July 2016
July: Market Insights, Deals, & Events
- Featured Listing: 8355 Stoneridge Terrace, Boulder
- Market Insights
- A Closer Look: Boulder Average Hits $1 Million?
- Featured Business: Coal Creek Physical Therapy
- Pets of the Month: Reggie & Panda Bear
- Denver Broncos Schedule
- Upcoming Events
Featured Listing: 8355 Stoneridge Terrace, Boulder – $2,250,000
Don’t miss a rare opportunity to live in this stunning, sunny, and luxurious estate home situated on 36+ acres at the top of a mountain. This 4 bedroom, 6 bath home features dramatic views from every window! Located only 15 minutes north of Boulder this property provides peaceful and private living with all the amenities of town. The salt water pool, outdoor kitchen, and pergola are perfect for socializing with friends or just relaxing and taking in the views. Landscaping includes many mature trees, pond, and waterfall. The walkout lower floor includes large media room.
Market Insights Boulder County
The operative word for the world currently is volatility. Everywhere you look there is instability: presidential candidates, stock market, terrorism, racial divide, and the list goes on. The exception is Boulder County real estate. We continue to move forward with strength. We saw a slight uptick in new listings in June which was a true blessing for a market that is struggling for inventory with only two months supply of single family homes and only one month of attached dwellings. This was certainly not enough to curtail the upward pressure we have seen on pricing. The Median Sales Price is up over 14% for the year and a whopping 24.9% for June 2016 over June 2015. The Median is even higher for attached dwellings with a jump of over 31%.
The numbers are all the result of our core pillars: jobs, inventory, interest rates, and strong consumer confidence. Job growth is on the rise and comparatively when you look at similar hot spots like Santa Barbara, San Francisco, Boston, LA, and San Diego, we are still a bargain. We have to face the fact that Boulder County, Colorado is one of the top places people want to live.
We are blessed by where we live but as a savvy consumer we should be watching what is happening in the outside world to help gather insight to any shifts is ahead. At this time it looks like the principals for a strong Boulder County market are solid, but this is not the case for the world as a whole and when this begins to impact Boulder is anybody’s guess. At some point it will, so be sure to keep an eye on the numbers. Luckily for all of us, price has always been a lagging indicator and the market will tell us ahead of time if you know what to look for.
A Closer Look: Boulder Average Hits $1 Million?
Recently the Boulder Daily Camera published an article entitled, “Price of Average House Tops $1M.” With home values soaring, it’s easy to read the headline and jump to some not so accurate conclusions.
What is Average?
For Real Estate take the total of all homes sold in a month and divide by the total homes sold. This number is greatly affected month-to-month by the number of sales and by the sale of high-end listings. In a market such as Boulder County where only 521 homes sold in June 2016, numbers are even more easily skewed by these luxury home sales.
Mid-Level Housing
“Average” is not mid-level housing. Generally, mid-level housing in Boulder refers to homes between 1000-2999 square feet. That’s not to say there aren’t luxury homes in that square foot range but it eliminates the McMansions and smaller condos. As you can see Average Sales Prices for 1,000-2,999 square foot homes are still far from $1 million.
Average Sale Price vs. Price Per Total Square Feet
Average Sale Price is not a direct correlation to all home values. A better indication is Median Price Per Total Square Foot. When you look at 1,000-2,999 sq ft you can see what values in that range have really increased. It’s still impressive.
What is Your Home Worth?
There is no magic formula to determine your home’s value. According to a recent article by realestatedecoded.com:
“The typical Zillow Zestimate error is $14,000, but you don’t know if it’s $14,000 too high or $14,000 too low. And it gets worse because HALF the time Zillow Zestimates are off by MORE than $14,000, sometimes a LOT more than $14,000.”
To make a rough estimate, pay attention to Median Price Per Total Square Foot numbers. For an accurate evaluation that considers area, home quality, and past solds, contact me. I’m happy to put some customized numbers together for you which will be a much more accurate estimation.
Local Business Feature: Coal Creek Physical Therapy
Have you ever said “no” to something you love, because your body hurt too much? Coal Creek Physical therapy’s goal is for you to say “yes” to everything you want to do – with a big smile on your face. Nine uniquely certified Physical Therapists specialize in a variety of conditions. Check thier site for specific services.
Mention RE/MAX Alliance and you’ll receive a FREE consultation with treatment for your first visit. Expires September 1, 2016. Call 303-666-4151 to schedule an appointment today or stop by and visit us at 315 W. South Boulder Road, Suite 110, in Louisville.
Pets of the Month: Reggie & Panda Bear
Now I gotta cut loose “Footloose” stomps onto BDT Stage. Come see why critics and patrons are raving about Footloose! The heartfelt story that emerges through the rockin’ rhythm of its Oscar and Tony-nominated top 40 score.
The dynamic new IMAX film is a peek into the future of possibilities as scientists use innovative engineering and design to make cyber characters less “humanoid” and more just plain human.
There is great music, excellent food, cold drinks, lots of children’s activities, quality arts, crafts, sundries, and, because of our awesome sponsors, this event is FREE! Jul 22 – The Elders, Jul 29 – Roger Clyne & The Peacemakers, Aug 5 Junior Brown
Every object in our world has a story of how it is made. How People Make Things tells that story by linking familiar childhood objects to a process of manufacturing that combines people, ideas, and technology.
Get Ready to Dance and meet new friends – The wildly popular Movement Mondays – a local fun and friendly DJ’d dance gathering, has moving outdoors for the summer!
The Boulder County Fair, the oldest in Colorado, is celebrating it’s 147th year. The Fair is a Free meaning no charge for parking or gate admission so please come often. Enjoy the free musical entertainment and many of the other activities on the grounds. Purchase a ticket to any one of our motorized sports, rodeos or special events.
Celebrate the release of Harry Potter and the Cursed Child, as well as all things HP! Boulder Book Store will be magically transformed into Diagon Alley. The party will culminate in the release of Harry Potter and the Cursed Child at 12:01. Don’t forget to pre-order your book today.
In the world of Make + Believe, anything is possible. Here, freedom and fantasy join creativity, curiosity, and culture to create the promise of ideas worth spreading, expanded minds and new connections. TEDxMileHigh is dedicated to dreaming big, crafting leadership, and designing a bright future.
This shopping extravaganza offers great deals from Downtown Boulder’s favorite merchants both on and off the Bricks. Come out to take advantage of special offers and promotions throughout the weekend. Support hundreds of downtown businesses and get in on some of the hottest summer deals around!
Hosted by a town many pro triathletes call home base throughout the year, IRONMAN Boulder showcases a beautiful course and location. Spectators will have multiple opportunities to cheer on the athletes and the last few steps of the day will take athletes up Pearl Street for a triumphant finish.
Once again we are going to rock, swing, and jive at Twenty Ninth Street with our concert series beginning July 9. Meet us on Central Plaza, up from Century Theatres. New Time: 6:30-8:30pm. Music Line-Up, July 23 – The Nacho Men, July 30 – Thumpin’, August 6 – Soul School, August 13 – Daddyblue
This year’s race will be the 19th annual running of the mile through downtown Boulder, with runners of all ages and abilities starting and finishing in the heart of downtown Boulder. This is a true community event with Olympians and local world class athletes toeing the same line as 6-year olds, their grandparents, and everyone in between.
Boulder Creek Hometown Festival is the perfect bookend to close out the summer event season. This event features arts and crafts exhibitors in Central Park, live performances at the Bandshell, the Hometown Fest 5K, interactive kids & sports expo, a food court and beer garden, and much more!
