How Hot is Boulder Real Estate: Sales Velocity #2: Downtown, Detached, Entry Level

In this series we are taking a look at how quickly homes in various parts of Boulder and nearby communities have been selling & how close to asking the purchase price is. Each article takes a look at a different area and adjusts the data set criteria for that zone.

For segment #2 I thought we would look at downtown Boulder. Downtown is the largest high-price (per square foot) area of Boulder with a diverse housing stock of condos both old and new, single family detached homes, student rentals, landmark properties, apartments and even a few trailers. The high valuations are primarily driven by scarcity and desirability of the area. Because there are a lot of old and not-updated properties, high end finishes get you a double bonus here. That said, most of the properties included in this data set don’t have high-end finishes. Additionally, many of these properties are rentals.

For this data set I had to up the purchase price limit to under  $1 Million as the lowest sale price in this zone over the past year was $543,000. Even at that we only got 15 sales in this area. In fact there were more sales over $1,000,000 (18) than under. That’s about as entry level as it gets downtown.

Data Set Criteria Quick Look

Listing Price: below $1,000,000

Area: Downtown Boulder (see map below)

Time Frame: from Nov 2013 though Oct 2014 (12 months)

Housing Type: Detached, Single Family (meaning no condos, no apartment buildings, though this will sweep in rentals with mother-in-laws and the like)

 Data Set Map

Downtown Boulder Area Boundaries for this Real Estate Sales Data Set
Downtown Boulder Area Boundaries for this Real Estate Sales Data Set
Sales Velocity
 Sales Velocity # of Sales Average DOM Average DTS Average DTO
Totals 19 77 86 53


This is quite a bit slower than the South/East Boulder data we looked at last time where the average DTO (days-to-offer) was 27 days less at 26. While notably lower, 53 days is still respectably quick. With such a small data set outliers may have an outsized effect, let’s take a look:

A review of the data shows only 4 significant outliers, 1 that was very short, entered as sold in 1 day. Agents often do this to get the data into the MLS when the sale is out of market. In this case the agent found a buyer before putting the house on the market. There were also 3 houses that had really long sales times of 144-318 days. These homes typically were over-priced but stayed on the market long enough to get close to what they wanted.

If we remove these 4 outliers we get an average days-to-offer of 25 which is even better than the the south/east Boulder numbers.

This offers a clear lesson to sellers on 2 points:

1. If your home is priced at market, it will sell quickly

2. If you want to get a price above market, just wait a year and you’ll probably get it (though one of the long DTOs did take a nearly 10% haircut on their price, it was a very run-down property)

 Home Sales Price Impact

Sold Statistics Count High Low Median SP/LP
Totals 19 $973,000 $515,000 $719,600 99.23%


As with our previous data set we are still looking at a 99%+ ratio of sales price to listing price. This is primarily a function of how hot the market is and a signal that we have not yet peaked. So let’s keep on selling!

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