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Economic Snapshot
A look at the current real estate market
Provided by Rene Vellinga RE/MAX ALLIANCE

 

April/2014

              “Go west, young man” was a popular phrase in the 1800’s advocating the westward expansion of the country.  The phrase symbolized the idea that agriculture could solve many of the nation’s problems of poverty and unemployment characteristic of the big cities of the East.

            In the Boulder Valley, since the early 1970’s, there has been an on-going expansion of the bedroom communities east of Boulder. It started with new home construction in Louisville and Lafayette, then progressed to Superior, and now has found its momentum in Erie. Retail and commercial development followed in the footsteps of new home construction – you need to have rooftops to support business development.

            The most apt phrase today would be “Go east, home buyers!” There are several reasons for this: (1) New construction, at reasonable prices, continues to populate the landscape. (2) Resale homes, although at a low level (364 active single family home listings, with 150 of those under contract. 68 active attached unit listings, with 36 of those under contract.), are a good value. (3) Open space and recreational facilities have been a key component of growth throughout these communities, with quality of life being a major focus. Biking and jogging trails stretch from one community to the next. For young families, these are fantastic areas to raise children. Did I mention the awesome mountain views?  

With all this talk about going east, below are some sold numbers for single-family homes for various geographic areas throughout the Boulder Valley. Information is courtesy of IRES (the Northern Colorado MLS).

 

                                2013 Sales        2014 Sales

                                    1st Quarter         1st Quarter         

    Area                      Single Family     Single Family     % Change

    Boulder                  143                           117                  -18.19%      

    Erie                          70                            106                 +51.42%

    Superior                   23                             18                  - 21.74%       

    Louisville                  30                             27                  -10.00%

    Lafayette                  51                             50                   -1.97%        

    Longmont                235                           181                  -22.98%      

   Suburban Plains        96                             93                   -3.13%

   Suburban Mountains 42                             43                   +2.38%       

                                    ===                           ===                    ====

   TOTAL                     690                           635                   -7.98%

             As various communities reach a build-out stage, the natural tendency of home builders is to search for virgin ground. Over the course of the past forty plus years that ground has been found east of Boulder. These small bedroom communities have grown over time and created their own identities. If you’re considering a move, take the time to “Go east!” and you’ll find a multitude of housing and family/retirement oriented opportunities.

Work with a Realtor who KNOWS the market. I am here to help!


Rene Vellinga.

 

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