Market Statistics
The graph to the left depicts the Median Sales Price for homes in Boulder County. Looking at median sales price can be useful in comparison to only looking at the average sales price because the median sales price is not as sensitive to homes that are either extremely above or below other sales prices (outliers).
Buyers may be interested in the median sales price as an estimate for what they will be potentially paying for a home in a specific area, such as in Boulder County.
On the other hand, Sellers may be interested in the median or average sales price as a way to determine what the market is like for their area and what to expect before putting their home on the market.
The Median Percent of Original List Price vs Sold is a ratio between the original listing price of a property and the price it sold for.
At 100% this means that there was no negotiation of the price of the listing. It sold for the asking price. If the percentage is less than 100% this means that the property sold for less than the asking price. On the other hand, if the percentage is over 100% this means that the property sold for more than the listing price.
For example, a home with a listing price of $500,000 that sold for $510,000 would be 102%. If the home only sold for $490,000 the percentage would be 98%.
Buyers typically want the percentage to be lower, because they would like to pay the least amount of money for the property. On the other hand, sellers want to make the most amount of money possible, so either a 100% or higher is ideal.
Inventory of Homes for Sale in Boulder County shows the number of homes that are for sale during a given month and year.
Looking at the inventory of homes is very important because it can help predict other trends in the market. For instance, a lower inventory can lead to a higher ratio of the original listing price to the sales price because the market is more competitive.
Lower inventory also means that sellers will likely have an easier time selling their homes. Where buyers may have difficulty buying a home since there are not as many homes available as there are home buyers.
Similar to the graph above which discusses the inventory of homes by looking at the number of homes available on the market, the graph to the left displays how many homes are being listed to the IRES MLS.
Looking at the number of homes listed can also help determine how competitive the market is. If fewer people are listing their homes that contribute to the lower quantities of homes which creates a market geared toward sellers.
The graph to the left depicts the number of homes that are currently under contract in the IRES MLS.
The lower number of under contract homes relates back to the lower number of homes that are currently for sale. The fewer homes available on the market mean that there will be fewer homes under contract.
Looking at the number of homes under contract in a given area, such as Boulder County, can be helpful, but is more useful when used in context with other information such as the number of homes sold or the current inventory of homes. In combination with each other, these graphs/data can be used to see if more homes are being sold/going under contract. For example, if there was a big inventory but only a few homes under contract there may be another factor in the market at play.
The Closed Sales Graph shows the number of homes in the IRES MLS that are no longer under contract and have closed. This data can help estimate how many homes a given area, in this case, Boulder County, have sold. This can be useful in determining how well homes sell in the area and can affect the inventory of the area as well. Since homes under contract may fall out of contract this graph may be a better estimate of how well homes sell in the area/how many homes are selling in the area at a given time. Again, this graph, like many of the above, do better when examined with each other rather than looking at the graph on its own.
Median Days on Market can be a useful graph for sellers to look at. It determines how quickly homes in the MLS are being sold.
For instance, following trends in 2021, where there is less inventory, more competition amongst buyers, and higher sales prices compared to listing prices homes are spending less time on the market. If there are more days on the market, it means that sellers are not selling their houses very quickly.
Dollar Volume describes the sum total of the sales prices of the properties sold. In the graph to the left, dollar volume refers to the sum total sales price of all of the homes sold in Boulder County. The graph shows the dollar volume in Boulder County over the course of three years throughout all twelve months.
For example, one way to understand dollar volume is to think of a realtor who has sold three homes for $100,000 each. The dollar sum would equal $300,000 for the three properties they sold. In the case of the graph, it takes every home from Boulder County and creates the total dollar sum.
Dollar volume is used to determine the measure of market activity.
The graph to the left depicts the Median Price per Total Square Footage. This graph aims to take the price or market value of a home and divide it by the total square footage. This number tells us how much money the homeowner pays for every square foot.
Currently, in 2021, there seems to be a trend where the price per total square footage is increasing. Buyers are spending more money per square foot in the Boulder County area than in the last couple of years. This could be because as the inventory of homes go down and more sellers are accepting offers above the listing price the price per square foot goes up as well.