Real estate in the city of Boulder as a whole finished off the year strong.
- Median price was up 5%
- New Listings were down 15%
- Number of sales was up 3%
Well the year is off to a slow and steady start in Boulder's Martin Acres. Currently the market is...
- Heavy on the listing side and light on the sales side. There were 5 new listings in Jan 2011 compared to the one new listing in Jan 2010.
- Yet, January 2010 had 3 sales whereas we've only had 1 this year. The Martin Acres home that sold was a Cape Cod with 4bd/2ba on Martin Dr for $415k, down from original listing price of $430k in 7/2010.
- Under contracts are also down from last year. Three houses went U/C in January 2011 compared to the seven in Jan 2010. 2011 will need to see more sales or else the Martin Acres market will get saturated with housing inventory.
- If we look just at the month of January there were 3 listings that went under contract. With 15 listings on the market (as of January 31st) that means the absorption rate went down to 5.0 months worth of inventory. That’s a nicely balanced market.
- Prices are holding steady as of now with the median price hovering right around $390,000 but we need to start closing the gap between the high number of listings and the low number of sales or we might see a dent in the median price.
In a small market like the Martin Acres Neighborhood the peaks and valleys are more dramatic than when you are looking at a broader market like the entire city for instance. So there isn’t any reason we won’t have a healthy year.
Bottom line is that the Martin Acres market is a little chilly right now but not so cold that we can’t warm up by spring. We just need to continue with January’s pace and keep the inventory turning over. This could be a good year. I will gladly keep you updated here and on 8z.com of real estate updates as we progress through 2011 on the condition of the Boulder and Martin Acres markets.
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