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Market Update Boulder CO Real Estate
By Bruce Royer


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March 2008 MARKET UPDATE

BOULDER CO REAL ESTATE

 

            Here we are again, spring is getting ready to, well, spring.  It seems to happen every year about this time.  The days get a little longer.  People crawl-out from wherever they have been hibernating for the past five or six months.  Birds begin to sing.  Plants, trees and flowers commence to flourish.  And, oh yeah, the real estate market starts to show signs of increased activity.  It’s a great time to be alive.

            The good old “bell curve” concept of real estate begins to take shape; i.e., more listings, more buyers, more showings and more sales.  The good old “bell curve” hasn’t been kind to real estate the past couple of years.  As the national economy has suffered, the ripple effect has impacted real estate activity across the country.  One of the most noticeable impacts on the real estate market is the lack of a “domino effect”. 

            The “domino effect” occurs when there are several real estate transactions in place that all need to close, so none of the domino’s fall.  As an example, Seller No. 1 needs to sell their condo to buy a starter home; Seller No. 2 of the starter home needs to sell their home to buy a larger home; the Seller No. 3 of the larger home needs to sell their home to buy a retirement home in Florida.  For all of this to happen, none of the transactions (dominos) can fail. 

            The major problem with today’s real estate market, be it here in the Boulder Valley or across the country, is that, in this example, if Seller #1 can’t get their condo sold.  As such, none of the other transactions is going to take place.  It’s like running a cross country race in quick sand.  It takes a lot of effort and there isn’t much progress.  For the real estate market to return to a balanced level, where there are approximately a similar number of buyers and sellers, there needs to be a reasonably active “domino effect” in place.  If not, then a multitude of sellers are attempting to attract a limited number of buyers.     

           

            Below is a simple breakdown of sales activity from IRES (the Northern Colorado MLS) for the first quarter of the past two years for single family homes.  

 

                                                 2007 Sales                  2008 Sales

                                                 1st Quarter                 1st Quarter    

                        Area                Single Family             Single Family             % Change

              Boulder                         173                              152                              -12.13%

              Superior                        29                                19                                -34.48%       

              Louisville                      44                                39                                -11.36%

              Lafayette                      80                                47                                -41.25%

              Longmont                     218                              210                              -3.66%

              Suburban Plains            92                                97                                +5.43%

              Suburban Mountains    46                                42                                -8.69%

                                                   ===                             ===                             ======

              Total                             682                              606                              -11.14%

 

Note:  A comparison of the end of the first quarter of 2006 and the end of the first quarter of 2008 shows a 22.40% reduction in the number of single family homes sold for the areas noted above.  (2006:  781 / 2008:  606)

 

 

February 2008 MARKET UPDATE

BOULDER CO REAL ESTATE

 

 

      Real estate markets are often characterized as being one-dimensional; i.e., they are up, down or flat.  But, there are always pocket areas within the real estate market that are behaving differently than the market as a whole.  As an example, in the automobile industry, with the recent increase in gas prices, overall car sales may be down, but fuel-efficient or hybrid cars may be selling at a positive pace. 

      The same is true for real estate.  Homes in certain price ranges or geographic locations may be experiencing a difficult time selling, but other price ranges and locales may be doing very well.  The point is that a blanket statement should not be made about the real estate market at any single moment that relates to all aspects of the market.  Generally though, it can be stated that the market is up, down or flat collectively as a whole, based on historical data relating to current activity.

      In the past, and to some degree today, the three words that portray real estate most were Location! Location! Location!  Those are words based on emotional appeal.  They aren’t necessarily facts.  The two most important words in real estate today are Absorption Rate!  The dictionary defines absorption as to “take in and make part of an existent whole”.  In real estate terms it could be defined as “taking in homes for sale and making them part of the inventory of sold properties”.  The word rate then represents the amount of time at which absorption occurs.

      If one were to analyze specific neighborhoods, communities or geographic areas, the Absorption Rate could be determined for both today and the past.  By going through his process, it could be established if the real estate market in those areas is up, down or flat.  The same can be said on a larger scale when looking at the entire real estate market.

      Therefore, below is a brief overview of residential real estate listings and sales over the course of the past few years from Boulder to Ft. Collins, and the close-in mountain communities to the eastern plains.  All information is from IRES, the Northern Colorado Multiple Listing Service.

                                                   New Listings                                Sales                 Absorption

         Year      New Listings          % Change           Sales            % Change                Rate •          

         1998          15757                 -------                  12913              -------               14.64 Months

         1999          17705                 +12.3%               13038              +0.97%            16.30 Months

         2000          18738                 +5.83%               13529              +3.76%            16.62 Months

         2001          22366                 +19.3%               13868              +2.50%            19.35 Months

         2002          24177                 +8.09%               13930              +0.44%            20.83 Months

         2003          25204                 +4.24%               14304              +2.68%            21.14 Months

         2004          26429                 +4.86%               15404              +7.69%            20.59 Months

         2005          27390                 +3.63%               15578              +1.12%            21.10 Months

         2006          28001                 +2.23%               14382              -7.68%             23.36 Months    

         2007          25890                 -7.54%                13746              -4.42%             22.60 Months

 

·         Absorption Rate:  Assuming sales activity would remain the same, and no new listings were to come into the market, this is the number of months it would take to “absorb”; i.e., sell the entire inventory of new listings for each year.

                    

 

January 2008 MARKET UPDATE

BOULDER CO REAL ESTATE

 

 

            Real estate markets are somewhat reflective of life: good times, not so good times…and everything else in between.  If you were to characterize today’s real estate markets, as always, you would have to view it from different perspectives.  The first perspective is on a national level.  Admittedly, certain geographic areas of this country have seen better times.  Saddled with over building and double digit appreciation for years, those areas are now faced with the reality of the “not so good times”.

            If you were to look at the Colorado housing market, you would discover pocket areas around the state that are holding their own and other areas that have lost their grip.  The Boulder Valley real estate market has been holding its own for the past year.

            Here are some observations about the Northern Colorado housing market for 2007 relative to 2006 courtesy of IRES (Northern Colorado MLS).

 

·         The “Average Sold Price” of a residential property in 2007 was up just under one (1) percent compared to 2006 ($311,196 vs. $308,487).

·         The “Average Median Sold Price” of a residential property in 2007 was nearly the same as 2006 ($242,097 vs. $242,000).

·         In 2007, there were 7.6% fewer new residential listings on the market than in 2006.

·         In 2007, there were 4.5% fewer sold residential properties than in 2006.

 

            The Federal Reserve’s recent attempts to “stave off” the possibility of a recession has been viewed as either a positive move for getting consumers back into borrowing to help “jump-start” the economy or, too little too late.  The wheels of commerce take a long time to get up to speed once they have experienced a diminishing pace. 

As we enter the spring housing market, most noticeably the busiest time of the year, we still need to determine what impact lower home mortgage rates, available inventory of homes for sale and stable home prices will have on the market.  Characteristically, in the Boulder Valley housing market, sixty (60) percent of the residential properties sell and close between March and August.   

            Home mortgage interest rates have remained relatively stable for the past two years.  The traditional thirty-year fixed rate loan has vacillated between 5.5% and 6.75% during that time period.  With the reduction in the Federal Fund’s Rate, home mortgages have settled around 5.75%. 

            Here’s a question for prospective home buyers:  Is now a good time to consider purchasing real estate?  Some thoughts:

·         Mortgage interest rates continue to be available at reasonable levels (6.125%). 

·         Home values have stabilized.

·         Moderate levels of inventory exist within the market.

·         Strong rental market, if you are an investor.

 

  

December 2007 MARKET UPDATE

BOULDER CO REAL ESTATE

 

One of the national media’s focal points in 2007, as it relates to real estate, was that home values across the country were plummeting.  There is some truth to that for specific geographic areas.  California and Florida, in particular, have suffered double digit depreciation after several years of double digit appreciation.

Thus far this decade, the Boulder Valley real estate market has experienced sensible increases in home values.  This can be attributed to a variety of reasons; i.e., a manageable number of resales and new homes available; affordable home prices as compared to the coasts; and a relatively stable business/employment base.

When the availability of inventory far exceeds demand, the real estate market is upside down.  In such a market, home values decline as sellers (resale and new construction) attempt to attract the few buyers in the marketplace.  Buyers know the market is upside down, so they come from a much stronger position of negotiation.  This upside down market has been plaguing the real estate market across the country for the past two years; fueled by a myriad of bank foreclosures, and HUD properties.

In the past, available financing could make or break the real estate market.  In the 1980’s, when mortgage interest rates were at double digit levels, the real estate market nearly shut-down.   That’s not evident today.  Mortgage interest rates have remained reasonably stable for the past two years, ranging from 5.75% to 6.75% for a fixed rate thirty year loan.   At this time for first time buyers, FHA is at 5.50% with zero points for a fixed rate thirty year loan. As such, a home buyer’s sense of urgency to buy is not based on mortgage interest rates.

Below is an overview of sales activity for the past two years for single family homes in the various Boulder Valley areas, courtesy of IRES – the Northern Colorado Multiple Listing Service.   

   

                        2006       2007           %                 2006                  2007                 %

     Area           Solds      Solds      Change     Average Price   Average Price   Change

Boulder            990         934         -5.65%        $638,642            $662,853          +3.79%     

Superior           204         168         -17.64%      $426,384            $410,180          -3.80%     

Louisville          272         247         -9.19%        $361,828            $392,463          +8.46%

Lafayette          329         313         -4.86%        $395,061            $405,901          +2.74%

Longmont         1227       1110       -9.53%        $289,902            $279,617          -3.54%

Sub. Plains       612         570         -6.86%        $558,992            $588,480          +5.27%

Sub. Mtns.       353         309         -12.46%      $415,801            $456,865          +9.87%

 

In the chart, you will note that the Average Price has moved up or down in single digits.  No great fluctuations.  What is affecting our real estate market is the lack of buyers, which impacts the number of sales. 

For 2007, overall single family home sales for the communities/areas noted above were down 8.42% over 2006.  The sales in 2006 were down 7.66% over 2005.  Collectively, over 15% fewer single family homes sold in the Boulder Valley market area in 2007 versus 2005. Inventory levels of listings have also declined, with 7.7% fewer new listings on the market in 2007 versus 2006.    

 

 

November 2007 MARKET UPDATE

BOULDER CO REAL ESTATE

 

 

            If you were to characterize 2007, as it relates to real estate, you would probably think of words like bank foreclosure, sub-prime loans, and falling home values.  That’s a pretty accurate description if you were looking at it from the perspective of the national real estate market.  Things haven’t been that rosy across the country this year. 

            Nearly every day there have been negative media comments about the poor real estate market. But, there are always two sides to a coin.  The glass can be half-full rather than half-empty.  You can look for the good things in life and people, and real estate, if you just take the time to look.

            The first thing to look at is this.  We live in the Boulder Valley… in Colorado.  It’s not South Dakota or Missouri or Arkansas (no offense intended to those areas).  If there is a heaven, as it was suggested in the movie; Field of Dreams, it may be Colorado and not Iowa.  Colorado has a certain mystique about it.  It’s about the Rocky Mountains, pristine lakes, cowboys, snow, skiing,  and the wide-open range. 

            When it comes to real estate, Colorado and the Boulder Valley are areas that conjure up words like quality of life, blue skies, clean air, friendly people, and a great place to call home.  What doesn’t get mentioned often these days, as it relates to our area, are words like reasonable home appreciation, manageable foreclosure rates, sensible levels of available homes for sale, and practical amounts of new construction. 

            Maybe you are still in disbelief! Maybe the media painted a picture of the real estate market that is so bleak that there’s no end to the tunnel.  Well, let’s look at some facts as they relate to the total Northern Colorado real estate market, compliments of IRES (MLS).  Below are statistics through November for the past three years for single family homes.

                                                                                                                          % Change

                                                   2005                2006                2007             2005 to 2007

New Listings                         26,240               26,922             24,578                   -6.33%

Sold Listings                         15,653               13,441             12,912                   -17.51%

Average Sales Price             $297,000           $308,487         $311,996               +5.05%

Median Sales Price              $237,000           $242,000         $243,500               +2.74%

 

Some thoughts about the local real estate market:

·        There are not rampant for sale signs wedged in yards throughout neighborhoods.  Actually, there are noticeably fewer homes for sale today than two years ago.

·        Overall home sales are down.  The absorption rate (the time it takes the market to fully turn, which is a supply and demand relationship) was about 7 ½ months in 2005.  Thus far in 2007, the absorption rate is just under 10 months. 

·        Average Sales Price and Median Sales Price have increased slightly over the past two years.  This indicates a fairly stagnant market, but with home values holding their own.

·        Home mortgage interest rates have fluctuated between 5.75% and 6.75% over the course of the past two years… affordable when compared to double digit rates in the past.

·        For homes to sell in a timely manner, they still need to be in good shape, show well, be priced right, and be marketed globally via the Internet.

·        Also, the rental market has improved, making now a great time to invest in real estate. 

 

 

October 2007 MARKET UPDATE

BOULDER CO REAL ESTATE

 

            There’s a concept in real estate called the “domino effect”.  The domino effect is one method of measuring the degree of activity in the real estate market.  If the market is slow, the domino effect isn’t very noticeable.  If the market is active, the domino effect can have a visible impact on the number of sales.

            So, what is the “domino effect”?  Very simply, it’s the number of transactions in a sequence that have to occur for all or any of the dominos not to fall.  As an example, if I need to sell my home before I can buy your home, two things have to happen:  1)  I need to get my home sold and 2) I need to buy your home.  This is the most basic example of the domino effect; just two transactions have to transpire.

            In an active real estate market, the chain of dominos can be much longer.  As an example, I need to sell my condo to buy your starter home so you can buy a larger home, so that seller of your larger home can buy a retirement home in Arizona.  In this chain, four transactions have to happen in order for the domino chain to stay intact.  These four different transactions need to funnel their way through buyer loan approvals, property inspections, appraisals, title/document review, and successful closings.  If one of these transactions fails, the possibility exists that they all will fail.

            In today’s real estate market, the “domino effect” is rarely evident.  Most real estate buyers today are in either of the two following scenarios:  1)  They have sold their house and they are in the market to purchase a replacement home.  As such, depending on their personal situation, their motivation may be high or they may be taking a “wait and see” attitude about the market and have decided to rent.  Either way, they are in a stronger purchasing position since they have nothing to sell.  or 2)  They have a home to sell and want to buy a replacement home, but they don’t as yet have a buyer for their home. 

            If you are a home seller in today’s market, what options do you have available to you to create, even on a minimum level, the domino effect?  Here are some thoughts.

1.      Perceived Value.  Even in a slow real estate market, there are buyers looking to buy.  From the perspective of perceived value, how does your home compare to similarly priced homes not just in your neighborhood, but in the general geographic area of your home.  Buyers today are much more mobile today than they were ten or fifteen years ago.  Today’s buyer may look at homes in our area from Denver to Fort Collins and Evergreen to Estes Park before they make an informed decision.

2.      Price Overcomes All Objections.  In many home purchases, price often becomes the defining factor in whether or not a sale happens.  The old adage about location, location and location being the three motivating factors for a buyer to buy, still holds some truth.  But, ultimately, price will become the dominant element that determines if a successful closing occurs or not.

3.      Buyer Incentives. To compete effectively against new home builders and competitively priced resale homes, resale home owners need to ask themselves the following question:  “What can I offer a prospective home buyer that would cause them to buy my home over the competition?”

 

            What defines the market place as it relates to the domino effect?  One word:  demand.  As demand increases, the domino effect expands.  Only time will tell to what degree the domino effect becomes a significant force in our local marketplace.

 

 

September 2007 MARKET UPDATE

BOULDER CO REAL ESTATE

 

            Real estate markets are often defined by two distinctly different phrases; i.e., “buyers are gold” or “sellers are gold”.  Depending on which phrase is presently in vogue may define the state of our real estate market.  Today, in the Fall of 2007, “buyers are gold”.  The buyer rules when availability exceeds demand.

            Determining whether a real estate market is a buyer’s market or a seller’s market (or even a balanced market) can be established in many different ways.  One way is to listen to the media who has a tendency to extract their facts and figures on a national basis, which may have little or nothing to do with what is actually happening in our area.  A second way is to have so-called “economic experts” drone on about the Gross National Product, job statistics, and the monetary policy across the globe.  A better way might be to just look at some facts.

            Here’s a fact.  Through September/2007 there are slightly over 2,000 fewer new listings on the market this year than last year according to IRES, the Northern Colorado Multiple Listing Service.  That’s about an 8.60% reduction.  Sales, you say?  They are down about 2.71% over last year for Northern Colorado.  What about home values?  Are they going up? Down? Sideways (just kidding)?  Here is what IRES represents for single family homes sold through September of 2006 and 2007.

 

Single Family Homes

 

                                                      2006                            2007                           % Change

 AREA                                    Average Price            Average Price               2006 vs. 2007

Boulder                                       $639,154                     $661,244                        +3.45%

Louisville                                     $366,482                     $389,455                        +6.26%     

Lafayette                                     $400,497                     $411,876                        +2.84%

Superior                                      $431,247                     $409,849                        -4.96%

Longmont                                    $289,700                     $279,916                        -3.37%

Suburban Plains                           $541,986                     $565,164                        +4.27%     

Suburban Mountains                    $428,400                     $463,709                        +8.24%

Broomfield                                  $334,436                     $381,823                        +14.16%

                                                   =======                    =======                       ======

            Average …                     $428,987                     $445,379                        +3.86%

 

Here are some facts about the geographic areas noted above (again through September of each year).

·        In 2006, there were 3,441 single family homes sold; in 2007 there have been 3,281 single family homes sold through September…a change of less than five (5) percent.

·        The total closed volume for single family homes in 2006 was $1,510,213,223; for 2007 that number is $1,495,589,210 through September 2007…a reduction of less than one (1) percent.

·        As noted, the local real estate market is relatively stable.  With the exception of Broomfield (appreciation fostered by new home construction), home values are appreciating at a somewhat “sensible” level.  

 

           

August 2007 MARKET UPDATE

BOULDER CO REAL ESTATE

  

You can always tell when the final days of summer are approaching.  It’s when those large yellow vehicles with the words “School Bus” stenciled on them begin to appear on neighborhood streets.  As such, many people begin to shift their focus away from the elements that make summer…well, summer.  Things like family vacations, trips to the zoo, Rockies games and to some degree, the purchase of real estate.

Thus far, this has been an interesting year for the real estate market across the country and throughout the Boulder Valley.  This has been a year defined by words like “foreclosure”, “sub-prime loans”, “interest only loans”, “depreciation”, etc.  Those are not good real estate words. 

In real estate, perception is everything.  Regardless of facts or figures, in the mind of the individual home buyer and home seller, what they perceive to be “is” their reality.  What they believe to be true “is” their truth.

When one is inundated daily with the media bemoaning the state of the real estate market, the tendency is to believe the sky is falling.  In some areas of this country, there is some truth to that.  The so-called “bell weather states” like Texas, Florida and California are perceived to be “visionary” states; i.e., what happens there paves the way for what is going to transpire across the balance of this country.  That may be the perception, but it isn’t always true.

Those of us who call Colorado home, and particularly those of us who live throughout the Boulder Valley, are often sheltered from the happenings in those large states.  While those states have been previously experiencing annual double digit appreciation of home values, and now presently annual double digit depreciation, the Boulder Valley real estate market has been meandering along at a somewhat reasonable but sporadic pace of appreciation for the past few years. And so, Mr. and Mrs. Homeowner, everything is still pretty "good" in your local world.       

Need to sell a home fast? How? Staging!  Dominant placement of your agent’s website in Google and Yahoo (1st Page). REALTOR.com Enhancement. Virtual Tours. Property exposure in more than one multiple listing service (MLS). Global Internet Marketing versus Traditional Print Advertising.

.       

              

July 2007 MARKET UPDATE

BOULDER CO REAL ESTATE

 

            The information age is upon us and will forever be a part of our human experience.  As such, much of what we come to believe is based on the information we allow into our lives and how we process that information.  Thus, perception and reality can often be two different things; i.e., what one believes “is” may not actually “be”.   

            As an example, much has been discussed about the state of the mortgage industry as it relates to bank and HUD foreclosures, sub-prime loans, etc.  As the negative energy around mortgage financing has evolved, the impact to the national housing market has been noticeable.  On the surface, there appears to be fewer buyers in the marketplace, but significantly more homes to choose from for those buyers who view this as an opportune time to buy. 

            That’s the perception and, there is some truth to that. However, from the perspective of reality, here is a brief overview of the real estate market for single family homes for each of the past seven years from IRES, the Northern Colorado MLS, through July of each year.

                  

                                         Compared To                         Compared To

                                          Previous Year                         Previous Year                  

Year       New Listings     % of Change        Sales         % of Change        Absorption Rate

2007             17,063                -8.51%            8,461               -3.00%                  14.1 Months

2006             18,652                +4.89%            8,723               -6.24%                  15.0 Months

2005             17,782                +2.75%            9,304               +0.76%                  13.4 Months

2004             17,306                +6.05%            9,233               +9.74%                  13.1 Months

2003             16,318                +8.91%            8,413               No Change             13.6 Months

2002             14,983                +6.99%            8,426               +1.88%                  12.4 Months

2001             14,003                  -----               8,270                 -----                     11.9 Months

 

Some Observations …

1.      Average number of single family homes sold per month (per day) for each year from January through July:  2001: 1181 (39); 2002: 1204 (40); 2003: 1202 (40); 2004: 1319 (44); 2005: 1329 (44); 2006: 1246 (41); and 2007: 1208 (40).

2.      The Absorption Rate is defined as the time it takes for the market as a whole to turn-over; assuming there are no new listings, and the sales rate stays the same.  This rate has improved thus far in 2007 over 2006.  (14.1 to 15.0 months). That’s a good indication that the real estate market, at least ours, is on the upswing.

3.      The number of new listings thus far in 2007 is down about 8.5% over 2006.  The number of sales is down 3.0%.  Fewer listings overall, but sales off only one home per day through July of this year. 

 

               Our real estate market isn’t quite as bleak as it might be perceived.  But, there is still room for improvement before the market becomes more balanced, where buyers and sellers interact on a level playing field.  Home sellers need to continue to be realistic and aware of market conditions, the competition, and the power of Internet Marketing.  Buyers still rule, to some degree.

 

 

 

June 2007 MARKET UPDATE

BOULDER CO REAL ESTATE

 

 It’s officially summer!  The kids are out of school.  The weather’s heating up.  Air conditioners and sprinkler systems are working overtime.  And the real estate market, how is it doing? 

Not much has changed over the past few months in the local real estate market.  The somewhat anticipated “surge” in sales activity hasn’t materialized.  Home sales are continuing to occur, but at a reasonably steady pace.  Mortgage interest rates have trended up slightly over the past month, but still sit under seven percent for the traditional thirty-year fixed rate loan.

With the on-going saga with bank and HUD foreclosures, and sub-prime loans, there are some noticeable changes happening in the lending arena.  Appraisers are becoming even more detail oriented in determining real estate values.  Lenders are becoming more persistent in the documentation they are requiring from prospective borrowers.  Loan closing files are much more extensive these days, with numerous disclosure documents required of both the lender and the borrower.

To get a feel for how this year’s real estate market compares to previous years, below is an update on the Northern Colorado real estate market for single family homes.  The information is courtesy of the IRES MLS and is through June of each year. 

 

Year          Number of          Number of        Average       Average

                 New Listings         Sales             Sales Price    Price Change

2007           14,564                   6,983             $312,462        +1.72%

2006           16,128                   7,328             $307,154        +4.04%

2005           15,168                   7,728             $295,224        +5.83%

2004           14,813                   7,595             $278,950         ______

 

 

When you look at the numbers, a few things are evident:  1. The number of sales is down, but so is the number of new listings.  2. The average sales price isn’t growing in “leaps and bounds”, but it isn’t going down either.  The average single family home has increased in value approximately 12% over the past three years; only about 4% per year.  Which means?  The local real estate market has remained fairly stable. 

What isn’t evident from these numbers is the pace of the market. Which means?  How quickly are things selling?  The best method of determining overall market conditions is the absorption rate.  That is, how long will it take to sell the existing inventory at the present rate, assuming nothing new comes onto the market?  Right now, the absorption rate for single family homes thus far in 2007 is about 12.5 months.  That compares to 13.2 months for 2006; 11.8 months for 2005; and 11.7 months for 2004.  Which means?  The local real estate market has performed at a similar pace for the past four years.

And, what does the future hold?  Most likely, things will remain much the same.  There is no “double digit” home appreciation on the horizon.  Home mortgage interest rates will go up and down slightly.  Home sales will continue at a similar pace, with buyers having a variety of choices and sellers needing to be knowledgeable about the market.   

 


© Copyright 2004-2007 by Bruce Royer


RE/MAX Alliance

Bruce Royer and Kristine Merrill
Licensed Real Estate Brokers in the State of Colorado

4770 Baseline Road, Suite 200
Boulder, CO 80303
303.499.1755 FAX
800.373.1282 Toll Free

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