Local Real Estate Report
1st Quarter 2007
Housing market stats for the 1st quarter of 2007 have been tabulated and show some pros and cons over the 4th quarter of 2006 as follows:
Q4 ’06 Q1 ’07 Q2 Forecast
Average Price $456,100 $469,000 ↑
# Homes on the Market 1,821 2,180 ↓
# Homes Sold 782 659 ↑
# New Homes Built 51 47 ↑
Avg # of Days on Market 107 124 ↓
In the Boulder area marketplace, we are continuing to see homes being sold at a higher than average pace and price range than that of the rest of the nation. The market is correcting itself however with some price moderation; the percentage of asking price vs. sold price remains at a respectable mid 90’s percentage range in Boulder County. Combined with historically low mortgage rates, home sales should continue at a steady pace – people still need homes!
The region added 5,900 jobs in the past 12 months. More jobs could also be added based on the weakness in the dollar, which helps the U.S. exporting companies. The forecast, as reported by Lawrence Yun, NAR Senior Research Forecaster: “Best guess is for home sales to show a year-over-year growth by the 4th quarter. The momentum will strengthen in 2008. Prices will also show a respectable rise in 2008. The market just needs to pass through the subprime loan implosion in 2007.”
Source: Information and Real Estate Services, LLC
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