulder 2001 Louisville 2002 2003 Lafayette 2004 Longmont 2005 2006 County 2007 2008 2009
Copyright 2010 Neil Kearney, Kearney Realty Co.
Comparison - Median Prices of Attached Dwellings
$300,000
$250,000
$240,000
$200,000
$204,900
$150,000
$169,900
$100,000
$50,000
$1997 1998 1999 2000 Boulder 2001 Louisville 2002 2003 Lafayette 2004 Longmont 2005 2006 County 2007 2008 2009
Copyright 2010 Neil Kearney, Kearney Realty Co.
Absoprtion Rate by Area Single Family Residential
16.00 14.00 12.00 10.00 Months 8.00 6.00 4.00 2.00 0.00 Boulder Louisville Lafayette Longmont Boulder County Erie Mountains
On average it would take 6 ½ months to sell all of the current inventory of single family homes given the sales pace over the past year.
12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009
Copyright 2010 Neil Kearney, Kearney Realty Co.
Absorption Rate by Area Condos and Townhomes
10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00 Boulder Louisville Lafayette Longmont Boulder County 12/31/2005 12/31/2006 12/31/2007 12/31/2008 12/31/2009
It would take just under 6 months to sell all of the current inventory of condos in the county if 2009’s sales pace continues
Copyright 2010 Neil Kearney, Kearney Realty Co.
Total Residential Sales City of Boulder
2,000
1,800 1,600 1,400 Annual Sales 1,200 1,000 800 600 400 200 -
All Sales of residential real estate within the City of Boulder were down 21% during 2009.
Total Sales
2000 1,606
2001 1,454
2002 1,543
2003 1,716
2004 1,867
2005 1,969
2006 1,851
2007 1,788
2008 1,529
2009 1,211
Copyright 2010 Neil Kearney, Kearney Realty Co.
Median Price City of Boulder
$400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $2000 2001 2002 2003 2004 2005 2006 2007
Median prices for all residential real estate in Boulder was down 1.7% during 2009.
2008
2009
Copyright 2010 Neil Kearney, Kearney Realty Co.
Total Sales City of Louisville
400 350 300 250 200 150 100 50 0 2000 2001 2002 2003 2004 2005 2006 2007
Sales in Louisville bucked the trend and were up 3% during 2009.
2008
2009
Copyright 2010 Neil Kearney, Kearney Realty Co.
Median Price City of Louisville
$350,000 $300,000
Median prices in Louisville have climbed each year. During 2009 prices were up 3.7%.
$250,000
$200,000
$150,000
$100,000
$50,000
$2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Copyright 2010 Neil Kearney, Kearney Realty Co.
Total Sales City of Lafayette
700 600
Sales in Lafayette were down 16% last year & down 49% from the 2003 peak.
500
Total Sales
400
300
200
100
0
Sales
2000 606
2001 564
2002 563
2003 616
2004 534
2005 577
2006 486
2007 471
2008 375
2009 314
Copyright 2010 Neil Kearney, Kearney Realty Co.
Median Price City of Lafayette
$300,000 $250,000
Median prices have been fairly stable in Lafayette, just down 1.6% over the past 2 years.
$200,000
$150,000
$100,000
$50,000
$2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Copyright 2010 Neil Kearney, Kearney Realty Co.
Total Sales City of Longmont
2,500 2,000
Sales in Longmont were down 15% for the year and down 46% from the peak back in 2000.
1,500 # Sold 1,000 500
-
Sales
2000 2,051
2001 1,899
2002 1,690
2003 1,717
2004 1,818
2005 1,725
2006 1,514
2007 1,384
2008 1,298
2009 1,107
Copyright 2010 Neil Kearney, Kearney Realty Co.
Median Price City of Longmont
$250,000
Median prices in Longmont have spent most of the decade between $210,000 and $230,000.
$200,000
$150,000
$100,000
$50,000
$2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Copyright 2010 Neil Kearney, Kearney Realty Co.
Total Sales Town of Superior
300 250
Sales in Superior were up 7% in 2009.
200 # of Sales
150
100
50
0
Sales
2000 246
2001 226
2002 271
2003 292
2004 247
2005 271
2006 259
2007 221
2008 162
2009 174
Copyright 2010 Neil Kearney, Kearney Realty Co.
Median Sales Price Town of Superior
$400,000 $350,000 $300,000 $250,000
Median prices have been fairly stable in Superior. Prices were up $3,000 during 2009.
$200,000
$150,000 $100,000 $50,000 $2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Copyright 2010 Neil Kearney, Kearney Realty Co.
Total Sales Town of Erie
400 350 300 250 # of Sales
Sales have remained strong in Erie. The mix of new construction and relatively low prices have held sales to within 16% of the alltime high.
200
150 100 50 0
Total Sales
2000 259
2001 228
2002 237
2003 231
2004 318
2005 314
2006 366
2007 360
2008 334
2009 307
Copyright 2010 Neil Kearney, Kearney Realty Co.
Median Price Town of Erie
$320,000 $310,000 $300,000 $290,000 $280,000 $270,000 $260,000 $250,000 $240,000 $230,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Copyright 2010 Neil Kearney, Kearney Realty Co.
Total Sales Suburban Plains
1000 900 800 700 600 Axis Title 500 400 300 200 100 0
Suburban Plains includes, Niwot, Gunbarr el and all unincorporated land within Boulder County.
Total Sales
2000 937
2001 920
2002 773
2003 789
2004 916
2005 825
2006 799
2007 708
2008 541
2009 488
Copyright 2010 Neil Kearney, Kearney Realty Co.
Median Price Suburban Plains
$400,000 $350,000
Median prices in the Suburban Plains dropped $50,000 during 2009, mainly because of the predominance of expensive homes in the area which were not selling.
$300,000
$250,000 $200,000 $150,000 $100,000 $50,000 $-
Median Price
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Copyright 2010 Neil Kearney, Kearney Realty Co.
Total Sales Suburban Mountains
600 500
The mountains have been hard hit, since 2004 sales are down 56%.
400 # of Sales
300
200
100
0
Total Sales
2000 576
2001 500
2002 494
2003 478
2004 550
2005 478
2006 456
2007 398
2008 302
2009 241
Copyright 2010 Neil Kearney, Kearney Realty Co.
Median Price Suburban Mountains
$350,000 $300,000
Even though sales are down, prices have held their own in the mountains.
$250,000 Median Price
$200,000
$150,000
$100,000
$50,000
$-
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Copyright 2010 Neil Kearney, Kearney Realty Co.
MillionDollar Homes Sold in Boulder County
250
215
After a meteoric rise, the number of properties selling over $1 million has fallen 46% over two years.
185 159
200
154
150
122 117
100
94 85 73 67
28 6
33
50
0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Copyright 2010 Neil Kearney, Kearney Realty Co.
Million Dollar Home Price Trends
$6,000,000 High Price, $5,317,780
$5,000,000
$4,000,000
$3,000,000
$2,000,000 Median Price , $1,408,630
$1,000,000
$1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Copyright 2010 Neil Kearney, Kearney Realty Co.
Quick start due to extended tax credit and low interest rates. Interest rates will rise during the year. Foreclosures and short sales will continue to be a large segment of the market. Look for more distressed sales in the upper ranges. I think 2010 will be a recovery year – heading in the right direction.
Copyright 2010 Neil Kearney, Kearney Realty Co.
Neil Kearney
Broker/Owner Kearney Realty Co. / Metro Brokers
For ongoing information and analysis visit www.NeilKearney.com
Copyright 2010 Neil Kearney, Kearney Realty Co.