2019 housing market statistics are in and the statistics provide opportune information for home buyers.
Home buyers frequently ask about the pricing hierarchy of homes in Boulder County, primarily to determine where they can find an affordable place to move. By pricing hierarchy, I mean comparing the average and median home prices in our county’s various communities. Californians first coined the saying, “drive until you qualify,” in other words, figuring out how far to commute from a metro area where the jobs are to a home in your price range. With last year’s housing statistics on hand, now is the perfect time to assess pricing comparisons in the current market. The statistics are drawn from our local Multiple Listing Service (MLS) known as IRES. The information is then reviewed and tabulated by our managing broker, Todd Gullette, here at RE/MAX of Boulder.
Here are the average and median home prices of the nine market areas we monitor, defined as follows: Boulder is any area within city limits; the Mountains category is any area west of Boulder, not within city limits, but within Boulder County; Louisville, Superior, Lafayette, Broomfield, Erie and Longmont are in their respective city limits; and the Plains is any area on the plains, but not within one of the previously mentioned city limits.
Average/median home prices
• Boulder: $1,215,000 / $940,000
• Mountains: $778,000 / $621,500
• Louisville: $724,651 / $651,000
• Plains: $843,000 / $678,000
• Superior: $709,000 / $677,000
• Lafayette: $646,000 / $618,000
• Broomfield: $595,000 / $549,000
• Erie: $536,000 / $510,000
• Longmont: $508,000 / $449,000
While we are talking about median prices, let’s take an example of the purchasing power of higher and lower priced areas.
In 2019, the median household income in Boulder was $113,600. Factors vary, such as taxes, insurance, family debt and interest rates, but in general, income of $113,600 will qualify for about a $400,000 loan. That amount is far short of the $940,000 median home sales price in Boulder. In Longmont, the median household income is $66,349, which would qualify for a loan of about $225,000. Again, far short of the median price of $449,000.
As of this week, I checked the Multiple Listing Service (MLS) for the least expensive single-family home in each market area.
Here’s what I found:
• Boulder $575,000
• Mountains $239,000
• Louisville $511,000
• Plains $585,000
• Superior $549,000
• Lafayette $430,000
• Broomfield $359,000
• Erie $390,000
• Longmont $225,000
These are all numbers for single-family homes only. It does not take into account any attached dwelling options such as condos and townhomes.
If you’re interested in buying a home in Boulder County, be sure to consult your Realtor® and mortgage lending professional for help with regard to your specific to your situation.
By Duane Duggan. Duane has been a Realtor for RE/MAX of Boulder in Colorado since 1982 and has facilitated over 2,500 transactions over his career, the vast majority from repeat and referred clients. He has been awarded two of the highest honors bestowed by RE/MAX International: The Lifetime Achievement Award and the Circle of Legends Award. Living the life of a Realtor and being immersed in real estate led to the inception of his book, Realtor for Life. For questions, e-mail DuaneDuggan@boulderco.com, call 303.441.5611 or visit boulderco.com.